Nigeria generated an estimated US$38.23 billion (approximately ₦55.5 trillion) in crude oil revenue in 2025, according to an analysis of official production figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price data from the Central Bank of Nigeria (CBN). This marks an increase from ₦50.88 trillion earned in 2024.
Data show that Nigeria produced a total of 530.41 million barrels of crude oil during the year, with output fluctuating due to operational disruptions, field recoveries, and occasional outages. Production began strongly in January at 47.7 million barrels but fell to 41.02 million barrels in February before gradually recovering in the subsequent months. The third quarter saw another dip, with 41.69 million barrels produced in September, one of the year’s lowest monthly outputs. The final quarter rebounded, ending December at 44.08 million barrels.
While production generally remained below Nigeria’s OPEC quota, elevated crude prices helped sustain revenue levels. Bonny Light, the country’s benchmark crude, traded at US$80.76 per barrel in January, declining to a low of US$65.90 in May before stabilizing around US$70–73 per barrel in the latter half of the year. The simple average price across 10 months was US$72.08 per barrel, which, when applied to total production, yields the US$38.23 billion estimate.
Analysts stress that the figure represents gross crude oil revenue and does not reflect actual government receipts, as it excludes production costs, joint venture cash calls, cost recoveries under production-sharing contracts, domestic supply obligations, oil theft, and deferred liftings. Nevertheless, the data illustrate the magnitude of inflows generated from crude sales and underscore the dual importance of production stability and favorable global pricing to Nigeria’s oil-dependent economy.
The revenue figure reflects earnings for the Nigerian National Petroleum Company Limited (NNPC), international oil companies operating in the country, and local indigenous producers. Industry observers note that while gross earnings are up, government take-home revenue can vary significantly depending on operational costs and contractual arrangements.
Overall, 2025 highlighted Nigeria’s continued reliance on crude oil as a primary source of foreign exchange and fiscal revenue, emphasizing the need for sustained production efficiency and strategic management of global price fluctuations.
