|By Adejumo Adekunle –
- NUPRC Confirms Total Oil Production of 566.79 Million Barrels, Including Condensates
- Statista Reports Average Crude Price at $80.53 Per Barrel in 2024
- Oil Revenue Exceeds Budget Projections, Driven by Exchange Rate Fluctuations
Nigeria’s crude oil revenue surged to approximately N50.88 trillion in 2024, bolstered by exchange rate fluctuations and oil price dynamics. This figure emerged from industry data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The NUPRC reported that Nigeria produced 408,680,457 barrels of crude oil during the year. When condensates were factored in, total production rose to 566.79 million barrels. According to a Statista Research Department report on January 9, 2025, the average crude oil price for the year stood at $80.53 per barrel.
Based on these metrics, Nigeria’s crude oil revenue for 2024, calculated at an exchange rate of N1,546 to a dollar, amounted to $32.91 billion or N50.88 trillion. This figure exceeds the 2024 budget estimate of N38.01 trillion, which was based on an average oil price of $78 per barrel and an exchange rate of N750 to a dollar.
The unexpected surge in revenue was largely influenced by the significant depreciation of the Naira, which closed the year at N1,545 per dollar compared to the projected budget rate. The total earnings were jointly realized by the Nigerian National Petroleum Company Limited, international oil firms, and indigenous operators selling crude extracted within Nigeria.
Despite the impressive revenue figures, crude production in 2024 was marked by instability. The lowest daily average production was 1.23 million barrels per day (mbpd), while the highest was recorded in November at 1.48 mbpd. December ended with crude production of 1.484 mbpd, excluding an average condensate production of 182,975 barrels per day.
The NUPRC disclosed that Nigeria’s average daily crude production met 98.97 percent of the OPEC quota of 1.5 mbpd. Contradicting these figures, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), claimed that production, including condensates, had risen to 1.8 mbpd in December.
“We’ve improved from 1 mbpd at the beginning of the year to 1.8 mbpd, inclusive of condensates, and we aim to reach even higher production levels,” Lokpobiri said.
While Nigeria’s crude oil revenue surged beyond expectations, the year underscored the critical need for production stability to sustain economic growth.
