Experts have tasked the Nigerian Upstream Petroleum Regulatory Commission to translate the surge in oil rigs to increased crude output.
This followed the release of the figure by the commission which showed that Nigeria recorded a significant rise in oil rig count, growing from just eight in 2021 to 69 as of October 2, 2025. The figure represents a 762.5% increase in four years.
According to a statement by the Commission, the 69 rigs include 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack, and 12 on the move.
According to a statement by the Commission, the 69 rigs include 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack, and 12 on the move.
The NUPRC noted that this surge reflects renewed investor confidence in Nigeria’s oil and gas sector and aligns with President Bola Tinubu’s charge that ‘Nigeria is ready for business’ under a stable and reformed investment climate.
‘This shows a renewed investor confidence in Nigeria. The success aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream as daily actioned by the NUPRC,’ the statement said.
Offshore oil rigs are huge structures in the ocean that drill for oil and gas beneath the seafloor.
‘Next challenge is to convert rig surge into crude output’
Speaking with Daily Trust, Prof. Omowumi O. Iledare, Professor Emeritus of Petroleum Economics and Executive Director, Emmanuel Egbogah Foundation, said the achievements deserve commendation but also careful reflection.
He noted that the transformation of NUPRC since the enactment of the Petroleum Industry Act (PIA) 2021 represents a maturing institution asserting its autonomy and professionalism, saying the separation of policy, regulatory, and commercial roles is gradually yielding visible institutional order.
He added that the reported surge in rig count from eight in 2021 to sixty-nine in 2025 illustrates renewed investor activity and optimism.
He, however, said sustainability, not statistics, is the true measure of success and the challenge ahead is converting this rig resurgence into consistent crude output growth, reserves replacement and improved cost efficiency.
‘Fiscal and governance indicators are also encouraging. Surpassing revenue targets by more than 80 percent in 2024 and approving nearly $40 billion in new Field Development Plans point to rising investor confidence. However, such figures must be sustained through policy consistency, transparent implementation, and credible performance monitoring.’
He said the commission’s embrace of digital bid rounds, the ‘Drill-or-Drop’ compliance policy, and gas-flare commercialisation are aligned with global best practices.
‘Equally notable is the remittance of over N358 billion to Host Community Development Trusts, signaling a new phase of social accountability in Nigeria’s petroleum governance. The real test will be ensuring these funds translate into measurable improvements in welfare and security in producing communities.’
‘On the continental stage, NUPRC’s leadership in forming the African Petroleum Regulators Forum (AFRIPERF) demonstrates forward-thinking engagement, positioning Nigeria as a regional voice in hydrocarbon governance and energy transition dialogue. From an emeritus lens, therefore, the assessment is balanced. NUPRC has provided regulatory stability, rekindled investor confidence, and demonstrated early signs of institutional maturity. The task now is to consolidate gains, deepen transparency, and entrench professionalism beyond personalities and politics. Performance, after all, is not just about what is achieved-it is about what endures and adds value across generations.’