NIGERIA · OIL & COMPANY RESULTS
Key Facts
- What is happening NNPC Limited, Nigeria’s state oil company, posted September profit after tax of 509 billion naira (about US$378 million) in its monthly summary, released on 3 November.
- Why it matters NNPC supplies much of Nigeria’s crude and fuel and makes payments to the state, so its monthly numbers are a gauge of national oil income.
- The numbers Revenue 4,608 billion naira (about US$3.42 billion); profit up 18% on August; output 3.04 million barrels of oil equivalent a day; petrol available at 54% of NNPC stations.
- Who is who NNPC Limited is Nigeria’s state-owned national oil company, run on commercial lines since 2021; its Retail unit runs the NNPC filling stations.
- What to watch The October summary, whether output holds above 3 million barrels a day, and the progress of the Ajaokuta-Kaduna-Kano gas pipeline, now 95% complete.
- What it means for you Firms that partner with NNPC or buy Nigerian crude follow these figures, and rising state oil income matters to lenders holding Nigerian debt.
NNPC, Nigeria’s state oil company, says it earned 509 billion naira (about US$378 million) after tax in September. Monthly revenue reached 4.61 trillion naira (about US$3.42 billion), its own report shows.
NNPC Limited, Nigeria’s state oil company, posted profit after tax of 509 billion naira (about US$378 million) for September. The figure comes from the company’s monthly report summary, posted on its website on Tuesday, 3 November.
The result matters because NNPC supplies much of Nigeria’s crude and fuel and reports payments to the federal government. Conversions use the Central Bank of Nigeria’s official central rate of 1,346.43 naira per US$ on 3 November 2026.
What the September Report Shows
September revenue was 4,608 billion naira (about US$3.42 billion), against 3,737 billion naira (about US$2.78 billion) in August. That is a rise of 23% in a month.
Profit after tax rose 18% from 431 billion naira (about US$320 million) in August. It has climbed every month since July, when it was 279 billion naira (about US$207 million).
Statutory payments from January to September totalled 11,140 billion naira (about US$8.27 billion). NNPC uses that term for the sums it reports paying to the state under the law.
Output and Gas Supply
Total hydrocarbon output was 3.04 million barrels of oil equivalent a day, up from 3.01 million in August. Oil equivalent converts gas into the energy of crude barrels, so one number covers both.
Crude oil and condensate averaged 1.70 million barrels a day, and natural gas output was 7,789 million standard cubic feet a day. NNPC said the rise came largely from the restart of the Obodo field in licence block OML 150.
Output was still held back by flowline leaks, community protests, equipment failures and disruption to export infrastructure, NNPC said. All figures are provisional and subject to reconciliation with stakeholders, it added.
Petrol Stations and Pipelines
Petrol was available at 54% of NNPC Retail stations in September, the same share as in August. In July the share was 52%.
The Ajaokuta-Kaduna-Kano gas pipeline stood at 95% complete, unchanged since July. NNPC says it is working toward early gas delivery to Abuja in 2026.
The Obiafu-Obrikom-Oben gas pipeline is 100% complete, and its River Niger crossing is in operation. NNPC also reported 100% availability on its upstream pipelines.
What It Means for US Readers
Rising profit and output suggest Nigeria’s state oil income is recovering, which matters to its budget and its bondholders. Companies that partner with NNPC or buy Nigerian crude track these figures.
Related Rio Times reports cover NNPC’s plan to sell up to 10% of itself and its first-half profit. More is on the Nigeria hub and in the report on Dangote’s petrol price cut.
What Is Not Known
The summary is a short dashboard, so it gives no nine-month profit total and no split between upstream, gas and retail. NNPC has not explained why profit rose faster than output.
The figures are provisional, and the report carries no audit. The numbers appear only in the monthly summary, with no separate press release.
What Comes Next
The next report, for October, will show whether profit holds near 500 billion naira (about US$371 million) a month. Watch also whether output stays above 3 million barrels of oil equivalent a day.
One month of higher profit does not mean full-year results will beat last year. The summary says nothing about dividends or any share sale.
Frequently Asked Questions
How much profit did NNPC make in September?
NNPC reported profit after tax of 509 billion naira (about US$378 million) for September. Revenue was 4,608 billion naira (about US$3.42 billion).
What is NNPC?
NNPC Limited is Nigeria’s national oil company, owned by the state. It has run on commercial lines since the Petroleum Industry Act of 2021.
Did NNPC’s output rise in September?
Yes, total hydrocarbon output rose to 3.04 million barrels of oil equivalent a day from 3.01 million in August. NNPC credits the Obodo field restart and other assets.
What are statutory payments?
They are the sums NNPC reports paying to the state under the law. From January to September they totalled 11,140 billion naira (about US$8.27 billion).
Are the figures final?
NNPC says all production, sales and financial figures are provisional. They remain subject to reconciliation with stakeholders.
Sources: NNPC Limited, Monthly Report Summary for September 2026 (published 3 November 2026); NNPC Limited, Monthly Report Summary for August 2026; NNPC Limited, Monthly Report Summary for July 2026; Central Bank of Nigeria, official exchange rates (central rate 1,346.43 naira per US$, 3 November 2026) (all accessed 4 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief