Nigeria’s crude oil revenue rose to about N50.88 trillion in 2024, according to industrial data.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission confirmed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.
With condensate included, total oil production for 2024 was 566.79 million barrels, NUPRC data added.
Statista Research Department, a global statistical firm, reported on January 9, 2025, that the average price of crude in 2024 was $80.53 per barrel.
Putting the total crude oil produced in Nigeria in 2024, which is 408,680,457 million barrels, and the average price of the product, this amounts to N50.88 trillion or $32.91 billion, at the rate of N1,546 to a dollar.
Recall that Nigeria had planned to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget