Crude oil production opened the year strongly at 47.70 million barrels in January, before falling to 41.02 million barrels in February. Production rebounded in the final quarter, reaching 43.44 million barrels in October, 43.08 million barrels in November, and 44.08 million barrels in December, according to the NUPRC. Applying this average price to Nigeria’s total crude oil production of 530.41 million barrels, estimated gross crude oil revenue for 2025 stood at approximately $38.23bn. Converted at an exchange rate of N1,450 to the dollar, this translates to about N55.5tn in crude oil earnings for the year. Missed targetIn the 2025 budget, Nigeria planned to produce at least 2.1 million barrels of oil (crude oil and condensate) per day.
