Crude oil export revenue falls 17% to $6.68bn

Nigeria’s revenue from crude oil export fell by 17 per cent in the first   two months of the year to $6.68 billion driven by lower price of the commodity.

Vanguard analysis of data on   crude oil exports   earnings from the monthly economic reports of the Central Bank of Nigeria, CBN, for January and February 2025 showed that the average price of Bonny Light, the country’s crude oil grade, fell 6 per cent year-on-year, YoY   to $78.93 per barrel in the first two months of 2025, (2M’25)   from $84.13 per barrel   in the same period of 2024 (2M’24).

As a result, crude oil earnings in 2M’25 fell by 17 per cent YoY to   $6.68 billion from $8.06 billion in 2M’24.

The decline is in spite of a 23 per cent YoY increase in average daily crude oil production to 1.7 million barrels per day in 2M’25 from 1.38 million barrels per day in 2M’24.

Further analysis showed that decline in crude oil export earnings in 2M was caused by sharp decline recorded in February 2025.

While crude oil export earning rose in January 2025 by 1.8 per cent YoY to $3.86 per billion from $3.79 billion in the same period of 2024, it however fell in february 2025 by 34 per cent YoY $2.82 billion from $4.27 billion in same period of 2024.

The sharp decline in crude oil earnings in February according to the CBN was due to decline in crude oil price and domestic production.

The CBN in its February Monthly Economic report stated: “Disaggregation indicated that crude oil exports receipts declined by 1.00 per cent to US$2.82 billion, from US$2.84 billion in the preceding month, owing to a decline in crude oil price and domestic production. Similarly, gas export earnings declined by 0.84 per cent to US$0.53 billion, from US$0.54 billion in the preceding month.”