Nigeria Made N50 Trillion From Crude Oil In 2024-report

Nigerias crude oil earnings reached approximately N50.88 trillion in 2024.

Nigeria produced 408,680,457 barrels of crude oil in 2024, according to data from the Nigerian Upstream Petroleum Regulatory Commission NUPRC, a government organisation.

According to a report released on January 9, 2025, by the international statistical company Statista Research Department, the average price of crude in 2024 was 80.53 per barrel.

When multiplied by the amount of crude produced in Nigeria last year, this comes to 32.91 billion. The total will be N50.88tn at the exchange rate of N1,546 to the dollar. 566.79 million barrels of oil were produced in 2024, including condensate.

Recall that Nigerias 2024 budget called for an average daily production of 1.78 million barrels of oil, or 649.7 million barrels.