REPORT: Nigeria earned N55.5 trillion from crude oil sales in 2025

Nigeria earned an estimated ₦55.5 trillion from crude oil sales in 2025, based on an analysis of official production figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price data from the Central Bank of Nigeria (CBN).

The figure is higher than the ₦50.88 trillion recorded in 2024.

Data from the NUPRC show that Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025, with output fluctuating during the year due to outages, operational disruptions and gradual recovery in some oilfields.

The ₦55.5 trillion estimate was derived by multiplying total production of 530.41 million barrels by an average crude oil price of $72.08 per barrel in 2025 and converting at an exchange rate of ₦1,450 to the dollar.

Crude oil production opened strongly in January at 47.70 million barrels before declining to 41.02 million barrels in February.

Output recovered to 43.42 million barrels in March and rose further to 44.57 million barrels in April.

Production remained relatively stable in the second quarter, increasing to 45.04 million barrels in May and 45.16 million barrels in June.

In the third quarter, output climbed to 46.73 million barrels in July before falling to 44.47 million barrels in August and dropping further to 41.69 million barrels in September.

Production rebounded in the final quarter, reaching 43.44 million barrels in October, 43.08 million barrels in November and 44.08 million barrels in December.

Despite production remaining below Nigeria’s OPEC quota for most of the year, crude oil prices helped support revenue.

CBN data show that Bonny Light crude traded at elevated levels in early 2025 before easing in the second quarter.

Bonny Light sold at an average of $80.76 per barrel in January, declined to $77.08 in February and $74.44 in March, and fell further to $69.07 in April and $65.90 in May.

Prices recovered to $73.50 in June and remained largely stable in the third quarter, averaging $73.18 in July, $70.55 in August and $70.20 in September.

Bonny Light prices fell again to $66.15 per barrel in October, the latest month for which CBN data were available.

Using the simple average of the 10 monthly prices published by the CBN, crude oil prices averaged $72.08 per barrel in 2025.

Applying this price to total crude production of 530.41 million barrels puts Nigeria’s estimated gross crude oil revenue at about $38.23 billion for the year.

Converted at ₦1,450 to the dollar, this translates to approximately ₦55.5 trillion in crude oil earnings.

Industry analysts noted that the figure represents gross revenue and does not reflect actual government receipts, as it excludes production costs, joint venture cash calls, cost recovery under production-sharing contracts, oil theft, domestic crude supply obligations and deferred liftings.

Nonetheless, the analysis highlights the scale of crude oil inflows generated in 2025 based strictly on official production and price data.

In 2024, Nigeria produced 408.68 million barrels of crude oil, generating an estimated ₦50.88 trillion

Experts said persistent insecurity, policy uncertainty, high production costs and infrastructure constraints continued to limit output, despite relatively strong oil prices.

They added that addressing governance issues, improving fiscal terms and ensuring security in oil-producing areas would be critical for Nigeria to meet its production targets in 2026 and beyond.

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