TMSG hails rise in oil rig count under Tinubu

The Tinubu Media Support Group, TMSG, has described the significant rise in Nigeria’s active oil rig count as a clear indicator of the positive impact of President Bola Tinubu’s economic and energy reforms.

In a statement issued on Monday in Abuja, the group’s Chairman, Mr. Emeka Nwankpa, said the increase in the number of operational oil rigs—from just 15 in mid-2023 to 32 as of May 2025—reflects growing investor confidence in the country’s petroleum sector and marks a return to vibrancy after years of sluggish activity.

According to Mr. Nwankpa, the expansion in rig operations is tied directly to the regulatory reforms and policy shifts introduced by President Tinubu, which have built upon the Petroleum Industry Act, PIA, enacted in 2021 under the Buhari administration.

He explained that the Tinubu government has taken proactive steps to implement and expand the scope of the PIA through executive orders and investor-focused policies that address long-standing structural issues in the oil and gas sector.

He also noted that when Tinubu took office in May 2023, Nigeria’s rig count stood at fewer than 20, with OPEC data showing an average of just 11, 7, and 10 rigs respectively for the years 2020 to 2022.

That figure, he said, only began to climb slightly at the tail-end of Buhari’s administration due to early investments spurred by the PIA. However, it was under Tinubu’s leadership that the sector saw a more robust revival.

As of now, the Nigerian Upstream Petroleum Regulatory Commission has confirmed that 32 rigs are operational, with projections to reach 50 rigs by the end of 2025.

This acceleration, according to TMSG, is not only a technical milestone but also an economic one, as it correlates directly with increased production potential and expanded job opportunities across the oil and gas value chain.

Mr. Nwankpa emphasized that the spike in activity has been backed by an estimated \$16–17 billion in fresh investment inflows into Nigeria’s oil sector during 2024 alone.

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These inflows, he said, were largely driven by new fiscal incentives introduced through Tinubu’s executive orders, which aimed to reduce bottlenecks in cost recovery, offer competitive royalty terms, and establish transparent profit-sharing frameworks.

He added that these reforms are setting the foundation for Nigeria to meet its crude oil production target of 2.06 million barrels per day this year.

The government’s ongoing efforts to curb crude oil theft and improve operational transparency have further strengthened the sector’s outlook.

TMSG also called on stakeholders in the oil industry—including regulators, operators, and local government authorities—to work closely together to ensure the smooth implementation of both the PIA and President Tinubu’s broader economic agenda.

They emphasized that doing so would consolidate recent gains, sustain investor confidence, and accelerate national revenue generation through hydrocarbon exports.

The group concluded that the rise in rig count is more than a technical statistic—it is a symbol of revived national capacity, improved policy direction, and Nigeria’s growing credibility as a destination for energy investments.

NAN