Tinubu Reforms Boost Nigeria's Oil Output by Over 80%

Nigeria's oil production has surged by over 80% under President Bola Tinubu's administration, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri. This increase is attributed to reforms introduced by the government, which have also attracted a significant portion of Africa's oil investments.

Lokpobiri stated that Nigeria was producing less than one million barrels per day when Tinubu assumed office in 2023. However, with the latest weekly report from the Nigerian Upstream Regulatory Commission (NUPRC), production has risen to 1.824 million barrels per day, including condensate.

This growth is a result of concerted efforts by stakeholders in the oil and gas industry, led by President Tinubu. The number of active drilling rigs has increased from fewer than 10 to over 70, with drilling costs ranging between $25 million and $30 million onshore and between $80 million and $100 million offshore.

Nigeria now accounts for about 60% of oil and gas investments coming into Africa, according to Lokpobiri. He attributed this development partly to the Federal Government's approval of divestments by Shell to Renaissance and ExxonMobil to Seplat, which has unlocked investments in projects such as the Bonga North, Bonga South-West, and Zabazaba fields.