Nigeria Gross Federation Account Revenue: Oil data was reported at 2,004.310 NGN bn in Dec 2024. This records an increase from the previous number of 1,304.960 NGN bn for Sep 2024. Nigeria Gross Federation Account Revenue: Oil data is updated quarterly, averaging 1,288.380 NGN bn from Mar 2005 (Median) to Dec 2024, with 80 observations. The data reached an all-time high of 2,642.800 NGN bn in Sep 2011 and a record low of 537.190 NGN bn in Jun 2016. Nigeria Gross Federation Account Revenue: Oil data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.F001: Government Revenue and Expenditure. All federally-collected revenue is deposited into Federation Account, except that classified as Federal Government independent revenue. The Federation Account funds are transferred to the Federal Government, State Governments and Local Governments.

Before the coronavirus (COVID-19) pandemic, Nigeria's oil sector generally accounted for about nine percent of the country's gross domestic product (GDP). Between October and December 2020, the oil industry contributed to 5.9 percent to the total real GDP, a decrease of roughly three percentage points compared to the previous quarter. In the third quarter of 2024, the contribution of the oil sector to the country's GDP reached 5.57 percent. Impact of the pandemic on the oil sector In 2023, over 91 percent of the value of exports in Nigeria was generated by the mineral fuels, oils, and distillation products' sector, accounting for approximately 60 billion U.S. dollars. In 2019, due to the lower demand related to the COVID-19 pandemic, oil production and export dropped. Data for 2021 shows, indeed, a recovery in the export value derived from oil. Fluctuating oil production Nigeria is one of the largest oil producers in the world. At the beginning of 2020, Nigeria’s daily oil production exceeded two million barrels. Afterwards, the production fluctuated but mainly decreased, reaching 1.54 million barrels per day in January 2025. The lowest production volume since September 2019 was achieved in July 2023.

Key information about Nigeria Crude Oil: Exports

• Nigeria Crude Oil: Exports was reported at 1,476.170 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,388.260 Barrel/Day th for Dec 2022
• Nigeria Crude Oil: Exports data is updated yearly, averaging 1,812.003 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,464.120 Barrel/Day th in 2010 and a record low of 935.200 Barrel/Day th in 1983
• Nigeria Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

GDP Growth Non Oil Sector in Nigeria increased to 3.96 percent in the fourth quarter of 2024 from 3.37 percent in the third quarter of 2024. This dataset includes a chart with historical data for Nigeria GDP Growth Non Oil Sector.

Oil Exports in Nigeria increased to 4457101.02 NGN Million in March from 4291523.91 NGN Million in February of 2025. This dataset provides - Nigeria Oil Exports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The average price of premium motor spirit in Nigeria increased by nearly 15 percent between September and October 2024. From July 2019 to July 2024, the largest jump was recorded in June 2023, when the average price of petrol increased by 129.23 percent.

Between April and June 2023, Nigeria exported some *** trillion Nigerian naira (NGN) of crude oil, roughly ***** billion U.S. dollars. Europe and Asia are Nigeria's main trade partners for crude oil exports. In the fourth quarter of 2023, crude oil exported to Europe amounted to about **** trillion NGN, while exports to Asia followed with around *** trillion NGN. Overall, the exports of crude oil experienced an increase in the said period. Oil exports represent Nigeria's main source of exports. Generally, the country's economy was significantly impacted by the COVID-19 pandemic.

Niger Crude Oil Market is expected to grow during 2025-2031

Key information about Nigeria Crude Oil: Production

• Nigeria Crude Oil: Production was reported at 1,495.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 1,525.000 Barrel/Day th for Dec 2024
• Nigeria Crude Oil: Production data is updated monthly, averaging 1,885.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 2,496.000 Barrel/Day th in Nov 2005 and a record low of 1,015.000 Barrel/Day th in Sep 2022
• Nigeria Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

Niger: Revenue minus production cost of oil, percent of GDP: Pour cet indicateur, La Banque mondiale fournit des données pour la Niger de 1971 à 2021. La valeur moyenne pour Niger pendant cette période était de 0.33 pour cent avec un minimum de 0 pour cent en 1971 et un maximum de 4.23 pour cent en 2013.

