Nigeria’s state-owned oil company, NNPC Limited, reported revenue of 4.97 trillion naira (US$3.6 billion) in April 2026, driven by higher crude oil production and improved operational performance, according to its latest monthly financial and operational report.
The company said revenue surged 79.23 percent from March, while profit after tax climbed 74.28 percent month-on-month to 481 billion naira, underscoring a strengthening recovery in Africa’s largest oil-producing economy.
The report showed that Nigeria’s crude oil and condensate production increased to 1.68 million barrels per day (mbpd) in April, up 7.69 percent from the previous month. The increase reflects continued gains in production following government efforts to combat oil theft, pipeline vandalism and operational disruptions that have weighed on output in recent years.
The production figure remains below Nigeria’s long-term target of more than 2 million barrels per day but marks another sign of progress as authorities seek to maximize oil revenues amid fluctuating global energy prices.
Oil exports remain a critical source of foreign exchange earnings for Nigeria, where crude sales account for the bulk of export revenues and a significant portion of government income.
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NNPC said gas production remained largely stable during the month, averaging 7,730 million standard cubic feet per day (mscf/d), compared with 7,731 mscf/d recorded in March.
The steady performance in the gas segment comes as Nigeria continues to position natural gas as a key pillar of its energy transition strategy and economic diversification agenda. The country holds one of the world’s largest proven natural gas reserves and has been investing in infrastructure to expand domestic utilization and exports.
Analysts said the sharp rise in revenue and profit highlights the impact of improved production levels and operational efficiencies across the energy value chain.
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“The increase in earnings reflects a combination of stronger production performance and improved operational management,” said an energy analyst in Lagos. “The challenge now is sustaining these gains over the long term and ensuring production continues to rise toward national targets.”
The improved financial results come amid broader efforts by the Nigerian government to reform the petroleum sector following the implementation of the Petroleum Industry Act, which transformed NNPC from a state corporation into a commercially oriented limited liability company.
Authorities have also intensified security operations in the oil-producing Niger Delta region to curb crude theft, which has historically cost the country billions of dollars in lost revenue.
Nigeria has struggled in recent years to consistently meet production quotas allocated by the Organization of the Petroleum Exporting Countries due to infrastructure constraints, underinvestment and security challenges. However, recent output figures suggest that interventions aimed at restoring production capacity are beginning to yield results.
The country’s oil sector remains central to economic growth despite government efforts to diversify revenue sources through agriculture, manufacturing and services.
Industry observers say sustained improvements in crude production could provide a boost to public finances, support foreign exchange reserves and help ease pressure on the naira, which has faced volatility in recent years.
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Nevertheless, experts caution that Nigeria’s energy sector continues to face structural challenges, including aging infrastructure, financing constraints and the need for additional investment in exploration and production activities.
NNPC indicated that efforts to improve operational reliability, enhance production efficiency and strengthen partnerships with industry stakeholders remain ongoing.
As Africa’s largest oil producer seeks to capitalize on rising output, investors and policymakers will be closely monitoring whether the recent production gains can be maintained in the coming months.
For now, the latest figures offer fresh evidence that Nigeria’s oil industry is gradually recovering from years of disruptions, with higher production translating into stronger revenues and profitability for the national oil company.
