The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted major achievements in its four years of operation, saying ongoing reforms in the oil and gas industry are driving investment growth, operational efficiency, and opportunities for indigenous firms and service providers.
According to the Commission, Nigeria's rig count has surged from eight in 2021 to 69 as of October 2025 — a 762 per cent increase — signaling renewed investor confidence and a rebound in exploration and drilling activities.
It said the increase reflects stronger investment inflows and aligns with President Bola Tinubu's commitment to making Nigeria more business-friendly for local and foreign investors.
The NUPRC also revealed that it surpassed its revenue targets by 18.3 per cent in 2022, 14.65 per cent in 2023, and 84.2 per cent in 2024, contributing significantly to national revenue despite global oil price volatility.
The Commission further disclosed that over $39.9 billion worth of investments have been approved through 79 Field Development Plans between 2024 and 2025 — a move expected to open more contract and supply opportunities for Nigerian SMEs in the upstream value chain.
Highlighting local benefits, the NUPRC noted that 536 community projects — including schools, health centres, roads, and vocational facilities — are being executed through Host Community Development Trusts, supported by over ₦358 billion in remittances.
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The Commission said these initiatives have not only fostered peace in host communities but also boosted local employment and business participation.
Additionally, the agency reported a 90 per cent reduction in crude oil theft since 2021 and a steady rise in daily production to 1.65 million barrels per day, with a target of 2.5 million by 2027.
Through transparent bid rounds, modern digital monitoring, and the 'Drill or Drop' policy, NUPRC said it continues to promote accountability and efficiency while strengthening investor and SME participation across the oil and gas ecosystem.
The Commission reaffirmed its commitment to supporting indigenous companies, service providers, and small businesses that play vital roles in Nigeria's drive for energy security and sustainable economic growth.
