The Nigerian National Petroleum Company Limited recorded a cumulative N2.275tn profit after tax in the first six months of 2026, with higher international crude oil prices triggered by geopolitical tensions in the Middle East helping to bolster the national oil company’s earnings during the period.
An analysis of the company’s monthly financial and operational reports by our correspondent on Sunday showed that the six-month performance came amid heightened volatility in the global oil market.
Crude prices climbed sharply during the first half of the year, particularly in June, after the military confrontation between the United States and Iran raised fears of supply disruptions through the Strait of Hormuz, one of the world’s most strategic oil shipping routes.
For Nigeria, whose economy and public finances remain heavily dependent on crude oil exports, the higher oil prices translated into stronger revenue inflows for the state-owned oil company despite fluctuations in monthly profitability and production.
The company also rebounded strongly from a decline recorded in May, posting a profit after tax of N535bn in June 2026. The June performance represents a 15.8 per cent increase from the N462bn recorded in May, translating into an additional N73bn in profit within one month.
