Nigeria boosts oil output to 1.7-1.83 million bpd amid reforms, active drilling rises

Nigeria's crude oil production has increased to between 1.7 million and 1.83 million barrels per day, driven by reforms under President Bola Tinubu and the Petroleum Industry Act, which has created a transparent and predictable environment for investment. The 'Project One Million Barrels' initiative launched in October 2024 has contributed significantly to recovery in the upstream sector, increasing the number of active drilling rigs from 31 to 50 between January and July 2025. Indigenous firms, such as Renaissance which acquired Shell's onshore assets, have boosted production by approximately 200,000 barrels per day, reflecting a transfer of confidence and capability alongside assets. Renaissance has pledged to ramp up production to 500,000 bpd in the medium term, aiming to become a leading African energy company while fulfilling domestic supply obligations. These asset divestments by international oil companies have triggered over $5.5 billion in investment, signaling strong recovery and growth potential in Nigeria's oil sector. The government emphasizes Nigeria's readiness to lead energy reform and growth across Africa, positioning the country as open for business and investment.