The Tinubu Media Support Group (TMSG) says the increase in active oil rigs in Nigeria’s petroleum sector from 15 to 32 is a positive sign of increased activity in the oil and gas industry in the last two years.
Emeka Nwankpa, the chairman of TMSG, in a statement on Monday, noted that the authorities also planned to increase the number to 50 by the end of 2025, underlining the readiness of the Tinubu administration to attract more investments in the sector.
“When President Bola Tinubu assumed office in May 2023, the Organisation of Oil Producing Countries (OPEC) put Nigeria’s oil rig count at less than 20.
According to the OPEC data, the country’s average rig count was 11, 7 and 10 in 2020, 2021 and 2022, respectively.
“But it grew to 15 a few months at the end of the tenure of former President Muhammadu Buhari in the aftermath of new investments which began trickling into the country in 2023,” said the group.
It said currently, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) put the nation’s rig count at 32 with an assurance of an increase to 50 by the end of 2025.
“For the avoidance of doubt, a higher rig count in any oil-producing country indicates increased oil production, while a lower count shows reduced activity.
“So, the increase in rig count from 15 as of June 2023 to 32 in May 2025 indicates that President Tinubu is building on the Petroleum Industry Act (PIA) 2021, activated by former President Muhammadu Buhari with his oil sector reforms.
“It is, therefore, not surprising that in 2024 alone, Nigeria attracted an investment inflow of between 16 billion dollars and 17 billion dollars into the sector,” said TMSG.
It said that investment inflow was based on a series of executive orders signed by President Bola Tinubu in 2023, which liberalised the regulatory framework and offered incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
“We do not doubt that the country will meet its daily crude production target of 2.06 million barrels this year, especially as the authorities are doing everything necessary to ramp up oil production as well as curb crude theft,” said the group.
It also urged relevant stakeholders to ensure proper implementation of the provisions of PIA as well as President Tinubu’s reforms to enhance investments in the upstream sector of the oil industry.
