Nigeria's Oil Sector Sees Revival Under Tinubu Administration

Nigeria's upstream petroleum sector has shown signs of renewed activity under President Bola Ahmed Tinubu's administration, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

Crude oil production is approaching 1.8 million barrels per day, active drilling rigs have risen from approximately 14 in 2023 to over 60, and more than $8 billion in major Final Investment Decisions (FIDs) have been recorded since May 2023.

Lokpobiri attributed the improvement to a combination of measures, including improved security, greater regulatory certainty, resolution of long-standing industry challenges, and efforts to attract fresh capital into exploration and production.