Nigeria’s oil picture is still shaped by a 1.62 million bpd average in April 2024, yet the country still imported about 180,000 bpd of refined products in 2023. Between crude that often starts around 37 to 38 API with roughly 0.15% sulfur and export streams near 1.0 million bpd, the contrast between production, refining limits, and losses from theft and outages is hard to ignore. This post puts those moving parts side by side so you can see how output, exports, and public finances link back to the same pressure points.
Key Takeaways
- Nigeria imported about 180,000 bpd of refined petroleum products in 2023 (EIA estimate)
- Nigeria’s power generation from natural gas is the dominant source; gas-fired power accounted for about 80% of generation in recent years (International Energy Agency data cited in Nigeria energy profiles)
- Nigeria produced an average of 1.40 million bpd in July 2024 according to OPEC’s monthly oil market report dataset
- 1.62 million bpd average Nigerian oil production in April 2024, which is the highest month in 2024 shown in OPEC’s monthly dataset for Nigeria
- 1.48 million bpd average Nigerian oil production in October 2023, per OPEC’s monthly oil market report country data series
- Bonny Light is commonly cited at around 37–38° API gravity and ~0.15% sulfur (Energy Institute data used in Statistical Review technical appendix)
- Chevron reported production of about 100,000 bpd of oil equivalent in Nigeria in 2023 (Chevron Upstream 2023 operations disclosure)
- Nigeria’s OPEC quota (Member Target) has been set at 1.5 million bpd (OPEC member quotas, Nigeria)
- About 99% of Nigeria’s exports were crude oil and condensate in 2022 (OPEC Annual Statistical Bulletin 2023, exports by commodity share)
- Nigeria’s foreign exchange earnings from crude oil exports were about $40+ billion in 2022 (World Bank/WITS trade values for crude petroleum oils)
- Nigeria’s oil sector contributed about 9% of GDP in 2022 (World Bank economic data summary for Oil & Gas value added share; government/IMF reporting)
- Nigeria received $4.0 billion in 2022 foreign direct investment (FDI) inflows, with hydrocarbons among the key sectors (UNCTAD World Investment Report country data)
- Nigeria’s oil theft and pipeline vandalism incidents led to estimated supply losses of hundreds of thousands of bpd at various times; one widely cited estimate is about 200,000 bpd lost at peak disruption (IEA report on energy security; cited in multiple assessments)
- Nigeria’s OPEC ‘oil production outages’ caused by force majeure and disruptions have at times reduced output by more than 1/10 of capacity; an example documented is reductions of ~400,000 bpd during 2022 disruptions (OPEC press and MOMR outage context)
- Nigeria’s crude oil and condensate exports averaged 1.25 million bpd in 2022, indicating the scale of net oil export volumes
Nigeria produces about 1.4 million bpd yet still imports refined fuel, highlighting oil wealth amid refining and supply disruptions.
Related reading
01 · Category
Refining & Demand2 stats
01
Nigeria imported about 180,000 bpd of refined petroleum products in 2023 (EIA estimate)
02
Nigeria’s power generation from natural gas is the dominant source; gas-fired power accounted for about 80% of generation in recent years (International Energy Agency data cited in Nigeria energy profiles)
Interpretation
Refining & Demand Interpretation
Under the Refining and Demand lens, Nigeria still depends heavily on imported refined fuels, with imports of about 180,000 bpd in 2023, even as most electricity generation relies on gas-fired power that accounted for roughly 80% in recent years.
02 · Category
Production Volumes3 stats
01
Nigeria produced an average of 1.40 million bpd in July 2024 according to OPEC’s monthly oil market report dataset
02
1.62 million bpd average Nigerian oil production in April 2024, which is the highest month in 2024 shown in OPEC’s monthly dataset for Nigeria
03
1.48 million bpd average Nigerian oil production in October 2023, per OPEC’s monthly oil market report country data series
Interpretation
Production Volumes Interpretation
For the Production Volumes category, Nigeria’s crude output peaked in 2024 at 1.62 million bpd in April before slipping to 1.40 million bpd by July, still edging above the 1.48 million bpd level seen in October 2023.
