• About Us
    • Àtẹ́lẹwọ́ Podcast
  • Contact
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Sitemap
Freelanews
Advertisement
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
Freelanews
No Result
View All Result
Home Business & Finance Business

Oil Boom Under Tinubu: Rig Count Surges 762%, Unlocking $40 Billion in Investments for Nigeria’s Future

AbdulBasit Saba by AbdulBasit Saba
October 6, 2025
in Business, Economy, Energy
0
petroleum crude oil e1740659440935

Abuja, Nigeria – October 6, 2025 – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled staggering figures showing a 762% increase in active oil rigs—from a mere eight in previous years to 69 today, alongside $39.98 billion in new investments secured over four years, with $20.55 billion flowing in during 2024 alone, signaling a robust revival in the nation’s oil sector under President Bola Tinubu’s reforms. This announcement, made public on Monday, highlights how policy changes have not only boosted production but also slashed crude oil theft by 90%, positioning Nigeria for sustained economic growth amid global energy demands.

What ignited this oil renaissance? The surge is attributed to Tinubu’s aggressive reforms, including the Petroleum Industry Act’s full implementation, which has attracted international investors by streamlining regulations, enhancing security, and combating theft through advanced surveillance and community partnerships. Who benefits from these developments? Upstream operators, local communities via job creation (thousands of new roles in drilling and support services), and the federal government through higher revenues, with current output at 1.65 million barrels per day projected to reach 2.5 million by 2027, potentially easing fiscal pressures from subsidy removals and inflation. When did the momentum build? The rig count explosion and investment influx accelerated post-2023 elections, with 2024 marking a peak as global oil prices stabilized and Nigeria’s security measures took hold.

Where is the action concentrated? Primarily in the Niger Delta and onshore fields, where rigs have proliferated, supported by infrastructure upgrades like pipelines and export terminals, though challenges persist in remote areas prone to sabotage. Why is this a pivotal moment? Nigeria, Africa’s largest oil producer, has long battled production shortfalls due to theft and underinvestment, but these gains celebrated in industry reports could unlock billions more, diversifying revenue streams and funding non-oil sectors like agriculture and tech, while aligning with global shifts toward energy security. How are the reforms delivering results? Through collaborations with private firms for tech-driven anti-theft ops (e.g., drones and AI monitoring), tax incentives for explorers, and international deals that have drawn majors like ExxonMobil and Shell back to the table, reducing theft losses from over 200,000 barrels daily to minimal levels.

Industry experts and analysts hail the data as evidence of Tinubu’s “economic turnaround” vision, with social media ablaze under hashtags like #NigeriaOilBoom, where users share optimism about job prospects and naira stabilization. Critics, however, caution that environmental impacts in the Delta must be mitigated to avoid past conflicts, urging inclusive benefits for host communities. As Nigeria eyes 2027 production targets, this boom could redefine its global standing, transforming oil from a curse to a catalyst for prosperity in a nation still grappling with economic hardships.

Source: Read more at vanguardngr.com

Saba AbdulBasit
AbdulBasit Saba

Related Posts

godstv jpg
Tourism

Abuja hosts 6th National Tourism Transportation Summit & Expo

by Freelanews
May 2, 2023
Business

‘Worst ever’ Exxon Mobil, Chevron post losses

by Freelanews
August 1, 2020
Ante natal kits donation to Catholic Hospital Oluyoro Ibadan 1 scaled
Business

‘Advancing fortunes’ Fidelity Bank improves welfare of host communities

by Rtn. Victor Ojelabi
January 4, 2022
CBN Sells $543.5 Million in Nigeria Foreign Exchange Market
Business

CBN sells $543.5 million to banks to reduce forex market volatility

by Quadri Olaitan
October 5, 2024
Nigeria inflation rate November 2024
Sustainability

Nigeria’s inflation climbs to 34.60% in November 2024, sparking optimism for decline

by Quadri Olaitan
December 17, 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Recent News

CBN

CBN releases $1.26bn to oil sector for fuel imports

October 27, 2025
Ekiti

Ekiti Court sentences three to death for armed robbery

October 27, 2025
Vibrant image of two men passionately speaking into microphones during a public event, showcasing leadership and engagement, relevant for articles on communication, politics, or community activities.

Pastor Enoch Adeboye mourns evangelist Uma Ukpai

October 27, 2025
1ac5378c0eae301faa20f5e3004a6b54b0d31d98

Juventus set to sack coach Igor Tudor

October 27, 2025

Search

  • Trending
  • Comments
  • Latest
Political persecution in Ogun State

Political persecution in Ogun State: Abiodun moves against Otunba Gbenga Daniel with demolition threats again

August 9, 2025
APC Second-Term Governors

APC: Second-term governors seeking immediate elective post to lose party leadership

October 15, 2025
April Wind Couture

April Wind Couture thrives in Nigeria’s tough economy with bold Ankara vision

September 12, 2025
Abdul-Muiz Olanrewaju Animashaun

Abdul-Muiz Olanrewaju Animashaun remembered with love

September 14, 2025
amoke

‘Meals by Amoke’ We serve traditional dishes in a modern way, Bukoye Fasola reveals

19
Image 2024 03 26 at 120645 AM jpeg

Charles Inojie, Ali Nuhu call on communities to #MakeWeHalla against domestic violence

11
Meran Primary Health Centre Lagos father Meran hospital

Lagos father shares heartbreaking experience at Meran Primary Health Centre (Photos)

4
fls2

‘Disarticulated system’ Gov’t confused about Nigerian education, expert laments

3
CBN

CBN releases $1.26bn to oil sector for fuel imports

October 27, 2025
Ekiti

Ekiti Court sentences three to death for armed robbery

October 27, 2025
Vibrant image of two men passionately speaking into microphones during a public event, showcasing leadership and engagement, relevant for articles on communication, politics, or community activities.

Pastor Enoch Adeboye mourns evangelist Uma Ukpai

October 27, 2025
1ac5378c0eae301faa20f5e3004a6b54b0d31d98

Juventus set to sack coach Igor Tudor

October 27, 2025
October 2025
SMTWTFS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Sep    
Freelanews

Freelanews is a Nigerian digital news platform that delivers timely, credible, and engaging stories across politics, business, entertainment, lifestyle, and the creative industry, with a strong focus on promoting innovation, integrity, and inclusivity in storytelling.

Hot!

CBN

CBN releases $1.26bn to oil sector for fuel imports

October 27, 2025
Ekiti

Ekiti Court sentences three to death for armed robbery

October 27, 2025
No Result
View All Result
  • About Us
  • Contact
  • Advertisement
  • Sitemap

© 2025 Freelanews | by Iretura.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events

© 2025 Freelanews | by Iretura.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.