Non Oil Exports in Nigeria decreased to 2334772.70 NGN Million in March from 2723235.78 NGN Million in February of 2025. This dataset provides - Nigeria Non Oil Exports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In January 2025, Nigeria exported around 1.1 million barrels per day in crude oil, slightly higher than the previous month. In the face of the COVID-19 pandemic, the export of crude oil from Nigeria experienced a decrease in 2020. In December 2020, exports of crude oil recorded the lowest amount, going below one million barrels per day. By December 2021, the volume had reached 0.75 million barrels per day.

Nigeria Gross Federation Account Revenue: Non Oil data was reported at 814.550 NGN bn in Dec 2017. This records a decrease from the previous number of 1,045.220 NGN bn for Sep 2017. Nigeria Gross Federation Account Revenue: Non Oil data is updated quarterly, averaging 544.060 NGN bn from Mar 2005 (Median) to Dec 2017, with 52 observations. The data reached an all-time high of 1,125.950 NGN bn in Sep 2013 and a record low of 138.900 NGN bn in Mar 2005. Nigeria Gross Federation Account Revenue: Non Oil data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.F001: Government Revenue and Expenditure. All federally-collected revenue is deposited into Federation Account, except that classified as Federal Government independent revenue. The Federation Account funds are transferred to the Federal Government, State Governments and Local Governments.

As of 2023, crude oil exports from Nigeria accounted for over ** percent of the country's total exports. In the preceding year, the share was slightly lower, at around ** percent. India and Spain were the main trading partners of Nigeria in terms of crude oil exports in 2021.

The size of the Nigeria Upstream Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.45% during the forecast period. The upstream oil and gas industry in Nigeria is an anchor of the nation's economy because it is through this industry that crude oil and natural gas are explored and produced. Nigeria, being one of the main oil-producing countries in Africa, has immense reservior in the Niger Delta region. The sector has attracted considerable foreign investment by virtue of its rich hydrocarbon resources, contributing substantially to government revenue as well as generating considerable foreign exchange earnings. However, many challenges face the industry, mainly operational inefficiencies, security aspects like pipeline vandalism and oil theft, and regulation measures that have been obstacles to production. The Nigerian government has, over time, attempted to strengthen the investment environment through policies aiming to improve clarity and bureaucracy in the system currently in place. Some legislation, for example, the Petroleum Industry Act, aims more recently to transform the regulatory framework as local players and international investors encourage greater investment in activities such as exploration and production. Advances in technology and sustainable operations are equally the new face of Nigeria's future upstream sector. Not only will clean alternatives characterize the global energy landscape, but pressure will be mounting to adopt greener exploration practices. And despite all these challenges, it seems that Nigeria's upstream oil and gas industry has got what it takes to grow forward, given its huge resources and potential for innovation-all of which make this sector not only important to regional, but also global, energy markets. Recent developments include: In February 2021, the government announced its plans to overhaul the Nigerian Petroleum Exchange (NIPEX) to shed more light on inventory management. The country's oil management is plagued by no synergy between different sets of the institution, both public and private. The government is expected to take more proactive steps in this direction in the coming years., The government planned to pass the Petroleum Industry Bill (PIB) in 2021. This bill may directly aid in creating clear structures, which may boost the development of the industry., In February 2021, Nigeria launched an exercise to cut upstream production costs to secure the country's energy future, primarily due to the low cost of oil, which leads to meager profit even on high expenditures.. Key drivers for this market are: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Potential restraints include: 4., Fluctuating Price of Crude Oil May Impede the Development of the Downstream Sector. Notable trends are: Growing Investments in Gas Infrastructure to Drive the Market.

In 2024, the Nigerien crude oil market decreased by -28.5% to $9.5B, falling for the second consecutive year after eleven years of growth. Over the period under review, consumption saw a strong expansion. Over the period under review, the market reached the maximum level at $20.5B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Niger Castor Oil Market is expected to grow during 2025-2031

The report covers Nigeria Midstream Oil and Gas Companies and it is segmented by sector (transportation, storage, and terminal). The market size and forecasts for the market in revenue (USD billion) for the above segments.

The report covers Downstream Oil and Gas Companies in Nigeria and the market is segmented by sector (refining, petrochemicals, and retail sales). The report offers the market size and forecasts for refining capacity (thousand barrels per day).

The Nigerien crude palm oil market expanded markedly to $1.5B in 2024, with an increase of 7% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2024: its value increased at an average annual rate of +4.2% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -9.2% against 2022 indices.