Nigeria’s crude oil revenue surged to approximately ₦50.88 trillion in 2024, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The report revealed that the country produced a total of 408,680,457 barrels of crude oil throughout the year. Including condensates, total oil production for 2024 reached 566.79 million barrels.
Statista Research Department, a global statistical organisation, stated on January 9, 2025, that the average price of crude oil in 2024 was $80.53 per barrel. Using this figure and the total crude oil production of 408.68 million barrels, Nigeria generated approximately $32.91 billion, equivalent to ₦50.88 trillion, at an exchange rate of ₦1,546 per dollar.
However, the country’s initial 2024 budget projection aimed for 649.7 million barrels of oil production at an average daily output of 1.78 million barrels. With a benchmark oil price of $78 per barrel and an exchange rate of ₦750 per dollar, the budget anticipated $50.68 billion or ₦38.01 trillion in oil revenue.
The higher revenue in 2024 was primarily driven by the significant depreciation of the Naira, which closed the year at around ₦1,545 per dollar, compared to the ₦750 per dollar benchmark set in the budget.
The ₦50.88 trillion revenue represents the combined earnings of the Nigerian National Petroleum Company Limited, international oil companies, and local producers from the sale of crude oil.
Despite the revenue increase, Nigeria’s crude oil production remained volatile throughout the year. Average daily production ranged from a low of 1.23 million barrels per day (mbpd) to a high of 1.48 mbpd in November. By December, production stood at 1.484 mbpd, excluding condensates, which averaged 182,975 barrels per day.
According to NUPRC data, Nigeria’s average crude oil production for the year was 98.97% of the Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 mbpd.
In contrast, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reported that Nigeria’s crude oil production, including condensates, reached 1.8 mbpd in December.
Lokpobiri remarked, “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.”heights.”
