The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced landmark achievements in its four years of operation under the Petroleum Industry Act (PIA) 2021, underscoring its impact on growth, investment, and transparency in Nigeria’s upstream oil sector.
Highlighting 16 high-impact milestones since inception, the Commission revealed it approved nearly $40 billion in upstream investments and achieved a staggering 762.5 per cent increase in active rig count between 2021 and October 2025.
Despite global oil price volatility, NUPRC consistently outperformed revenue expectations for three consecutive years. It exceeded targets by 18.3 per cent in 2022, 14.65 per cent in 2023, and achieved a record 84.2 per cent surplus in 2024. This strong performance, according to the Commission, has fortified Nigeria’s economy while strengthening its capacity to regulate and develop the petroleum industry.
NUPRC emphasized that the results demonstrate the effectiveness of reforms introduced under the PIA, which created a framework for accountability, investor confidence, and sustainable sectoral growth.
The Commission pledged to continue driving innovation, investment, and regulatory excellence to position Nigeria as a leading player in the global energy market.
