Falling oil prices and falling demand have had a strong impact on Nigerian revenues. The country lost $2.23 billion from the decline in oil and gas exports in 2020.

Nigeria relies heavily on revenues from the sale of hydrocarbons to finance its economy. Nigeria's state-owned Oil Company (NNPC) said the total revenue it generated from crude oil and gas exports fell by 45.98 percent to $2.23 billion in 2020. They were $4.85 billion in 2019
According to other data provided by the company, revenue from the sale of crude oil and home gas was $1.54 billion in 2020, up from $1.57 billion in 2019. In Nigeria, oil and gas revenues account for about 50 per cent of federal government revenues and more than 90 per cent of export earnings.