Nigeria’s 2024 Crude Oil Revenue Milestone: Key Drivers of the N50tn Success
In 2024, Nigeria’s crude oil revenue reached approximately ₦50.88 trillion. This figure is based on the production of 408,680,457 barrels of crude oil during the year, as reported by the Nigerian Upstream Petroleum Regulatory Commission.
With an average crude oil price of $80.53 per barrel, as indicated by Statista Research Department, the total revenue equates to about $32.91 billion. At an exchange rate of ₦1,546 to a dollar, this amounts to ₦50.88 trillion.
It’s important to note that this revenue represents the combined earnings of the Nigerian National Petroleum Company Limited, international oil companies, and local producers from the sale of crude oil.
Despite this substantial income, Nigeria continues to face challenges in maximizing the benefits of its oil wealth, including issues related to oil theft, infrastructure deficits, and the need for economic diversification.