Nigeria generated an estimated ₦55.5 trillion from crude oil sales in 2025, based on an assessment of official crude production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and price benchmarks released by the Central Bank of Nigeria (CBN).
The estimated earnings represent an increase from the ₦50.88 trillion recorded in 2024, reflecting higher production volumes and relatively supportive oil prices during parts of the year.
According to NUPRC figures, Nigeria produced approximately 530.41 million barrels of crude oil between January and December 2025. Output levels fluctuated throughout the year, affected by pipeline outages, operational challenges, and intermittent recovery across several oil-producing fields.
The estimated revenue was derived by applying the average crude oil price of $72.08 per barrel for 2025 to the total production volume and converting the resulting value at an exchange rate of ₦1,450 per dollar. This places Nigeria’s gross crude oil earnings for the year at about $38.23 billion, equivalent to ₦55.5 trillion.
Production performance varied significantly across the months. Output began the year on a strong note, reaching 47.70 million barrels in January, before declining sharply to 41.02 million barrels in February. Production improved gradually in March and April, rising to 43.42 million barrels and 44.57 million barrels, respectively. The second quarter recorded relatively steady output, averaging just above 45 million barrels per month.
Crude oil production peaked again in July at 46.73 million barrels but weakened in August and September, with September recording 41.69 million barrels, one of the lowest monthly levels of the year. Output rebounded modestly in the final quarter, closing the year at 44.08 million barrels in December.
Despite production remaining below Nigeria’s OPEC quota for much of the year, oil prices provided some revenue support. CBN data show that Bonny Light crude traded at elevated levels early in 2025, averaging $80.76 per barrel in January, before declining steadily to $65.90 in May amid softer global market conditions.
Prices recovered in June to $73.50 per barrel and remained largely stable through the third quarter, before easing again in October to $66.15 per barrel, the latest month covered by CBN price data. Using a simple average of the available monthly prices, crude oil sold at $72.08 per barrel over the review period.
Industry analysts caution that the ₦55.5 trillion estimate reflects gross revenue, not net government income, as it excludes production costs, joint venture obligations, cost recovery under production-sharing contracts, oil theft losses, domestic crude supply commitments, and deferred crude liftings.
Nevertheless, the figures highlight the scale of crude oil inflows generated in 2025 by the Nigerian National Petroleum Company Limited (NNPC), international oil companies, and indigenous producers operating in the country.
In comparison, Nigeria produced 408.68 million barrels of crude oil in 2024, generating an estimated ₦50.88 trillion in gross revenue.
Meanwhile, crude oil production in December 2025 declined slightly by 14,000 barrels per day, underscoring ongoing challenges in meeting Nigeria’s 1.5 million barrels per day OPEC allocation. NUPRC data show that Nigeria met or exceeded its quota in only **three months January, June, and July during the year, falling short in the remaining nine months.
The data reinforce the continued dependence of Nigeria’s economy on both production stability and favourable crude oil prices, even as structural and operational challenges persist across the upstream sector.
