Nigeria Earns N55.5tn from Crude Oil Sales in 2025 as Output and Prices Improve
- Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, up from N50.88 trillion in 2024
- The estimate is based on official production data from NUPRC and crude price figures from the CBN
- Analysts noted that the figure does not reflect actual government earnings due to costs and other deductions
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, based on official production figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price data published by the Central Bank of Nigeria (CBN).
The estimate represents an increase from the N50.88 trillion recorded in 2024, reflecting higher crude output and relatively supportive oil prices during the year, PUNCH reported.
Source: Getty Images
According to data released by the NUPRC, Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025. Production levels fluctuated throughout the year, influenced by outages, operational challenges, and gradual recovery in some oil-producing fields.
The estimated revenue was derived by applying the average crude oil price of $72.08 per barrel in 2025, based on CBN data, to total production and converting the proceeds at an exchange rate of N1,450 to the dollar. This resulted in a gross crude oil revenue estimate of about $38.23 billion, equivalent to roughly N55.5 trillion.
Production opened strongly in January at 47.70 million barrels but declined to 41.02 million barrels in February. Output recovered modestly in March and April and remained relatively stable through the second quarter. The third quarter saw renewed volatility, with production dropping to one of its lowest levels in September before rebounding slightly in the final months of the year, the NUPRC data showed.
While Nigeria’s crude oil output remained below its OPEC production quota for most of 2025, crude prices helped support overall revenue. CBN figures show that Bonny Light crude, Nigeria’s flagship grade, traded at higher levels early in the year before easing in the second quarter amid softer global market conditions.
Bonny Light averaged $80.76 per barrel in January, before declining steadily to a low of $65.90 in May. Prices later recovered and remained largely stable through the third quarter, before falling again to $66.15 per barrel in October, the latest month covered by available CBN data.
Using the simple average of monthly prices published by the CBN, crude oil prices averaged $72.08 per barrel over the period reviewed.
Industry analysts cautioned that the N55.5 trillion figure represents gross revenue, not actual government earnings. They noted that deductions such as production costs, joint venture obligations, cost recovery under production-sharing contracts, oil theft, domestic supply requirements, and deferred crude liftings were not factored into the estimate.
Nonetheless, the analysis highlights the scale of crude oil inflows generated in 2025, based strictly on official production and pricing data, underscoring the continued importance of oil output and price stability to Nigeria’s economy.
The revenue estimate reflects crude oil sales by the Nigerian National Petroleum Company Limited (NNPC Ltd), international oil companies, and indigenous producers operating in the country.
In 2024, Nigeria produced 408.68 million barrels of crude oil, generating an estimated N50.88 trillion in gross revenue.
Crude-backed loan repayments
Meanwhile, the NNPC Ltd serviced part of its $3 billion forward-sale loan from the African Export-Import Bank (Afreximbank) with crude oil valued at N991 billion in 2024.
According to NNPC’s 2024 financial statements, the repayment was linked to Project Gazelle, a forward crude oil supply agreement signed in 2023. Under the deal, NNPC committed to delivering 90,000 barrels of crude oil per day from production-sharing contract assets to support the facility.
The loan, which was secured to help stabilise Nigeria’s exchange rate, carried an interest rate of three-month LIBOR plus 6.5 per cent, with additional margin and liquidity premiums. By the end of 2024, NNPC had an outstanding balance of N3.8 trillion, though it remains unclear how much crude was committed to servicing the loan in 2025.
Source: UGC
Output short of OPEC quota
Nigeria’s crude oil production also remained largely below its OPEC quota of 1.5 million barrels per day in 2025. NUPRC data show that output dipped to 1.422 million barrels per day in December, down from 1.436 million barrels per day in November, representing about 95 per cent of the quota.
Overall, Nigeria fell short of its OPEC allocation in nine months of the year, meeting or slightly exceeding the target only in January, June, and July, despite government efforts to boost production.
Nigeria discovers new oil well
Legit.ng earlier reported that the NNPC Ltd and Chevron recently confirmed new discovery of crude oil deposits, boosting their joint venture production to 146,000 barrels per day.
The discovery, known as the Awodi-07 appraisal and exploration well, is expected to support plans by the NNPC Ltd/Chevron Joint Venture to raise crude oil production to about 146,000 barrels per day, a move seen as critical to boosting government revenue and strengthening national energy security.
According to Chevron, the Awodi-07 well was drilled as part of ongoing efforts by the joint venture to further delineate and unlock hydrocarbon potential within its asset portfolio.
Source: Legit.ng
