Nigeria’s state-owned energy giant, the Nigerian National Petroleum Company Limited (NNPC), reported a sharp contraction in top-line growth for May 2026, with total revenue falling nearly 13% to N4.34 trillion.
The decline marks a significant deterioration in the company’s financial performance, driven by weaker operational metrics despite efforts to maintain stable crude output levels.
The revenue drop was accompanied by a steep fall in profitability, with net profit sliding to N462 billion for the month.
This erosion of margins comes at a critical juncture for the state-owned enterprise, which remains central to Nigeria’s fiscal stability and foreign exchange earnings.
The figures underscore the mounting challenges facing the sector as global energy dynamics and domestic operational constraints weigh on performance.
The NNPC results arrive against a backdrop of severe market stress in Nigeria.