Nigeria, Africa’s largest oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC), earned an estimated N55.5 trillion from crude oil sales in 2025. This figure, derived from official production and price data, represents an increase from the N50.88 trillion earned in the previous year, 2024.
The analysis is based on data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Central Bank of Nigeria (CBN). The NUPRC reported total production of 530.41 million barrels of crude oil for the year. When multiplied by the average Bonny Light crude price of $72.08 per barrel and converted at an exchange rate of N1,450 to the dollar, the gross revenue estimate reaches N55.5 trillion.
Okay News reports that production fluctuated throughout the year, opening strongly at 47.70 million barrels in January but dipping to lows of 41.02 million barrels in February and 41.69 million barrels in September. Output for December 2025 was 44.08 million barrels, or 1.422 million barrels per day (bpd), which was 95 per cent of the country’s OPEC quota for that month.
Revenue Versus Actual Government Receipts
Industry analysts caution that the N55.5 trillion figure represents gross revenue, not actual government receipts. It does not account for production costs, joint venture cash calls, cost recovery in production-sharing contracts, or losses from oil theft and pipeline vandalism. The revenue is generated by the Nigerian National Petroleum Company (NNPC) Limited, international oil companies, and their indigenous counterparts from the sale of crude produced in Nigeria.
Despite the substantial revenue estimate, Nigeria’s production remained below its OPEC quota for nine months of the year and fell short of its own 2025 budget target. The budget had planned for a daily production of at least 2.1 million barrels of oil and condensate, but the actual total for the year was 599.64 million barrels, leaving a significant shortfall.
Experts Cite Security And Policy Challenges
Economists and energy experts point to persistent challenges hindering production growth. Professor Segun Ajibola highlighted issues such as insecurity in the Niger Delta, pipeline vandalism, and alleged crude oil theft. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, cited two major limitations: insecurity and policy, noting that investment in the upstream sector requires competitive fiscal terms and policy stability.
Professor of Energy, Dayo Ayoade, commended recent investment pledges, such as Shell’s commitment to inject billions, but stressed that the government must address the high cost of doing business and ensure good governance in the sector to boost investor confidence. For 2026, the government has set more conservative benchmarks, anchoring its revenue estimates on daily production of 1.84 million barrels and a crude price of $64.85 per barrel.
, earned an estimated N55.5 trillion from crude oil sales in 2025. This figure, derived from official production and price data, represents an increase from the N50.88 trillion earned in the previous year, 2024.){kind=link}