The fall in oil prices and the fall in demand has had a strong impact on Nigerian revenue. The country lost $2.23 billion in lower oil and gas exports in 2020

Nigeria depends heavily on revenues from the sale of hydrocarbons to finance its economy. The Nigerian Public Petroleum Corporation (NNPC) reported that the total revenue it generated from crude oil and gas exports fell by 45.98% or $2.23 billion in 2020. They were $4.85 billion in 2019
According to other data provided by the company, sales of crude oil and domestic gas amounted to $1.54 billion in 2020, compared to $1.57 billion in 2019. In Nigeria, oil and gas revenues represent approximately 50% of federal government revenue and over 90% of export earnings.