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$8b investments lift oil rig count to 46

36a10577 engr. gbenga komolafe

As part of efforts to improve the country’s daily production of hydrocarbon potential, crude oil producers operating in Nigeria have invested a total sum of $8bn in providing rig infrastructure, the Nigerian Upstream Petroleum Regulatory Commission disclosed on Wednesday.

The amount invested within three years, between 2022 and 2025, has resulted in a significant boost to drilling activity and production capacity. This investment has financed the drilling of 236 wellbores to total depth since 2022 and has increased the nation’s rig count to a new high of 46 as of July 2025.

The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed the latest figures during a media workshop on Wednesday in Abuja.

He said the country’s rig count has seen a sharp rise, increasing from just eight in 2021 to 31 in January 2025, and further climbing to 46 by July 2025, representing a 475 per cent increase over a four-year period, and a 48 per cent rise within the first seven months of 2025 alone.