Nigeria Earns N55.5tn from Crude Oil Sales in 2025

Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, according to an analysis of official crude oil production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price figures published by the Central Bank of Nigeria (CBN).

The revenue figure represents an increase compared to the N50.88 trillion recorded in 2024, despite production challenges that affected output at various points during the year.

Data from the NUPRC show that Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025. Production levels fluctuated throughout the year due to outages, operational disruptions, and a gradual recovery in some oil-producing fields.

Crude oil output started the year at 47.70 million barrels in January but dropped sharply to 41.02 million barrels in February. Production recovered slightly in March and April, recording 43.42 million barrels and 44.57 million barrels, respectively. Output remained relatively stable in the second quarter, averaging above 45 million barrels between May and June.

In the third quarter, production peaked at 46.73 million barrels in July before declining again in August and September, when output fell to 41.69 million barrels, one of the lowest levels for the year. Output improved in the final quarter, closing the year at 44.08 million barrels in December.

Although Nigeria’s crude oil production remained below its OPEC quota for most of the year, favourable crude oil prices helped boost overall revenue.

CBN data indicate that Bonny Light crude, Nigeria’s flagship oil grade, traded at relatively high prices in the early months of 2025. Prices averaged $80.76 per barrel in January, before declining steadily to $65.90 per barrel in May amid weaker global oil market conditions.

Crude prices recovered slightly in June and remained mostly stable through the third quarter, averaging above $70 per barrel, before declining again in October to $66.15 per barrel, the most recent month with available data.

Based on the average of monthly Bonny Light prices published by the CBN, crude oil prices averaged $72.08 per barrel in 2025.

Applying this average price to Nigeria’s total crude oil production of 530.41 million barrels, estimated gross crude oil revenue for the year stood at about $38.23 billion. Converted at an exchange rate of N1,450 to the dollar, this amounts to approximately N55.5 trillion in crude oil earnings for 2025.