Nigeria, in 2024, generated approximately ₦50.88 trillion from crude oil sales.
This was revealed in an industrial data.
This revenue exceeded the initial projection of $50.68 billion due to fluctuations in oil prices and the depreciation of the Naira.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission confirmed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.
With condensates included, Nigeria’s total oil production for 2024 amounted to 566.79 million barrels, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Statista Research Department, a global statistical firm, reported on January 9, 2025, that the average price of crude oil in 2024 was $80.53 per barrel. Using this average price, the total crude oil produced in Nigeria, which was 408.68 million barrels, translated to a revenue of ₦50.88 trillion or $32.91 billion, based on an exchange rate of ₦1,546 to a dollar.
Nigeria had initially planned to produce 649.7 million barrels of oil with an average daily output of 1.78 million barrels as per its 2024 budget. With oil prices projected at $78 per barrel and an exchange rate benchmark of ₦750 to a dollar, the country aimed to generate $50.68 billion or ₦38.01 trillion from oil.
However, the actual total crude oil revenue was significantly affected by the depreciation of the Naira, which closed the year at approximately ₦1,545 per dollar, compared to the projected ₦750 benchmark in the 2024 budget.
It is important to note that the ₦50.88 trillion revenue was generated by the Nigerian National Petroleum Company Limited, international oil companies, and their indigenous counterparts from the sale of crude oil produced in Nigeria.
Throughout the year, Nigeria’s crude oil production was largely unstable. The lowest average daily crude production was 1.23 million barrels per day (mbpd), while the highest was in November, reaching 1.48 mbpd. By December, Nigeria’s crude production stood at 1.484 mbpd, excluding condensates, which averaged 182,975 barrels per day (bpd).
According to the NUPRC’s latest crude production data, “The average crude oil production was 98.97 percent of the OPEC quota (1.5 mbpd).”
Contrarily, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated that the country’s crude production rose to 1.8 mbpd in December, including condensates. He mentioned, “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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