Nigeria's Crude Oil Revenue Surges to N50.88 Trillion in 2024

Nigeria's Crude Oil Revenue Surges to N50.88 Trillion in 2024

Nigeria's crude oil revenue reached approximately N50.88 trillion in 2024, according to new data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). 

This marks a significant financial milestone for the country, reflecting its oil production capabilities amid fluctuating global market conditions.

The NUPRC reported that Nigeria produced a total of 408,680,457 barrels of crude oil throughout the year. When including condensate, the total oil production for 2024 amounted to 566.79 million barrels. 

A report by Statista Research Department noted that the average price of crude oil in 2024 was $80.53 per barrel. Based on this pricing, the revenue generated from the total crude oil production translates to N50.88 trillion, equivalent to approximately $32.91 billion at an exchange rate of N1,546 to a dollar.

Despite these figures, Nigeria's oil production fell short of its ambitious target of 649.7 million barrels set in its 2024 budget, which anticipated an average daily output of 1.78 million barrels. This projected output was expected to yield around $50.68 billion if oil prices averaged $78 per barrel and the exchange rate was pegged at N750 to a dollar.