Nigeria recorded a significant rise in crude oil revenue in 2024, generating approximately N50.88 trillion, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The report revealed that Nigeria produced 408.68 million barrels of crude oil, and with condensate included, total oil production for the year reached 566.79 million barrels.
The average price of crude oil in 2024 was $80.53 per barrel, as reported by Statista Research Department.
At the exchange rate of N1,546 per dollar, the revenue from crude oil sales amounted to $32.91 billion or N50.88 trillion.
Nigeria initially targeted a production output of 649.7 million barrels in its 2024 budget, with a projected daily production rate of 1.78 million barrels.
The budget benchmarked oil prices at $78 per barrel and an exchange rate of N750 to the dollar, aiming to generate $50.68 billion or N38.01 trillion.
However, the depreciation of the Naira to around N1,545 per dollar by year-end contributed to the increased revenue figures.
Despite the revenue increase, crude oil production was unstable throughout the year. The lowest daily average production was 1.23 million barrels per day (mbpd), while November recorded the highest at 1.48 mbpd.
In December, production closed at 1.484 mbpd, excluding condensate production, which averaged 182,975 barrels per day.
The NUPRC reported that crude oil production met 98.97% of OPEC’s quota of 1.5 mbpd.
However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, claimed that total production, including condensates, reached 1.8 mbpd in December.
The N50.88 trillion revenue was generated collectively by the Nigerian National Petroleum Company Limited (NNPCL), international oil companies, and indigenous operators.
The government’s ability to sustain or surpass this production level and address instability in crude output will be crucial to maintaining revenue growth in the coming years.
