Nigeria’s crude oil earnings rise despite missed output targets
Nigeria earned significant revenue from crude oil sales, according to official data from the Nigerian Upstream Petroleum Regulatory Commission and the Central Bank of Nigeria. The country’s crude oil production fluctuated throughout the year, with output often falling below OPEC quotas and government targets. Despite these challenges, higher oil prices helped boost total earnings. Industry experts highlighted persistent issues such as insecurity, policy delays, and high production costs affecting the sector.
TLDR
- Nigeria earned an average of N55.5tn from crude oil sales in 2025, surpassing the N50.88tn earned in 2024.
- Crude oil production totaled 530.41 million barrels between January and December 2025, with output varying monthly.
- Bonny Light crude averaged $72.08 per barrel in 2025, supporting overall revenue despite production shortfalls.
- Nigeria’s output was below its OPEC quota for most of 2025, meeting or exceeding the target only in January, June, and July.
- Experts like Segun Ajibola, Muda Yusuf, and Dayo Ayoade cited insecurity, policy challenges, and high production costs as ongoing obstacles to meeting oil production targets.
