Nigeria generated approximately N55.5 trillion from crude oil sales in 2025, according to an analysis combining official production figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and average crude price data published by the Central Bank of Nigeria (CBN).
The figure represents a notable increase from the N50.88 trillion earned in 2024, driven by a combination of improved output stability in parts of the year and relatively supportive global oil prices.
NUPRC data show that Nigeria produced a total of 530.41 million barrels of crude oil across the 12 months of 2025. Output began strongly at 47.70 million barrels in January but dipped to 41.02 million barrels in February. Production recovered modestly through the second quarter, reaching 45.16 million barrels in June. The third quarter saw fluctuations, with a peak of 46.73 million barrels in July before falling to 41.69 million barrels in September — one of the lowest monthly figures of the year. Output rebounded in the final quarter, averaging around 43.5 million barrels per month.
The CBN’s Bonny Light price benchmarks averaged $72.08 per barrel over the period. Applying this average to the total production volume yields gross revenue of approximately $38.23 billion. Converted at an exchange rate of N1,450 per dollar, this equates to roughly N55.5 trillion in estimated crude oil earnings for 2025.
Bonny Light traded at elevated levels early in the year — $80.76 in January — before easing to $65.90 in May. Prices recovered to around $73 in June and remained relatively stable through much of the third quarter, averaging between $70 and $73, before softening again in October to $66.15.
The N55.5 trillion figure represents gross revenue accruing to the Nigerian National Petroleum Company Limited (NNPCL), international oil companies, and indigenous producers from the sale of Nigeria’s crude. It does not reflect net government receipts, as it excludes production costs, joint venture cash calls, production-sharing contract recoveries, oil theft losses, domestic crude supply obligations, and deferred liftings.
Industry observers note that while the revenue performance is encouraging, Nigeria’s output remained below its OPEC quota for much of the year due to operational disruptions, pipeline vandalism, and theft. The analysis underscores the continued dominance of crude oil in Nigeria’s foreign exchange earnings and fiscal planning, even as the government pursues diversification efforts.
With global oil prices remaining sensitive to geopolitical developments and supply dynamics, sustaining or increasing production in 2026 will be critical to maintaining revenue momentum and supporting the national budget. The N55.5 trillion gross figure highlights both the sector’s enduring contribution and the urgent need to address structural challenges in upstream operations.
