Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, based on official production figures and average oil prices, according to an analysis of data from the Nigerian Upstream Petroleum Regulatory Commission and the Central Bank of Nigeria.
The figure represents an increase from the N50.88 trillion recorded in 2024, reflecting higher output and relatively supportive crude prices during the year.
Data from the NUPRC show that Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025. Output fluctuated during the year due to outages, operational disruptions and a gradual recovery in some producing fields.
Crude oil production began the year at 47.70 million barrels in January before falling to 41.02 million barrels in February. Output recovered to 43.42 million barrels in March and rose to 44.57 million barrels in April. Production remained relatively stable in the second quarter, reaching 45.04 million barrels in May and 45.16 million barrels in June.
In the third quarter, output increased to 46.73 million barrels in July but declined to 44.47 million barrels in August and 41.69 million barrels in September, one of the lowest levels recorded in 2025. Production rebounded in the final quarter, rising to 43.44 million barrels in October, 43.08 million barrels in November and 44.08 million barrels in December, the NUPRC said.
Although output remained below Nigeria’s OPEC quota for most of the year, crude oil prices helped support revenue. Central Bank of Nigeria data show that Bonny Light, Nigeria’s flagship crude grade, traded at elevated levels early in the year before easing later.
Bonny Light averaged $80.76 per barrel in January 2025, declining to $77.08 in February and $74.44 in March. Prices fell further to $69.07 in April and $65.90 in May, reflecting softer global oil market conditions. Prices recovered to $73.50 in June and remained broadly stable in the third quarter before dropping again to $66.15 in October, the latest month for which CBN data were available.
Using the simple average of the 10 monthly Bonny Light prices published by the CBN, crude prices averaged $72.08 per barrel in 2025.
Applying this average price to total crude production of 530.41 million barrels puts Nigeria’s estimated gross crude oil revenue at about $38.23 billion. Converted at an exchange rate of N1,450 to the dollar, this translates to approximately N55.5 trillion in earnings for the year.
Industry analysts said the estimate reflects gross revenue and does not represent actual government receipts, as it excludes production costs, joint venture obligations, cost recovery under production-sharing contracts, oil theft, domestic supply requirements and deferred crude liftings.
The analysis nonetheless highlights the scale of crude oil inflows generated in 2025 and underscores the continued importance of output stability and price performance to Nigeria’s oil-dependent economy.
