Following the release of a report by the Nigerian Upstream Petroleum Regulatory Commission that revealed Nigeria had experienced a notable increase in the number of oil rigs, rising from just eight in 2021 to 69 as of October 2, 2025, representing a 762.5% increase in four years, experts have tasked the commission with translating the surge in oil rigs to increased crude output. The 69 rigs include 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack, and 12 on the moveThe Commission stated that the 69 rigs consist of 40 active rigs, 8 backup rigs, 5 warm stack rigs, 4 cold stack rigs, and 12 on the According to the NUPRC, this increase is indicative of a resurgence of investor faith in Nigeria’s oil and gas industry and supports President Bola Tinubu’s assertion that “Nigeria is ready for business” in the context of a stable and improved investment environment. This indicates that investors are once again confident in Nigeria. The result supports President Tinubu’s assertion that Nigeria is prepared for business and that the country’s upstream currently has the ideal investment climate, as demonstrated by the NUPRC’s daily actions,” the statement stated.
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