Nigeria's crude oil revenue reached a significant milestone in 2024, with the country generating N50.88tn from the sale of 408,680,457 barrels of crude oil, according to data from the Nigerian Upstream Petroleum Regulatory Commission. This revenue figure is a testament to the country's efforts to boost its oil production and sales, despite facing challenges in production capacity and price fluctuations.

The average crude price in 2024 was $80.53 per barrel, as reported by Statista Research Department, a global statistics firm. This price trend had a significant impact on Nigeria's revenue, with the country aiming to produce 2 million barrels of crude oil per day by the end of 2024. Although the country's production capacity was 1.6 million barrels per day, up from 1.27 million barrels, the ambitious goal was not fully realized.

The price of crude oil exhibited a zigzag pattern in 2024, influenced by global events such as the Ukrainian forces' attack on Russian facilities in March, which led to an increase in oil prices. However, in September, Brent crude oil futures dropped below $70 per barrel for the first time since December 2021. This volatility in prices posed a challenge for Nigeria's oil production and revenue generation.

The Chairman of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, discussed the market dynamics in light of the anticipated budget benchmark price of $77.96 a barrel. He stated that it was unlikely to see $70 per barrel oil in the market, citing the oscillation in prices. Kyari added that the proposal by the President around the $77.96 benchmark was still realizable in 2024.

In terms of production, Kyari clarified that the country's output was 1.785mbpd, which included both crude oil and condensate. He emphasized that the OPEC quota was related only to crude oil, and that Nigeria also produced between 250,000 to 300,000 barrels per day of condensate. This combined output made the 1.78mbpd figure realistic and realizable.

The revenue generated from crude oil sales is crucial for Nigeria's economy, and the country's efforts to boost production and sales are expected to have a positive impact on its economic growth. As the country looks to the future, it will be important to monitor the global oil market and adapt to any changes in price trends and production capacity.

In conclusion, Nigeria's crude oil revenue reaching N50.88tn in 2024 is a significant achievement, despite the challenges faced by the country. The revenue generated will play a vital role in driving the country's economic growth, and it will be important to continue monitoring the oil market and production capacity to ensure sustained growth.