- Nigeria’s crude oil production rebounded as the rig count surged from 19 to 40, with projections to reach 50.
- The rise in operational rigs reflects ongoing efforts to curb oil theft and pipeline vandalism—two major challenges historically hindering Nigeria’s oil production.
The Tinubu Stakeholders Forum (TSF) has lauded President Bola Tinubu’s administration for the significant improvement in Nigeria’s crude oil production, citing the surge in rig count from 19 to 40, with projections to reach 50.
In a statement issued on Thursday, TSF Chairman Ahmad Sajoh highlighted that the development marks a critical turnaround for Nigeria’s oil sector, reinforcing economic stability, attracting investment, and curbing illegal activities that have plagued the industry for years.
“The activation of additional oil rigs is not just about numbers; it signifies renewed investor confidence and strategic policy direction in the sector. With more rigs in operation, we are witnessing a tangible increase in crude oil production, which directly translates to higher national revenue and stronger economic resilience,” Sajoh stated.
The group highlighted that the rise in operational rigs reflects ongoing efforts to curb oil theft and pipeline vandalism—two major challenges historically hindering Nigeria’s oil production. According to TSF, the administration’s security measures and policy interventions create an environment where oil companies can operate more efficiently and confidently.
Beyond the oil sector, TSF pointed out the broader economic benefits of increased crude production. “With greater oil output, Nigeria will experience improved foreign exchange earnings, which will help stabilise the Naira and reduce economic pressure on citizens,” the group stated.
“This additional revenue will also enable further investment in infrastructure, job creation, and social programs that directly impact the lives of Nigerians.”
This resurgence in oil production comes at a critical time when Nigeria seeks to boost revenue streams and reduce dependency on foreign borrowing. The government’s ability to maintain this momentum will ensure long-term economic stability and growth.