In what is being hailed by its leadership as a “new dawn” in Nigeria’s oil sector, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a remarkable profit of ₦905 billion for June 2025. The company attributes this windfall to a steady rebound in crude oil production and a favourable international oil price environment.
But while the numbers tell one story, the public reaction paints another — one filled with cautious optimism, hardened skepticism, and persistent questions over transparency and real-life impact.
A Rebound from the Brink
Just over a year ago, Nigeria’s oil sector was teetering on the edge. Daily crude oil production had dropped to record lows, barely scraping past 1 million barrels per day. Massive oil theft, decaying infrastructure, and years of subsidy mismanagement had brought the industry to its knees.
Now, production has reportedly climbed to 1.6 million barrels per day, buoyed by new investments, better surveillance, and joint venture efficiencies. With oil prices averaging $90 per barrel, NNPC Ltd. says it is finally seeing the rewards of its restructuring into a commercial entity.
“This ₦905 billion profit reflects our commitment to accountability, operational discipline, and commercial viability,” said a senior official at NNPC Ltd., speaking under condition of anonymity. “It is no longer business as usual.”
Nigerians React: ‘We Still Can’t Feel It’
Yet, on the streets of Lagos, Kano, and Port Harcourt, many Nigerians are asking the same question: Where is the impact?
“I’m happy they made profit,” said Tunde Owolabi, a ride-hailing driver in Lagos. “But why am I still buying fuel at ₦680 per litre? Why is my electricity bill rising while power supply is so poor?”
In Enugu, Ngozi Mba, a schoolteacher, echoed the sentiment:
“It’s not just about figures. What Nigerians want is affordable fuel, stable power, and jobs. If they say NNPC made all that money, then let’s see it work for us.”
Experts Weigh In: Transparency is Key
Industry experts are also weighing in, applauding the profit report but warning that it must be backed by open records and efficient public service delivery.
“It’s a positive sign, no doubt,” said Dan Kunle, oil and gas analyst and former adviser in the Ministry of Petroleum Resources. “But how was this profit made? Is it from upstream crude sales, or trading margins? Without an audited breakdown, it raises more questions than answers.”
Dr. Rose Onah, an economist at the University of Abuja, believes the announcement is a strategic communication move amid mounting public pressure.
“The figure is impressive. But we must demand that these profits are not just declared but also reinvested in critical infrastructure — like refineries, modular plants, and downstream facilities.”
The Trust Deficit
The skepticism isn’t unfounded. For decades, Nigerians have watched their oil wealth disappear into a maze of corruption, poor governance, and failed policies. The rebranding of NNPC into a limited liability company in 2022 was meant to signal a shift towards professionalism and independence. However, the public still remembers the missing barrels, the opaque subsidy regimes, and previous profit declarations that never translated into national development.
Moving Forward: Opportunity or Illusion?
The ₦905 billion profit declaration may be a milestone for NNPC Ltd., but for many Nigerians, it is just another headline unless it translates into affordable fuel, jobs, power, and roads.
“If this is truly a new dawn, let NNPC prove it through action, not press releases,” said Auwal Musa Rafsanjani, Executive Director of CISLAC. “Open the books. Publish the full accounts. Let Nigerians see where their oil wealth is going.”
The road to restoring trust in Nigeria’s oil industry is long and fraught with history. NNPC Ltd.’s profit is a bold headline, but it must be followed by bold transparency. Until then, many Nigerians will continue to ask — if the company is making billions, why are the people still struggling?
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