Nigeria’s crude oil revenue rose to about N50.88 trillion in 2024, according to industrial data.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission confirmed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.
With condensate included, total oil production for 2024 was 566.79 million barrels, NUPRC data added.
Statista Research Department, a global statistical firm, reported on January 9, 2025, that the average price of crude in 2024 was $80.53 per barrel.
Putting the total crude oil produced in Nigeria in 2024, which is 408,680,457 million barrels, and the average price of the product, this amounts to N50.88 trillion or $32.91 billion, at the rate of N1,546 to a dollar.
Recall that Nigeria had planned to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget.
Accordingly, with oil prices at $78 and the exchange rate at N750 to a dollar benchmark for 2024, the country had planned to generate $50.68 billion or N38.01 trillion from oil.
The rise in total crude oil revenue in the said period was heavily impacted by the depreciation, as the Naira closed the year at around N1,545 per dollar, up from the projected N750 benchmark in the 2024 budget.
It should be noted that the N50.88 trillion was the amount generated by the Nigerian National Petroleum Company Limited, the international oil companies, and their indigenous counterparts from the sale of crude produced in Nigeria.
In the year under review, Nigeria’s crude oil production was largely unstable.
The lowest average daily crude production in Nigeria was 1.23 mbpd, while the highest was in November, when it rose to 1.48 mbpd.
Nigeria ended the year with crude production in December at 1.484 mbpd, excluding condensate, which stood at an average of 182,975 bpd.
“The average crude oil production was 98.97 percent of the OPEC quota (1.5 mbpd),” NUPRC stated in its latest crude production data.
On the contrary, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, claimed the country’s crude production rose to 1.8 mbpd in December, in addition to condensates.
Lokpobiri said, “From the production level of 1 mbpd when we began, we have boosted output to 1.8 mbpd, inclusive of condensates, and continue to aspire for even greater heights.”
