Nigeria’s Oil Production Soars 5.47% as Government Eyes Ambitious 2025 Targets
Nigeria’s crude oil sector delivered a significant boost in August 2025, with production averaging 1.43 million barrels per day (bpd), marking a substantial 5.47% increase from the 1.36 million bpd recorded in August 2024. This surge comes as a critical development for the federal government’s ambitious 2025 fiscal projections.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that the country’s total output, combining crude oil and condensate, reached 1.63 million bpd in August, achieving an impressive 96% of Nigeria’s OPEC-assigned crude oil quota of 1.5 million bpd.
The production increase arrives at a pivotal moment for Africa’s largest economy, which depends on oil for over 80% of its export earnings and a significant portion of federal revenues. With global oil prices maintaining stability at approximately $75 per barrel amid ongoing geopolitical tensions, the enhanced output is expected to strengthen fiscal reserves and support the government’s budgetary plans.
Nigeria’s 2025 budget, anchored on oil benchmark prices of $70 per barrel and an ambitious production target of 2.06 million bpd including condensate, projects oil revenue as a major contributor to the expected N10.08 trillion in total government revenues.
However, challenges remain on the horizon. Daily condensate production in August dropped to 197,229 bpd, down 10.5% from 220,435 bpd in August 2024, reflecting ongoing hurdles in associated gas processing. Additionally, a month-on-month decline of 4.8% in crude output from July’s 1.5 million bpd was attributed to unscheduled maintenance at a key Niger Delta facility.
Key export terminals, including Forcados, Bonny, and Escravos, have been instrumental in driving the output increase, with Forcados alone recording 8.99 million barrels in August, including 8.08 million barrels of crude oil.
Source: independent.ng