03 · Category
Asset Base & Operators4 stats
01
Bonny Light is commonly cited at around 37–38° API gravity and ~0.15% sulfur (Energy Institute data used in Statistical Review technical appendix)
02
Chevron reported production of about 100,000 bpd of oil equivalent in Nigeria in 2023 (Chevron Upstream 2023 operations disclosure)
03
Nigeria’s OPEC quota (Member Target) has been set at 1.5 million bpd (OPEC member quotas, Nigeria)
04
Nigeria is categorized as a ‘crude oil producer’ with OPEC basket benchmarks including Bonny Light (OPEC basket definition)
Interpretation
Asset Base & Operators Interpretation
With Bonny Light at about 37–38° API and roughly 0.15% sulfur, Nigeria’s Asset Base and Operators are positioned around a high value, low sulfur crude whose market relevance is underscored by OPEC setting Nigeria’s member target at 1.5 million bpd and reporting major operator output such as Chevron’s roughly 100,000 bpd in 2023.
04 · Category
Export & Trade1 stats
01
About 99% of Nigeria’s exports were crude oil and condensate in 2022 (OPEC Annual Statistical Bulletin 2023, exports by commodity share)
Interpretation
Export & Trade Interpretation
For the Export and Trade category, crude oil and condensate dominated Nigeria’s exports in 2022, accounting for about 99%, showing the country’s trade is heavily concentrated in oil.
05 · Category
Fiscal & Investment4 stats
01
Nigeria’s foreign exchange earnings from crude oil exports were about $40+ billion in 2022 (World Bank/WITS trade values for crude petroleum oils)
02
Nigeria’s oil sector contributed about 9% of GDP in 2022 (World Bank economic data summary for Oil & Gas value added share; government/IMF reporting)
03
Nigeria received $4.0 billion in 2022 foreign direct investment (FDI) inflows, with hydrocarbons among the key sectors (UNCTAD World Investment Report country data)
04
Nigeria’s oil and gas attracted about $2.0–$3.0 billion annually in upstream FDI around 2019–2021 (World Bank/UNCTAD sectoral FDI discussion)
Interpretation
Fiscal & Investment Interpretation
In the Fiscal and Investment lens, Nigeria’s crude exports generated about $40+ billion in 2022 while oil and gas still underpinned roughly 9% of GDP and continued attracting investment, with total FDI inflows reaching $4.0 billion in 2022 and upstream hydrocarbons pulling in an estimated $2.0–$3.0 billion annually around 2019 to 2021.
06 · Category
Supply Disruptions2 stats
01
Nigeria’s oil theft and pipeline vandalism incidents led to estimated supply losses of hundreds of thousands of bpd at various times; one widely cited estimate is about 200,000 bpd lost at peak disruption (IEA report on energy security; cited in multiple assessments)
02
Nigeria’s OPEC ‘oil production outages’ caused by force majeure and disruptions have at times reduced output by more than 1/10 of capacity; an example documented is reductions of ~400,000 bpd during 2022 disruptions (OPEC press and MOMR outage context)
Interpretation
Supply Disruptions Interpretation
For the supply disruptions in Nigeria, losses have at times been massive with estimates of around 200,000 bpd at peak disruption and further 2022 outages cutting output by about 400,000 bpd, underscoring how theft, vandalism, and force majeure can sharply undermine production volumes.
More related reading
07 · Category
Export Dependence3 stats
01
Nigeria’s crude oil and condensate exports averaged 1.25 million bpd in 2022, indicating the scale of net oil export volumes
02
Nigeria’s crude oil and condensate exports averaged 1.23 million bpd in 2021, indicating comparable export scale to 2022
03
Nigeria’s crude oil production allocated to export streams is reported at about 1.0 million bpd in 2023 in S&P Global Commodity Insights’ country coverage notes (export-focused stream volumes for Nigeria)
Interpretation
Export Dependence Interpretation
Nigeria’s export dependence remains firmly high, with crude oil and condensate exports averaging 1.25 million bpd in 2022 and 1.23 million bpd in 2021, and export stream allocations still at about 1.0 million bpd in 2023.
