Nigeria’s crude oil revenue reached approximately N50.88 trillion in 2024, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This figure highlights the significant role oil continues to play in the country’s economy.
The NUPRC revealed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024. When including condensates, the total oil production for the year was 566.79 million barrels.
Global statistical firm Statista Research reported on January 9, 2025, that the average price of crude oil in 2024 was $80.53 per barrel. When multiplying the total crude oil production with the average price and converting to Nigerian Naira at the exchange rate of N1,546 to a dollar, the total revenue comes to N50.88 trillion, or about $32.91 billion.
While Nigeria’s oil revenue exceeded expectations, it still faced challenges. The country had initially planned to produce 649.7 million barrels of oil in its 2024 budget, with an average daily output of 1.78 million barrels. The government expected to generate $50.68 billion (N38.01 trillion) based on an oil price of $78 per barrel and an exchange rate of N750 to a dollar.
The rise in revenue was influenced by the significant depreciation of the Naira, which ended 2024 at around N1,545 to a dollar, far higher than the N750 exchange rate benchmark set in the budget.
The N50.88 trillion revenue was generated by the Nigerian National Petroleum Company Limited (NNPC), international oil companies, and local oil producers from the sale of Nigeria’s crude oil.
Nigeria’s crude oil production was quite unstable throughout 2024, with daily production ranging from a low of 1.23 million barrels per day (mbpd) to a high of 1.48 mbpd in November. In December, the country finished the year with a crude oil production of 1.484 mbpd, excluding condensates, which averaged 182,975 barrels per day (bpd).
According to NUPRC, the country’s average crude oil production in 2024 was 98.97% of its OPEC quota of 1.5 mbpd.
However, the Minister of State for Petroleum Resources, Heineken Lokpobiri, offered a more optimistic report. He claimed that Nigeria’s crude oil production rose to 1.8 mbpd in December when condensates were included. “From the production level of 1 mbpd when we began, we have boosted output to 1.8 mbpd, inclusive of condensates, and continue to aspire for even greater heights,” Lokpobiri stated.
Despite these production hurdles, the country’s oil sector continues to play a critical role in its economy, and the impressive revenue figure points to the ongoing importance of crude oil in Nigeria’s financial landscape.
