Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, based on an analysis of official production figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude oil price data published by the Central Bank of Nigeria (CBN).
The estimated revenue represents an increase over the N50.88 trillion recorded in 2024, reflecting higher crude oil output and relatively supportive oil prices during the year under review.
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 gradual recovery in some producing fields.
Crude oil production opened at 47.70 million barrels in January but declined to 41.02 million barrels in February. Output recovered to 43.42 million barrels in March and rose further to 44.57 million barrels in April. Production remained relatively stable in the second quarter, increasing slightly to 45.04 million barrels in May and 45.16 million barrels in June.
In the third quarter, output rose to 46.73 million barrels in July before falling to 44.47 million barrels in August and dropping further to 41.69 million barrels in September, one of the lowest monthly levels recorded in 2025. 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.
Although crude oil output remained below Nigeria’s OPEC quota for most of the year, prices helped support overall revenue. CBN data indicate that Bonny Light crude traded at relatively high levels early in the year before softening in the second quarter.
Bonny Light sold at an average of $80.76 per barrel in January 2025, declining to $77.08 in February and $74.44 in March. Prices fell further to $69.07 in April and reached a low of $65.90 in May amid weaker 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 easing 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 oil prices averaged $72.08 per barrel in 2025. Applying this average price to total crude oil production of 530.41 million barrels places estimated gross crude oil revenue for the year at about $38.23 billion. Converted at an exchange rate of N1,450 to the dollar, this translates to approximately N55.5 trillion.
Industry analysts note that the estimate represents gross revenue from crude oil sales and does not reflect actual government receipts, as it excludes production costs, joint venture cash calls, production-sharing contract cost recovery, oil theft, domestic crude supply obligations and deferred crude liftings.
The figure is expected to reflect revenue generated by the Nigerian National Petroleum Company Limited (NNPCL), international oil companies and indigenous operators from crude oil produced and sold during the year.
In comparison, NUPRC data show that Nigeria produced 408.68 million barrels of crude oil in 2024, generating an estimated N50.88 trillion in gross crude oil revenue.
Meanwhile, part of Nigeria’s crude oil production in 2024 was used to service a forward-sale loan. NNPCL disclosed in its 2024 financial statement that it repaid N991 billion worth of crude oil under a $3 billion forward-sale facility obtained from the African Export-Import Bank.
The repayment was linked to Project Gazelle, a forward crude oil supply agreement signed in 2023. Under the deal, NNPCL committed to supply 90,000 barrels of crude oil per day from Production Sharing Contract assets to support the facility, which was secured to help stabilise Nigeria’s foreign exchange position.
