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 2023, the contribution of the oil sector to the country's GDP reached 5.48 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 1.35 million barrels per day in October 2023. The lowest production volume since September 2019 was achieved in July 2023.

Oil Exports in Nigeria decreased to 3905247.85 NGN Million in September from 5107035.90 NGN Million in August of 2024. This dataset provides - Nigeria Oil Exports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 3.37 percent in the third quarter of 2024 from 2.80 percent in the second quarter of 2024. This dataset includes a chart with historical data for Nigeria GDP Growth Non Oil Sector.

As of 2023, crude oil exports from Nigeria accounted for over 80 percent of the country's total exports. In the preceding year, the share was slightly lower, at around 79 percent. India and Spain were the main trading partners of Nigeria in terms of crude oil exports in 2021.

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.

Non Oil Exports in Nigeria decreased to 2141942.86 NGN Million in September from 2700108.98 NGN Million in August of 2024. This dataset provides - Nigeria Non Oil Exports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2023, Nigeria's proven crude oil reserves amounted to 37.5 billion barrels. At that time, the country's petroleum exports value amounted to some 46.3 billion U.S. dollars. Nigeria joined the Organization of Petroleum Exporting Countries (OPEC) in 1971.

Nigeria is a middle income country whose economy depends largely on crude and refined oil from its natural environment. A larger percentage of Nigeria economy survives mainly on the incomes from oil production. Over the years, there is recurrent dwindling oil revenue orchestrated by oil pipelines vandalism and oil theft in the environment. This is predominant in the Niger Delta Region of Nigeria. This menace has wreaked havoc on the Nigeria’s economy. Currently, the Nigerian National Petroleum Company Limited (NNPCL) claims the losses of 470,000 barrels per day of crude oil amounting to $700 million monthly due to oil theft. The disquiets of these menaces in the environment, which have posed serious threat to Nigeria’s economy, are addressed in this paper. This paper employed the doctrinal legal research methodology in evaluating the recurrent oil pipelines vandalism and oil theft causing a devastating economic meltdown. On this premise, this paper finds that persistent loss of barrels of crude oil and degradation of the environment are due to the lack of adequate security measures and proper enforcement of Oil Pipelines Act together with other relevant environmental laws. Based on the findings, this paper recommends a review of the Oil Pipelines Act, the establishment of a strong environmental security surveillance, and creation of a special court for accelerated prosecution of vandals. It concludes that this will mitigate the alarming economic meltdown of the Nigeria’s economy and promote a sustainable serene environment.

Between April and June 2023, Nigeria exported some 5.6 trillion Nigerian naira (NGN) of crude oil, roughly seven 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 2.64 trillion NGN, while exports to Asia followed with around 1.2 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.

The Gross Domestic Product per capita in Nigeria was last recorded at 2416.36 US dollars in 2023. The GDP per Capita in Nigeria is equivalent to 19 percent of the world's average. This dataset provides the latest reported value for - Nigeria GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

联邦账户总收入：非石油在12-01-2017达814.550十亿尼日利亚奈拉，相较于09-01-2017的1,045.220十亿尼日利亚奈拉有所下降。联邦账户总收入：非石油数据按季更新，03-01-2005至12-01-2017期间平均值为544.060十亿尼日利亚奈拉，共52份观测结果。该数据的历史最高值出现于09-01-2013，达1,125.950十亿尼日利亚奈拉，而历史最低值则出现于03-01-2005，为138.900十亿尼日利亚奈拉。CEIC提供的联邦账户总收入：非石油数据处于定期更新的状态，数据来源于Central Bank of Nigeria，数据归类于Global Database的尼日利亚 – 表 NG.F001：Government Revenue and Expenditure。

联邦账户总收入：油在12-01-2024达2,004.310十亿尼日利亚奈拉，相较于09-01-2024的1,304.960十亿尼日利亚奈拉有所增长。联邦账户总收入：油数据按季更新，03-01-2005至12-01-2024期间平均值为1,288.380十亿尼日利亚奈拉，共80份观测结果。该数据的历史最高值出现于09-01-2011，达2,642.800十亿尼日利亚奈拉，而历史最低值则出现于06-01-2016，为537.190十亿尼日利亚奈拉。CEIC提供的联邦账户总收入：油数据处于定期更新的状态，数据来源于Central Bank of Nigeria，数据归类于全球数据库的尼日利亚 – Table NG.F001: Government Revenue and Expenditure。

The data comprises qualitative data derived from semi-structured interviews in China, Ghana, Nigeria and Sudan. In addition, there were short surveys with communities affected by oil investments in Nigeria and Ghana. In China data was collected during a workshop and the deliberations were full transcribed. The interviews and workshop discussions were transcribed and translated into English where necessary. Where audio recordings were not permitted researchers took field notes which also form part of the collection. There is also one expert report from Sudan where data collection proved highly sensitive (see Notes on access). The African data is organised by country and sub-divided by stakeholder groups which appear is separate folders. These are Chinese oil companies, African oil companies, international oil companies, suppliers, MDAs, civil society organisations, and communities. The China data is more limited and comprises field notes and workshop transcripts.

