Nigeria’s crude oil export revenue plunged by 17% year-on-year to $6.68 billion in the first two months of 2025, despite a significant rise in production, according to analysis of data from the Central Bank of Nigeria (CBN).

Figures from the CBN’s monthly economic reports for January and February 2025 show that while average daily crude oil production jumped by 23% to 1.7 million barrels per day (mbpd), earnings still declined due to a drop in global oil prices.

The average price of Nigeria’s Bonny Light crude fell by 6% to $78.93 per barrel in the period, down from $84.13 per barrel in the first two months of 2024.

“The decline in crude oil export earnings in 2M’25 was caused by a sharp drop recorded in February,” the CBN noted in its February economic report.

In January 2025, crude oil export earnings slightly increased by 1.8% to $3.86 billion from $3.79 billion in the same month of 2024. However, this gain was erased in February, as earnings slumped by 34% to $2.82 billion from $4.27 billion recorded in February 2024.

“Crude oil exports receipts declined by 1.00% 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,” the CBN stated.

Gas export earnings also saw a slight decline, falling by 0.84% to $530 million from $540 million the previous month.

Despite higher output, Nigeria’s oil revenue was ultimately undercut by global price movements and production setbacks in February.