Nigeria Received N50tn Revenue From Crude Oil In 2024

The Nigerian Upstream Petroleum Regulatory Commission provided new data showing that Nigeria’s crude oil revenue increased to approximately N50.88 trillion in 2024.

Nigeria produced 408,680,457 barrels of crude oil in 2024, according to the figures.

According to NUPRC data, total oil output in 2024 was 566.79 million barrels, including condensate.

The average price of crude in 2024 was $80.53 per barrel, according to a research released on January 9, 2025 by the international statistical business Statista Research Department.

At a cost of N1,546 to the dollar, the average price of the product plus the entire amount of crude oil produced in Nigeria in 2024 (408,680,457 million barrels) equals N50.88 trillion, or $32.91 billion.

Remember that Nigeria had projected to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget, which could result in a $50.68 billion profit with oil prices at $78 and the exchange rate at N750 to a dollar benchmark for 2024.

According to the data, Nigeria’s lowest average daily crude output was 1.23 million barrels per day, while the greatest was in November, when it reached 1.48 million barrels per day.

Nigeria’s crude production in December reached 1.484 million barrels per day (mbpd), excluding condensate, which averaged 182,975 bpd.

“The average crude oil production was 98.97 percent of the OPEC quota (1.5 mbpd),” NUPRC stated in its latest crude production data.

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Nnamdi Okoli