Nigeria earned an average of ₦55.5 trillion from crude oil sales in 2025, an analysis of official production figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price data published by the Central Bank of Nigeria (CBN) has shown.
The 2025 figure is higher when compared to the ₦50.88 trillion earned in 2024.
NUPRC data indicate that Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025, with output fluctuating throughout the year amid outages, operational disruptions, and a gradual recovery in some producing fields.
The ₦55.5 trillion was obtained by multiplying 530.41 million barrels by the average crude oil price of $72.08 in 2025, and converting the result with ₦1,450 to a dollar.
Crude oil production opened the year strongly at 47.70 million barrels in January, before falling to 41.02 million barrels in February. Output recovered modestly in March to 43.42 million barrels and rose further in April to 44.57 million barrels. Production remained relatively stable through the second quarter, increasing slightly to 45.04 million barrels in May and 45.16 million barrels in June.
In the third quarter, crude output climbed to 46.73 million barrels in July, but dipped again in August to 44.47 million barrels and fell further in September to 41.69 million barrels, one of the lowest levels recorded during the year. 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, according to the NUPRC.
While output remained below Nigeria’s OPEC quota for most of the year, crude oil prices helped support revenue. Data from the CBN show that Bonny Light, Nigeria’s flagship crude grade, traded at elevated levels in the early part of the year before easing in the second quarter.
Bonny Light crude sold at an average of $80.76 per barrel in January 2025, before declining to $77.08 in February and $74.44 in March. Prices dropped further in April to $69.07 and reached a low of $65.90 in May, reflecting softer global oil market conditions.
Prices recovered in June to $73.50 and remained largely stable in the third quarter, averaging $73.18 in July, $70.55 in August, and $70.20 in September, before falling again to $66.15 in October, the latest month for which CBN data were available.
Using the simple average of the 10 monthly Bonny Light prices published by the CBN, crude prices averaged $72.08 per barrel over the period under review.
Applying this average price to Nigeria’s total crude oil production of 530.41 million barrels, estimated gross crude oil revenue for 2025 stood at approximately $38.23bn. Converted at an exchange rate of ₦1,450 to the dollar, this translates to about ₦55.5 trillion in crude oil earnings for the year.
Industry analysts noted that the figure represents gross revenue, not actual government receipts, as it does not account for production costs, joint venture cash calls, production-sharing contract cost recovery, oil theft, domestic crude supply obligations, or deferred lifts.
Nonetheless, the analysis provides a clear picture of the scale of crude oil inflows generated during the year, based strictly on official production data from the NUPRC and price benchmarks from the CBN, highlighting the continued importance of both output stability and price performance to Nigeria’s oil-dependent economy.
It should be noted that the ₦55 trillion was the amount expected to have been generated by the Nigerian National Petroleum Company Limited, the international oil companies, and their indigenous counterparts for the sale of crude produced in Nigeria.
In 2024, it was noted that Nigeria produced 408.68 million barrels of crude oil, generating approximately ₦50.88 trillion.
The PUNCH
