NNPC posts N2.27tn half-year profit amid oil price rally

The Nigerian National Petroleum Company Limited (NNPC) has announced a cumulative profit after tax of N2.275 trillion for the first half of 2026. This strong financial performance was significantly bolstered by elevated international crude oil prices, which surged due to geopolitical tensions, particularly in the Middle East.

The global oil market experienced heightened volatility during the first six months of the year. A military confrontation between the United States and Iran in June raised concerns about potential supply disruptions through the Strait of Hormuz, a critical oil shipping route. For Nigeria, whose economy is heavily reliant on crude oil exports, these higher prices translated into increased revenue inflows for the state-owned oil company, despite fluctuations in monthly production and profitability.

Analysis of NNPC's monthly reports reveals a varied profit trajectory throughout the period. The year began strongly with N385 billion in January, but earnings dipped to N136 billion in February. A recovery followed in March and April, with April marking the strongest month at that point with N481 billion in profit. While May saw a slight decline to N462 billion, June registered the highest monthly profit of N535 billion, representing a 15.8% increase from May and underscoring a recovery in earnings after a dynamic first half of the year.