The Nigerian National Petroleum Company Limited (NNPCL) has reported a strong financial and operational performance for March 2026, posting a profit after tax of ₦276 billion, more than double the earnings recorded in February 2026.
The national oil company also generated ₦2.7 trillion in revenue during the month, driven by stronger hydrocarbon production, improved operational efficiency, and increased gas output across its upstream operations.
According to the company, total crude oil and condensate production stood at 1.56 million barrels per day in March, maintaining the production level achieved in February and improving from the 1.51 million barrels per day recorded in January 2026.
Gas production emerged as the major growth driver during the month, rising significantly to 7,731 million standard cubic feet per day, representing the highest monthly gas output recorded by the company within the last one year.
NNPCL attributed the improved performance largely to operational efficiency initiatives and the early completion of maintenance activities at key assets, particularly the OML 118 Bonga asset, where scheduled maintenance works were completed ahead of timeline.
The company stated that the improved operational performance reflects ongoing efforts to strengthen asset reliability, optimize production efficiency, and improve value delivery across its upstream business portfolio.
Despite the improved earnings and production levels, NNPCL acknowledged that infrastructure challenges continued to impact overall production potential during the period.
The company disclosed that the Trans Forcados Pipeline outage, caused by a leak along the Keremor axis, disrupted crude evacuation activities and affected output across several assets between February and March 2026.
However, the company assured stakeholders that comprehensive restoration and recovery initiatives are currently underway to address evacuation bottlenecks, improve infrastructure reliability, and stabilize production going forward.
NNPCL noted that its ongoing interventions are aimed at strengthening operational resilience, improving production sustainability, and enhancing long-term contribution to Nigeria’s energy security and economic growth.
The strong March performance comes amid evolving dynamics within Nigeria’s broader financial and economic environment.
In the money market, system liquidity remained relatively stable during the trading week, while rates in the fixed-income market remained broadly steady as investors monitored developments in treasury bills and Federal Government bond auctions.
The Eurobond market navigated a volatile geopolitical backdrop, beginning the week on a mixed to slightly bearish note amid concerns that the U.S.–Iran ceasefire could collapse after the seizure of an Iranian cargo ship. Sentiment remained cautious on Tuesday despite stronger-than-expected U.S. Retail Sales data, which printed at 1.7% versus a 1.4% forecast. Midweek, the extension of the Iran ceasefire provided some support, although yields remained broadly unchanged.
On Thursday, the market turned constructive despite escalating tensions, as stalled peace talks, tighter Iranian control of the Strait of Hormuz and a U.S. naval warning pushed Brent crude sharply higher to $105.77 (+3.79%), prompting yield compression across the curve. By Friday, sentiment softened slightly again as prolonged negotiations continued to weigh on risk appetite, leaving the market cautious heading into the new week. Week-on-Week, the average benchmark yield declined by 15bps to close at 6.68%.
In the international commodities market, Brent crude prices remained volatile amid ongoing geopolitical developments in the Middle East, settling at $105.77 per barrel during the week before moderating slightly as market participants monitored ceasefire negotiations and supply concerns linked to the Strait of Hormuz.
The local bourse ended the day with the benchmark NGX All-Share Index (ASI) appreciating by 2.10% to close at 244,775.8. Market capitalization also appreciated to close at 157.0 trillion. Market breadth was positive at 1.42x. Trading activity was mixed on the day, with the volume of shares traded decreasing by 41.73% to 1.1 billion units, while total value of shares traded declined by 23.74% to ₦55.0 billion.
Reflecting the week’s performance, the NGX All-Share Index recorded a 1.03%, as gains in CAP (+60.95%), ZICHIS (+53.17%), and FTNCOCOA (+50.91%) were offset by declines in NAHCO (-20.95%), GUINNESS (-18.99%), and ACCESSCO (-12.59%).
Overall, the NGX has posted a year-to-date gain of 57.30%. Other notable indices are the NGX Top 30 Index (2.27%; 0.65% 1WK; +56.56% YTD), NGX Banking Index (3.35%; 1.89% 1WK; +53.35% YTD), NGX Oil & Gas Index (0.14%; -3.27% 1WK; +120.87% YTD), and NGX Insurance Index (-0.37%; 4.01% 1WK; 3.76% YTD).
Meanwhile, the value of the naira at the Nigerian Foreign Exchange Market Window weakened marginally by 0.99% week-on-week to close at ₦1,361.40/$.
Industry analysts note that NNPCL’s stronger earnings performance and rising gas output reinforce the strategic importance of operational efficiency, infrastructure stability, and sustained investment in Nigeria’s upstream energy sector.
The company reiterated its commitment to improving production reliability, resolving infrastructure constraints, and supporting Nigeria’s long-term energy and economic objectives through stronger operational performance and strategic asset management.