08 · Category
Refining & Losses2 stats
01
Nigeria’s refinery throughput was about 170,000 bpd in 2023 (refining volumes at key domestic plants), reflecting limited domestic refining capacity versus production
02
Nigeria’s Dangote refinery is described as having a 650,000 bpd nameplate capacity in industry coverage, representing the intended domestic refining expansion
Interpretation
Refining & Losses Interpretation
Nigeria’s refining & losses picture is shaped by the gap between its roughly 170,000 bpd refinery throughput in 2023 and Dangote’s stated 650,000 bpd nameplate capacity, underscoring how limited current refining capacity keeps more production reliant on non-refining outcomes.
09 · Category
Feedstocks & Pricing2 stats
01
In 2023, Nigeria’s natural gas production was about 40 billion cubic meters (bcm), indicating the scale of the domestic gas resource base associated with power generation
02
Nigeria’s natural gas proven reserves were about 200 trillion cubic feet (Tcf), indicating the long-run supply potential for gas-linked oil and power systems
Interpretation
Feedstocks & Pricing Interpretation
In the Feedstocks and Pricing picture, Nigeria’s 40 bcm of natural gas production in 2023 backed by about 200 Tcf of proven reserves points to a sizable, long run gas supply buffer that can help stabilize fuel availability and pricing for power and gas linked systems.
10 · Category
Fiscal & Regulatory3 stats
01
Nigeria’s oil sector tax/royalty take is quantified as 59.7% of upstream government take in 2022 under the IMF’s fiscal regime assessment typology (share of rents captured by government)
02
Nigeria’s onshore oil sector has a petroleum royalty rate of 13% on taxable petroleum profits as described in Nigeria’s Petroleum Profits Tax and royalty schedules summarized in IMF country fiscal documents
03
Nigeria’s deepwater oil production is governed by PSC terms with government participation frameworks; one IMF analysis reports government take in deepwater ranges from 49% to 80% depending on economics and field terms
Interpretation
Fiscal & Regulatory Interpretation
Under Nigeria’s Fiscal and Regulatory framework, government capture of upstream oil rents is very high at 59.7% in 2022 and is reinforced by a 13% onshore petroleum royalty, while PSC deepwater deals can push government take even higher from 49% to 80% depending on field economics and terms.
11 · Category
Macroeconomic Linkages4 stats
01
Crude oil remains Nigeria’s largest export category; in 2022, crude petroleum oils represented 87.4% of merchandise exports by value (UN Comtrade-based country trade profile)
02
Nigeria’s oil sector contributed 8.7% of GDP in 2022 (oil and gas share of GDP in Nigeria national accounts/IMF documentation), showing macro importance of hydrocarbon output
03
Nigeria’s oil sector accounted for 70.0% of total government revenue in 2022 per IMF fiscal updates, illustrating dependence of public finances on oil receipts
04
Remittance and other external flows aside, Nigeria’s current account is sensitive to oil; IMF notes that the oil sector share drives export earnings fluctuations with a modeled elasticity of exports to oil price changes of roughly 0.4–0.6 (oil price sensitivity range in IMF macro framework)
Interpretation
Macroeconomic Linkages Interpretation
For the macroeconomic linkages angle, Nigeria’s fiscal and external stability is tightly tied to crude oil, with it making up 87.4% of export value in 2022 and generating 70.0% of government revenue, while the current account swings with oil price changes that show an export elasticity of about 0.4 to 0.6.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Helena Kowalczyk. (2026, February 13). Nigeria Oil Production Statistics. Gitnux. https://gitnux.org/nigeria-oil-production-statistics
MLA
Helena Kowalczyk. "Nigeria Oil Production Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/nigeria-oil-production-statistics.
Chicago
Helena Kowalczyk. 2026. "Nigeria Oil Production Statistics." Gitnux. https://gitnux.org/nigeria-oil-production-statistics.
Sources & references
30 datasets cited across this report · attribution is report-level
+18 additional datasets cited (not shown individually)