Nigeria Oil

Oil Reserves in Nigeria (2025)

See also: List of countries by Oil Reserves

Nigeria holds 37,500,000,000 barrels of proven oil reserves as of 2025, ranking #11 in the world and accounting for about 2.12% of the world's total oil reserves of 1,765,151,568,000.

Nigeria has proven reserves equivalent to 208.4 times its annual consumption levels (based on 2024 data). This means that, without net exports, there would be about 208 years of oil left (at 2024 consumption levels and excluding unproven reserves).

History of Oil Reserves in Nigeria

Oil Consumption in Nigeria (2024)

See also: List of countries by Oil Consumption

• Nigeria consumes 492,939 barrels per day (B/d) of oil as of the year 2024.
• Nigeria ranks #33 in the world for oil consumption, accounting for about 0.48% of the world's total consumption of 102,559,503 barrels per day.
• Nigeria consumes 0.09 gallons of oil per capita every day (based on the 2024 population of 232,679,478 people), or 32 gallons per capita per year (1 barrels). [1 barrel = 42 US Gallons]

Oil Production in Nigeria (2024)

See also: List of countries by Oil Production

• Nigeria produces 1,562,745 barrels per day of oil (as of 2024) ranking #15 in the world.
• At 2024 production levels, Nigeria produces every year about 1.52% of its proven reserves ( 2025).

Oil Exports (2018)

• In 2018, Nigeria exported 96% of its oil production (1,889,062 barrels per day out of 1,977,491 produced).

History of Oil Consumption and Production