By Olawale Lamina
The Tinubu Media Support Group ,TMSG, has said that President Bola Tinubu deserves plaudits for the sudden surge in active oil rigs in Nigeria’s upstream oil sector in the last 28 months.
It stated this on the heels of recent disclosures by the Nigerian Upstream Regulatory Commission (NUPRC) that oil rigs operating in the country as of October 2025 had risen to 69, up from 15 in May 2023.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG pointed out that the development signposts heavy investor confidence in Nigeria’s oil and gas sector, in the aftermath of sweeping reforms by the Tinubu administration as well as the Petroleum Industry Act (PIA 2021).
It said: “When President Bola Tinubu first declared that Nigeria was ready for business, it was clear to those with a fair idea of his antecedents that he knew what he was doing and this is further exemplified by the renewed activities in Nigeria’s upstream sector on his watch.
“We have noticed that in the aftermath of the executive orders issued by the President on fiscal incentives for the oil and gas sector, investors have been showing tremendous interest to the extent that oil rigs operating in the country have increased exponentially.
“We invite Nigerians to note that after the rig counts improved to 15 as of June 2023 from 8 in 2021, there has been a quantum leap to 69, representing more than a 700% increase in what is technically used as a metric to gauge activities in the oil and gas sector.
“For the avoidance of doubt, the latest rig count of 69, which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, is a massive reflection of how the sector has fared in recent years.
“It is therefore not surprising that Nigeria was credited with three of the four Final Investment Decisions (FIDs) in Africa’s oil sector in 2024 alone, attracting over $5 billion in new capital.
”What this means is that the country is on track to further boost its daily crude production capacity, which has grown to 1.68 million barrels per day (bpd) to 2 million in 2027 and 3 million by 2030, respectively.
”We need to specifically add that this resurgence is largely as a result of President Tinubu’s Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) signed in May.
”The executive order introduces performance-based tax incentives to reward operators who achieve verifiable cost savings against annual benchmarks set by the NUPRC.
”This is aside from the previous Executive Orders on improved fiscal terms, timelines for project approvals, and local content rules, as well as the PIA, which paved the way for the Tinubu oil sector reforms.
”And of course, these policies have also encouraged local firms to acquire divested assets from international oil companies at a time when many thought that the IOCs’ exit would spell doom for the country.
”As for benefits accruing to oil-bearing communities, it is gratifying to note there are about 536 projects, including schools, health centres, roads and vocational centres at various levels of completion, funded by a trust fund provided for by the PIA from the operating expenses of oil firms.
”We have no doubt that this administration will ensure that the improvement in the oil sector will translate to better benefits for the country, not only in foreign exchange inflows but also pave the way for a more diversified economy.”
The group urged Nigerians to continue to believe in the capacity and decisive direction of the focused Tinubu administration to ensure a more resilient economy with its pro-business approach to governance with attaining an ambitious 1 trillion dollar economy in mind.
Nigeria has seen a significant surge in its oil rig count, rising from just 8 in 2021 to 69 as of October 2, 2025, a 762.5% increase. This growth is attributed to renewed investor confidence, driven by government reforms and a more stable investment climate. The surge is seen as a positive indicator for the oil and gas sector’s future prospects and potential for increased production.
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