Nigeria’s crude oil and gas export earnings have declined by about 44% on average in the 2015–2024 period compared to 2008–2014, marking a structural shift in the country’s oil performance.
This is based on a review of crude oil and gas export figures provided, alongside referenced U.S. Energy Information Administration (EIA) production data.
While global oil price shocks and the COVID-19 pandemic contributed to volatility, the deeper trend reflects a sustained decline in production volumes over the past decade.