Nigeria’s crude oil revenue surged to approximately ₦50.88 trillion in 2024, according to industry data.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a total crude oil production of 408,680,457 barrels for the year. Including condensates, the total oil output reached 566.79 million barrels.
The Statista Research Department indicated that the average price of crude oil in 2024 was $80.53 per barrel.
Calculating the total crude produced at this average price, and considering an exchange rate of ₦1,546 to a dollar, Nigeria’s oil revenue equated to $32.91 billion, or ₦50.88 trillion.
It’s noteworthy that Nigeria had initially projected a crude oil production of 649.7 million barrels for 2024, aiming for an average daily output of 1.78 million barrels.
With a benchmark oil price of $78 per barrel and an exchange rate of ₦750 to a dollar, the anticipated revenue was $50.68 billion, or ₦38.01 trillion.
However, the depreciation of the Naira, which closed the year at around ₦1,545 per dollar, significantly influenced the total revenue, resulting in higher Naira earnings despite lower-than-expected production volumes.
The ₦50.88 trillion revenue represents the combined earnings from the Nigerian National Petroleum Company Limited, international oil companies, and indigenous firms operating within the country.
Throughout 2024, Nigeria’s crude oil production experienced fluctuations. The lowest average daily production was 1.23 million barrels per day (mbpd), while the peak occurred in November, reaching 1.48 mbpd.
December concluded with a production rate of 1.484 Mbps, excluding condensates, which averaged 182,975 barrels per day. NUPRC noted that the average crude oil production was 98.97% of the Organization of the Petroleum Exporting Countries (OPEC) quota of 1.5 mbpd.
Contrarily, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated that the country’s crude production, including condensates, rose to 1.8 Mbps in December.
He remarked, “From the production level of 1 Mbps when we began, we have boosted output to 1.8 Mbps, inclusive of condensates, and continue to aspire for even greater heights.”
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cc: Daily Post Ng
