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Information about Nigeria's Crude Oil Production, Stats, Fuel Price, GDP
I have been doing some research on Nigeria's crude oil production, fuel consumption and wealth potentials from oil. The following information I have provided would be used as a reference whenever writing or discussing Nigeria's crude oil capacity, potentials, issues, etc.
Note: You are free to use excerpts from this article for academic or reporting purpose as far as you give credit to the author (Kevin Onuma), and provide a link back to this page (
Nigeria produces an estimated 2.5 million barrels of crude oil a day. Current market cost of crude oil is said to be at $85/barrel. A barrel is about 42 gallons.

At $85 per barrel, Nigeria should be making an estimated $212.5 million a day from the sale of 2.5 million barrels of crude oil produced daily based on estimates.

If the wealth of $212.5 million is shared among an estimated population of 175 million people, every citizen is entitled to roughly $1.21 per day. Nigeria exports majority of its crude oil to the West, and there's always fuel scarcity in the country with gas price ranging from roughly ₦100 per liter now to as high as ₦150 at some point (roughly $1 USD).

By the way, the Nigerian National Petroleum Corporation (NNPC) charges up to $114 per barrel of crude oil according to information gathered from Central Bank of Nigeria:

The country exports high quality raw crude oil for a steal price and imports back gasoline at a high price for the nation's consumption, mostly due to lack of functioning refineries. Nigeria is only capable of refining about 445 barrels of crude oil per day and ranked 39th in the world based on the country's current output capacity, according to

Nigeria is ranked 11th in Crude Oil Production, ranked 44th in Petroleum Consumption, and ranked 39th in Refinery Capacity. Nigeria is ranked 12th in the world when total Oil Production is considered, which is mainly due to our high Crude Oil Production capability.

In a recent news report on Channels TV earlier this year, the Managing Director of Kaduna Refining and Petrochemical Company (KRPC) Limited, Mr Saidu Mohammed, who is also the immediate past Managing Director of the Nigeria Gas Company, was quoted to have said:

“Even if all the refineries work at 100 per cent capacity, we cannot meet the demand of 30 million litres per day, and we should not forget that some of our neighbours also depend on Nigeria for fuel”.
Mr Saidu Mohammed continued by saying:
“We (Nigeria) will continue to import fuel as long as we cannot meet the demand because it is about demand and supply. If there is no much demand, we will not go for importation.
I don't agree with Mr Saidu Mohammed's assertion that even if all refineries in Nigeria are working 100 per capacity, that we still cannot meet a demand of 30 million liters per day. Before arriving at such vague conclusion, have we even tried to meet a demand of 5 to 15 million of gasoline consumption? We can always scale up production once we have functioning and efficient crude oil refineries.

The U.S population of 316 million is roughly double that of Nigeria's 175 million. Current information gathered from the U.S Energy Information Administration website, reports an average of about 368.51 million gallons (or 8.77 million barrels) are consumed by Americans daily. While in Nigeria, we only consume an estimated 30 million liters according to report.

With at least 10 functioning high capacity crude oil refining machines/plants that can produce up to 500 thousand liters of petroleum per day/ per each efficient refinery; Nigeria should be able to produce and meet the 30million liters daily consumption of fuel.

According to, a crude oil refinery is a group of industrial facilities that turns crude oil and other inputs into finished petroleum products. A refinery's capacity refers to the maximum amount of crude oil designed to flow into the distillation unit of a refinery, also known as the crude unit.

Crude oil is said to be made up of a mixture of hydrocarbons, and the distillation process aims to separate this crude oil into broad categories of its component hydrocarbons, or "fractions." Crude oil is first heated and then put into a distillation column, also known as a still, where different products boil off and are recovered at different temperatures.

Lighter products, such as butane and other liquid petroleum gases (LPG), gasoline blending components, and naphtha, are recovered at the lowest temperatures. Mid-range products include jet fuel, kerosene, and distillates (such as home heating oil and diesel fuel). The heaviest products such as residual fuel oil are recovered at temperatures sometimes over 1,000 degrees Fahrenheit.
{What is the highest realistic capacity a crude oil refining machinery/plant can output gasoline in a day?}
If people in the country (Nigeria) are said to be living on less than $2 per day; paying as much as $1 per liter for fuel is not only ridiculous but also wicked of the Nigerian government who are fond of mismanaging the economy's wealth and resources.

At the time of Muammar Gaddafi’s assassination by the US and its evil allies, the price of gas in Libya was reportedly as low as $0.14 per gallon. If the Nigerian government are properly managing the country's wealth and resources, our people shouldn't be paying more than $.10 per gallon of fuel.

Also, the Nigerian government needs to establish some sort of oil revenue sharing program similar to that of the late great Gaddafi, which helped bring a good measure of prosperity to each Libyan as they reportedly receive $500 (US Dollars) deposited into the bank account of every citizen each month.

Gasoline prices in Nigeria is controlled by the government, and is said to be infrequently adjusted. The height of corruption in the country's democratic government, is prevent GEJ's administration from sharing the national cake with the people that voted him to power as their leader.

Between August 2005 and December 2011, price of fuel in the country ranged from ₦65/liter (US$0.50) in 2005 and ₦56/liter (US$0.41) in 2011, except in 2007 and 2008 when it was raised to ₦75/liter for a month or thereabout and then lowered to ₦70/liter. This statistics were gathered from

Goodluck Jonathan's administration removed fuel subsidy on January 1, 2012 and pushed the retail price to rise above ₦140 [US$0.88] per liter or higher, but following a nationwide protests by outraged citizens, the Nigerian govt then lowered it within two weeks to ₦97 (US$0.61), still representing a 49% increase from the price in 2011.

Until of recent, Nigeria was over-dependent on crude oil as the economy's source of wealth, ignoring and not investing in other highly potential sectors. Fast emerging sectors such as telecommunication, real estate, agriculture, manufactured goods, and the motion picture industry (#Nollywood) are increasingly contributing to the economy's GDP.

This year, Nigeria's economy (GDP) became the largest in #Africa, worth more than $500 billion, and overtook South Africa to become the world's 26th largest economy.

I'll continue adding more information to this article, from time to time. However, if there's any information you feel is incorrect or that you'd like to expand, do not hesitate to let me know in the comment section.

  • Nigeria Fuel Price History:
  • Crude Oil Data & Stats:
  • Crude Oil Charts:
  • Crude Oil Distilling & Refining:
  • Statistics on Nigeria Oil:

#Nigeria #CrudeOil #GDP

Kevin Onuma
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