Nigeria Oil Reserves, Production and Consumption Statistics (2024)

FAQs

How much oil does Nigeria have in reserve? ›

As of January 1, 2024, Nigeria's combined proven reserves of crude oil and condensate stood at 37.50 billion barrels, while the reserves of associated natural gas and non-associated gas stood at 209.26 trillion cubic feet, NUPRC's chief executive Gbenga Komolafe said.

Total petroleum consumption

In December 2023, petroleum consumption for Nigeria was 520 thousand barrels per day. Though Nigeria petroleum consumption fluctuated substantially in recent months, it tended to decrease through January 2023 - December 2023 period ending at 520 thousand barrels per day in December 2023.

Oil Production in Nigeria

Nigeria produces every year an amount equivalent to 1.9% of its total proven reserves (as of 2016).

Nigeria relies on oil production for about two-thirds of government earnings and 90% of its foreign exchange income.

North and West Africa's. Africa's crude oil reserves remained stable in 2021, accumulating to 125.3 billion barrels. From a country perspective, Libya had the largest amount of crude oil reserves in the continent, 48.4 billion barrels, while the Nigerian reserves amounted to 36.9 billion barrels.

Nigeria is ranked 11th on the list of countries whose oil barrels run into billion at 38.6 percent. But at the summit of the list are countries such as Venezuela at 303.8, Saudi Arabia at 258.6, Iran at 208.6, Canada at 170.3 and Iraq, 145, making up the top five.

Nigeria's reserves was put at 36.89 billion barrels in 2021 and reportedly produced 1.13 million barrels of oil in November 2022.

According to the report, in June 2023, Nigeria's oil output, which stood at 1.249 million bpd, surpassed Libya and Angola — making it Africa's largest producer.

The Netherlands has overtaken India as the biggest buyer of Nigerian crude oil, marking a change in the dynamics of the West African nation's energy exports.

Who owns Nigerian oil? ›

According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian Federal Government.

Nigeria has retained its position as the largest oil producer in Africa, according to the Organisation of the Petroleum Exporting Countries (OPEC).

Nigeria's dependence on oil is deep-rooted. The country continues to suffer from the effects of the Dutch disease which began when oil was discovered in the 1960s, having focused its efforts predominantly on its oil resources; the potential for greater returns from oil making other sectors less attractive.

Nigeria's economy is fragile. Despite the rise in oil prices in 2021 and 2022, macroecono- mic stability has continued to deteriorate. This is due to the low level of oil production, an artificially overvalued exchange rate and the surge in energy subsidies.

Nigeria squandered its oil windfall of the 1970s, which led to three decades of economic stagnation and the degradation of public institutions. The reason was a mix of bad fiscal and macroeconomic policy, corruption, and poor governance.

Venezuela accounts for the greatest share of global oil reserves. As of 2022, 19.38 percent of all known oil reserves were found in the South American country. Saudi Arabia followed, at some 17 percent.