Nigeria’s oil sector sees a 66% increase in active oil rigs, reaching 15 in August 2025. President Bola Tinubu’s executive order introduces tax incentives for cost-efficient operators, attracting new investments. Crude production rises to 1.505 million bpd in June, meeting OPEC quota. NNPC plans to lobby for a 25% quota increase by 2027.

The increase in rigs and governance reforms signal a revival in Nigeria’s upstream oil sector after years of decline. Analysts view the incentives as key in attracting capital and technology, stabilizing oil revenues, and strengthening the country’s foreign exchange position. NNPC plans to increase OPEC quota by 2027 with rising refining capacity from projects like Dangote Refinery.

Read more at Yahoo Finance: Nigeria’s Oil Rig Count Surges 66%