Nigeria's Oil Rigs Surge to Over 60 Under Tinubu's Leadership

At the inaugural Petroleum Technology Development Fund (PTDF) Journal Summit in Abuja, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), revealed that the number of active oil drilling rigs in Nigeria rose from approximately 14 to more than 60 under President Bola Tinubu's administration. This increase has resulted in an oil production output exceeding 1.7 million barrels per day.

Lokpobiri attributed this growth to ongoing reforms in the petroleum industry that have restored investor confidence and improved regulatory certainty, facilitating over $10 billion in foreign direct investment. He noted that indigenous operators now contribute more than 50% of Nigeria's crude oil production.

The summit, themed “Private Sector Participation in Nigeria’s Midstream and Downstream Petroleum Sector: Prospects, Challenges and the Way Forward,” emphasized the importance of infrastructure and market conditions for sustaining this growth. Challenges such as infrastructure deficits, regulatory uncertainty, and high transportation costs were also highlighted as significant barriers to investment.