Nigeria’s crude oil revenue surged to approximately N50.88 trillion in 2024, according to new data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data revealed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024. When condensate production is included, total oil output for the year reached 566.79 million barrels, as per NUPRC’s figures.
A report from Statista Research Department, published on January 9, 2025, noted that the average price of crude oil in 2024 was $80.53 per barrel.
Based on the total production of 408,680,457 barrels, combined with the average price, Nigeria’s crude oil revenue amounted to N50.88 trillion (or $32.91 billion), using an exchange rate of N1,546 to $1.
Nigeria had initially targeted a production of 649.7 million barrels for 2024, with an average daily output of 1.78 million barrels. At an oil price of $78 per barrel and an exchange rate of N750 to the dollar, this would have resulted in an estimated revenue of $50.68 billion.
The data also indicated that Nigeria’s average daily crude production ranged from a low of 1.23 million barrels per day (mbpd) to a peak of 1.48 mbpd in November. In December, Nigeria ended the year with a crude production rate of 1.484 mbpd, excluding condensate, which averaged 182,975 bpd.
NUPRC reported that Nigeria’s average crude oil production in 2024 was 98.97% of its OPEC quota of 1.5 mbpd.
