Nigeria earned a total of N55.5 trillion from crude oil sales in 2025, according to an analysis of official production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price figures from the Central Bank of Nigeria (CBN).
This figure represents an increase compared to the N50.88 trillion earned in 2024.
NUPRC data reveals that Nigeria produced a total of 530.41 million barrels of crude oil throughout 2025. Production levels fluctuated throughout the year due to operational disruptions, outages, and a gradual recovery in some oilfields.
The N55.5 trillion revenue was derived by multiplying the 530.41 million barrels of crude by the average crude oil price of $72.08 per barrel for 2025, with the conversion made using an exchange rate of N1,450 to $1.
Production figures showed strong starts at the beginning of the year, with 47.70 million barrels produced in January. However, production declined to 41.02 million barrels in February. Output picked up slightly in March (43.42 million barrels) and continued to rise in April (44.57 million barrels). The second quarter remained relatively stable, with minor increases to 45.04 million barrels in May and 45.16 million barrels in June.
In the third quarter, production peaked at 46.73 million barrels in July before dipping again in August to 44.47 million barrels. Production hit one of its lowest points in September at 41.69 million barrels. The final quarter saw a recovery, with production reaching 43.44 million barrels in October, 43.08 million barrels in November, and 44.08 million barrels in December.
Despite Nigeria’s crude output often falling below its OPEC quota during the year, favorable crude oil prices helped boost the country’s revenue. According to CBN data, Bonny Light, Nigeria’s flagship crude, averaged $80.76 per barrel in January 2025. Prices gradually decreased throughout the year, dropping to $65.90 in May before recovering to around $73 in June. The average price for the year stood at $72.08 per barrel.
Based on this average price, Nigeria’s total crude production of 530.41 million barrels in 2025 generated approximately $38.23 billion in gross revenue. When converted using an exchange rate of N1,450 to the dollar, this translates to N55.5 trillion.
Industry analysts noted that this figure represents gross revenue, not actual government receipts, as it does not account for various deductions such as production costs, joint venture cash calls, production-sharing contract costs, oil theft, or domestic crude supply obligations.
Nonetheless, the analysis highlights the significant scale of crude oil revenue generated in 2025 based on official production data and price benchmarks, emphasizing the critical role that both stable production and favorable prices continue to play in Nigeria’s oil-dependent economy.
In 2024, Nigeria produced 408.68 million barrels of crude oil, earning an estimated N50.88 trillion from crude sales.
