Nigeria’s oil production has hit a rough patch despite a 100 percent increase in the number of active drilling rigs in a sector that accounts for a significant chunk of government revenue and foreign exchange earnings.
Nigeria, one of Africa’s largest oil producers, has seen its rig count more than double in recent months, increasing from 16 active rigs in 2021 to a record 34 by 2024, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Gbenga Komolafe, chief executive of NUPRC, said this growth has been widely seen as
