Nigeria’s Oil Boom: Active Rigs Surge by 762% Under Tinubu’s Administration
Nigeria’s oil and gas sector is experiencing a major revival under President Bola Tinubu’s administration, with new data showing a dramatic rise in the number of active oil rigs a key indicator of industry growth and investor confidence.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the number of operational crude oil rigs in the country has surged from just eight to 69 within four years, marking an unprecedented 762.5 percent increase.
Industry experts describe the development as a clear sign that both local and international investors are regaining trust in Nigeria’s energy sector, attributing the rebound to the government’s business-friendly reforms, improved regulation, and renewed commitment to security and transparency in the oil fields.
The NUPRC also disclosed that within the same period, it approved 79 Field Development Plans (FDPs) valued at an estimated $39.98 billion in new investments.
Of this figure, $20.55 billion is projected to flow directly into Nigeria’s upstream operations, reflecting growing investor confidence and a strengthened regulatory environment.
Analysts say the surge in drilling activity and fresh capital inflows signal a significant turnaround for Africa’s largest oil producer, which had faced years of underinvestment and production decline. The Tinubu administration’s push for energy sector reforms and policy stability appears to be driving the renewed optimism in Nigeria’s petroleum industry.
