Mkpoikana Udoma
Port Harcourt — President Bola Ahmed Tinubu has announced a robust revival in Nigeria’s oil and gas industry, revealing that rig counts have surged by over 400% in 2025 compared to 2021, alongside over $8 billion in new investments committed to the sector under his administration’s economic reform agenda.
In his national broadcast marking two years in office on Thursday, Tinubu said the reforms, especially the removal of fuel subsidies and FX liberalisation, had repositioned the oil and gas industry for growth, transparency, and global competitiveness.
“Despite the bump in the cost of living, we have made undeniable progress. The oil and gas sector is recovering. Rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed.”
The upbeat statement comes amid rising concerns over Nigeria’s crude oil production struggles and underperformance in OPEC quotas. But Tinubu maintained that policy clarity and subsidy removal had restored investor confidence.
“The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account. We are also achieving fuel supply security through local refining.”
He further linked the oil sector rebound to improved fiscal performance, noting that gross proceeds per barrel were “broadly aligned with forecasts” and helping to narrow the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024.
In addition to production boosts, Tinubu highlighted downstream transformation efforts, pointing to the ongoing local refining push that includes the 650,000 bpd Dangote Refinery and the expected ramp-up of state-owned facilities.
The president also said the government had made deliberate moves to attract more high-impact investments in oil, gas, and solid minerals, while cutting off the historical “pit-to-port” raw material export model.
“We have breathed new life into the Solid Minerals sector. Revenue has increased phenomenally, and investors are setting up processing plants,” he said.
Tinubu said his administration remains under pressure to translate the oil sector’s gains into tangible benefits for citizens, especially as cost-of-living concerns persist.
“We do not take your patience for granted. I must restate that the only alternative to the reforms was a fiscal crisis that would have bred runaway inflation, external debt default, and an economy in free fall,” Tinubu told Nigerians.
The claims come as Nigeria continues to grapple with the need to diversify exports, stabilise foreign exchange earnings, and leverage its energy sector for inclusive growth.
As the administration enters the second half of its first term, all eyes will be on whether the recovery in oil translates into broader job creation, stable FX inflows, and sustainable energy supply across Nigeria.
