REPORT: Nigeria earned N55.5 trillion from crude oil gross sales in 2025
Nigeria earned an estimated ₦55.5 trillion from crude oil gross sales in 2025, based mostly on an evaluation of official production figures from the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and crude value knowledge from the Central {Bank} of Nigeria (CBN).
The determine is increased than the ₦50.88 trillion recorded in 2024.
Knowledge from the NUPRC present that Nigeria produced a complete of 530.41 million barrels of crude oil between January and December 2025, with output fluctuating through the yr resulting from outages, operational disruptions and gradual restoration in some oilfields.
The ₦55.5 trillion estimate was derived by multiplying whole production of 530.41 million barrels by a median crude oil value of $72.08 per barrel in 2025 and changing at an trade fee of ₦1,450 to the greenback.
Crude oil production opened strongly in January at 47.70 million barrels earlier than declining to 41.02 million barrels in February.
Output recovered to 43.42 million barrels in March and rose additional to 44.57 million barrels in April.
Production remained comparatively secure within the second quarter, growing to 45.04 million barrels in Might and 45.16 million barrels in June.
Within the third quarter, output climbed to 46.73 million barrels in July earlier than falling to 44.47 million barrels in August and dropping additional to 41.69 million barrels in September.
Production rebounded within the ultimate quarter, reaching 43.44 million barrels in October, 43.08 million barrels in November and 44.08 million barrels in December.
Regardless of production remaining beneath Nigeria’s OPEC quota for many of the yr, crude oil costs helped help income.
CBN knowledge present that Bonny Mild crude traded at elevated ranges in early 2025 earlier than easing within the second quarter.
Bonny Mild offered at a median of $80.76 per barrel in January, declined to $77.08 in February and $74.44 in March, and fell additional to $69.07 in April and $65.90 in Might.
Costs recovered to $73.50 in June and remained largely secure within the third quarter, averaging $73.18 in July, $70.55 in August and $70.20 in September.
Bonny Mild costs fell once more to $66.15 per barrel in October, the most recent month for which CBN knowledge have been accessible.
Utilizing the easy common of the ten month-to-month costs revealed by the CBN, crude oil costs averaged $72.08 per barrel in 2025.
Making use of this value to whole crude production of 530.41 million barrels places Nigeria’s estimated gross crude oil income at about $38.23 billion for the yr.
Transformed at ₦1,450 to the greenback, this interprets to roughly ₦55.5 trillion in crude oil earnings.
Trade analysts famous that the determine represents gross income and doesn’t mirror precise authorities receipts, because it excludes production prices, three way partnership money calls, price restoration underneath production-sharing contracts, oil theft, home crude provide obligations and deferred liftings.
Nonetheless, the evaluation highlights the dimensions of crude oil inflows generated in 2025 based mostly strictly on official production and value knowledge.
In 2024, Nigeria produced 408.68 million barrels of crude oil, producing an estimated ₦50.88 trillion
Consultants stated persistent insecurity, coverage uncertainty, excessive production prices and infrastructure constraints continued to restrict output, regardless of comparatively sturdy oil costs.
They added that addressing governance points, enhancing fiscal phrases and making certain safety in oil-producing areas could be essential for Nigeria to fulfill its production targets in 2026 and past.