NNPC Revenue Climbs to ₦2.68tn Amid Drop in Oil Production

The Nigerian National Petroleum Company Limited recorded a revenue of ₦2.68 trillion in February 2026, even as Nigeria’s crude oil production declined during the same period, highlighting ongoing volatility in the country’s oil sector.

According to the company’s latest monthly operational report, the February revenue represents an improvement compared to ₦2.57 trillion posted in January 2026, when earnings had dropped sharply from ₦4.82 trillion recorded in December 2025.

However, the increase in revenue came against the backdrop of falling crude oil output. Data from the Organisation of the Petroleum Exporting Countries (OPEC) showed that Nigeria’s production dropped to about 1.31 million barrels per day in February, down from approximately 1.46 million barrels per day in January.

The decline reflects persistent challenges in Nigeria’s upstream oil sector, including supply constraints, infrastructure issues, and operational disruptions. These factors have continued to affect the country’s ability to meet its OPEC production quota and sustain consistent output levels.

Despite the production dip, the revenue growth suggests that other factors, such as pricing dynamics, improved sales realisation, or adjustments in crude and gas transactions, may have supported earnings during the month.

Earlier data from the company showed that even when production improves, revenues can still fluctuate significantly due to external market conditions and operational limitations. In January, for instance, crude oil and gas sales volumes increased, yet revenue declined by nearly 47 per cent month-on-month.

Industry analysts note that sustaining revenue growth will depend on Nigeria’s ability to stabilise production, address pipeline and logistics challenges, and attract further upstream investment.

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