Nigeria Daily Crude Oil Price Report

Nigeria’s crude oil prices have dropped by approximately 15% since 2009, driven by a range of global and domestic factors. 

These include fluctuations in global oil demand, production cuts by OPEC, geopolitical tensions, exchange rate volatility, and shifts towards renewable energy.

Domestically, challenges such as pipeline vandalism, oil theft, and regulatory uncertainty have also impacted the stability of crude oil prices over time.

From October 23, 2009, to September 9, 2025, a total of 3,695 days of data were analyzed. During this period, Nigeria’s crude oil prices exhibited significant volatility:

• The highest recorded price was $139.41 on March 8, 2022, reflecting post-pandemic recovery and global supply disruptions.
• The lowest recorded price was $7.15 on April 21, 2020, during the COVID-19 pandemic when global demand collapsed.
• The average price over the period was $79.13, showing a long-term trend of gradual stabilization despite short-term swings.

The overall downward trend in prices since 2009 highlights the need for strategic economic diversification in Nigeria, as heavy reliance on crude oil revenue exposes the country to external shocks. 

For policymakers, investors, and businesses, these insights underscore the importance of hedging strategies, forward-looking planning, and robust energy policies to mitigate the impact of price swings.

Looking forward, preliminary forecasts suggest that crude oil prices may experience continued fluctuations over the next five years, with potential periods of decline followed by gradual recovery.

This report provides timely and accurate data to help stakeholders make informed decisions in navigating Nigeria’s dynamic energy market.