After decades of being regarded as 'basket cases' some African economies are experiencing growth rates that are among the fastest in the world. Much of this growth is based on the export of commodities, like oil, to China and other emerging economies. Driving this engagement are Chinese national oil companies (NOCs) that have grown up through China's reform period and, as such, carry with them many key features of the 'China model'. While we hypothesise that the Chinese do things 'differently' to other oil investors in Africa we do not know whether the different corporate strategies of the leading Chinese NOCs and the specificities of African political economies they engage with generates unique forms of development, and if so in whose interests? Crucially it is a mistake to see this as one-way traffic with Chinese firms entirely determining the agenda. Our past ESRC-funded research reveals the importance of African agency in shaping the terms of this engagement and with it the potentials for development. In terms of DFID-ESRC's priorities the project addresses Chinese FDI, resource-based growth models, and infrastructure given that many Chinese oil deals are tied to infrastructure. This project will be the first to assess whether and how such developmental benefits may be occurring. We will start by investigating the Chinese NOCs and their relationships to key state and semi-private agencies in China, before undertaking field research in Africa. Important here are the complex 'packages' of aid, trade and investment in Africa through Chinese NOCs, banks and ministries. Chinese NOCs are active across Africa but three countries - Ghana, Angola and Sudan - represent different aspects of their engagement with the continent. These countries are also unique so these contextual differences allow us to examine the role that African agency plays in shaping the nature of and benefits from this new investment in their oil sectors. We will also assess their impacts and the extent to which the growth they generate - directly, through oil-backed infrastructure, and via state revenue - trickles down to Africa's poorest. Data collection will be both quantitative and qualitative; the former being data sets on Chinese FDI and African social indicators, and the latter interviews with key Chinese and African actors. To successfully carry out this data collection in countries and an industrial sector renowned for lacking transparency we will work with partners who have track-records of research in this area, and are embedded in key policy circles which will maximise the impact of our research. Having established the drivers, dynamics and impacts of these investment flows we will address the needs of various users of knowledge. Academics across a range of disciplines will benefit from new knowledge of the character of these flows and impacts, as well as rethinking debates on the nature of international relations, resource-based development and the role of 'Southern' actors in that. National and international policy-makers will benefit from better information about the nature of these oil-related trade and investment flows, as well as benefitting from the recommendations we make for interventions that could enhance the mutual benefits from these new business relations. International and African business people will benefit through greater knowledge of the opportunities available, but also about how to do business in such complex cross-cultural settings. To achieve this, the research team will deliver bespoke training programmes on Chinese NOCs and local linkages. Finally, the general public will benefit from better-informed debate about the nature of Africa's development, and the real costs and benefits of actors like the Chinese. The Open University, where the core team is based, has wide experience of engaging the public in learning about the world and will produce a MOOC on oil and development in Africa.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of April. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

In the second quarter of 2023, the agricultural sector generated about 21 percent of Nigeria's GDP. Other key activities for the country's economy were manufacturing, trade, mining and quarrying, and telecommunication. Moreover, around seven percent of Nigeria's GDP was covered by the mining and quarrying sector. In particular, the largest contribution was from crude oil and natural gas. Nigeria is one of the key oil-producing countries and largest exporters in the world. Indeed, the country has one of the main oil reserves in the world.

In 2023, agriculture contributed around 22.72 percent to Nigeria’s GDP, 32.58 percent came from industry, and 42.77 percent from the services sector. Economic sectors The most common breakdown of economic activity in a country is looking at three economic sectors: The primary sector, which involves agriculture, forestry, and fishing, the secondary sector, industry, that includes manufacturing, processing, or transforming goods, and finally, the tertiary sector, services, i.e. providing information or services to consumers, such as in IT, tourism, or banking. A country’s contribution to GDP, and thus its own economy, is easily visible when looking at the performance of these three sectors. Soaring services in NigeriaLike in most thriving economies nowadays, the services sector is gaining momentum in Nigeria, because more and more people are moving from the countryside to the cities to find jobs. Nigeria is a mixed economy which focuses mainly on telecommunications, financial services, and technology, a strategy that is likely to pay off in the future and will see its GDP soaring. Nigeria’s reliance on oil is also an important contributor to its economic success; between 2001 and 2010, it was one of the countries with the highest GDP growth worldwide. However, oil prices are also responsible for a GDP growth slump in 2016 and for the first trade deficit in over a decade.