Nigeria’s crude oil revenue reached approximately N50.88 trillion in 2024, as reported by industrial data. The Nigerian Upstream Petroleum Regulatory Commission confirmed that the country produced a total of 408,680,457 barrels of crude oil during the same year. When including condensate, the total oil production for 2024 amounted to 566.79 million barrels, according to the NUPRC data.
On January 9, 2025, the Statista Research Department, a global statistical firm, reported that the average price of crude oil in 2024 was $80.53 per barrel. Based on the total crude oil production of 408,680,457 barrels and the average price, Nigeria’s revenue from crude oil amounted to N50.88 trillion, equivalent to $32.91 billion at an exchange rate of N1,546 to a dollar.
It is important to note that Nigeria 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. At projected oil prices of $78 and an exchange rate of N750 to a dollar, the country aimed to generate $50.68 billion, or N38.01 trillion, from oil sales. However, the actual rise in crude oil revenue was significantly influenced by the depreciation of the Naira, which closed the year at around N1,545 per dollar, a considerable increase from the projected N750 benchmark.
The N50.88 trillion figure represents the total revenue generated by the Nigerian National Petroleum Company Limited, international oil companies, and indigenous counterparts from the sale of crude oil produced in Nigeria. Throughout the year, Nigeria’s crude oil production experienced considerable instability. The lowest average daily crude production was 1.23 million barrels per day (mbpd), while the highest occurred in November, when production peaked at 1.48 mbpd. By December, Nigeria’s crude production was recorded at 1.484 mbpd, excluding condensate, which averaged 182,975 barrels per day.
According to the NUPRC, the average crude oil production for the year was 98.97 percent of the OPEC quota of 1.5 mbpd. In contrast, the Minister of State for Petroleum Resources, Heineken Lokpobiri, asserted that the country’s crude production had increased to 1.8 mbpd in December, including condensates. Lokpobiri stated, “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.”
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