The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant rise in the country’s rig count, increasing from just eight in 2021 to 69.

The commission said this in a statement by its Head, Media, and Strategic Communication, Eniola Akinkuotu.

Akinkuotu highlighted some of NUPRC’s high impact achievements, four years since its establishment, adding that the growth is a clear testament to the renewed vigour and investor confidence in Nigeria’s upstream petroleum sector.

He said that in spite of the challenges it inherited from the pre-Petroleum Industry Act (PIA) era, it exceeded revenue targets, recorded 39.98 billion dollars investment, and increased rig count and crude oil production.

“The latest rig count of 69 comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack, and 12 on the move.

“This represents a 762.5 per cent increase in barely four years.

“The success aligns with the charge of President Bola Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC.”

He said that NUPRC approved billions of dollars divestments in 2024 from the Nigeria Agip Oil Company to Oando Energy Resources; and Equinor to Chappal Energies.

He said that there was also divestment from Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.

According to him, the divestment is about investor portfolio re-ordering to focus on deep-offshore development.

He said that to give meaning to the intent of the PIA, 2021, the commission, in consultation with stakeholders, developed 24 forward-thinking regulations, adding that 19 had been gazetted while five await gazetting.

Akinkuotu said that in 2022, 2023 and 2024, NUPRC surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent respectively, in spite of oil production and prices fluctuation, thus contributing to economic growth.

“Between 2024 and 2025, the commission approved 79 Field Development Plans (FDP) (41 in 2024 and 38 Year-to-Date (YTD) 2025 with potential investment of 39.98 billion dollars.

“Crude oil production has increased with current average daily production of 1.65 million barrels per day.

“It is expected to increase further with the Project one million barrels per day initiative, aimed at achieving 2.5 million barrels per day in 2027 compared to NUPRC commencement,” he said.

According to him, prior to NUPRC‘s establishment, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility.

“However, the NUPRC with the support of President Bola Tinubu, transformed the process to be fully digital, enhancing transparency and credibility.

“The commission, in line with the PIA, 2021 and with the support of the President, is implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.

“This policy is designed to ensure optimal use of oil assets and prevent dormant fields from tying up potential reserves.

“It has successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action,” he said.

On Gas Flare Commercialisation, he said that it had completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP).

He said that the programme was aimed at eliminating gas flaring and attracting 2.5 billion dollars investments.

The NUPRC spokesman said that the Host Community Development Trusts have remitted N122.34 billion, while dollar contributions stand at over 168.91 million dollars.

This, he said, translated to a combined remittance of over N358.67 billion based on the prevalent exchange rate.

“The NUPRC is overseeing at least 536 projects at various stages of completion, including schools, health centers, roads and vocational centres.

“These are being funded by the trust fund while the achievement has curbed crude oil theft,” he said.

As part of its mandate to develop the country’s hydrocarbon, Akinkuotu further said that the commission had recorded 306 development wells drilled and completed between 2022 to date.

He said that the NUPRC also issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.

He said that in 2021, the average daily crude oil losses stood at 102,900 barrels per day (bpd) or 37.6 million barrels per year.

According to him, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA), as well as collaborative effort of the commission, this has reduced by 90 per cent to 9,600bpd .

“The Gbenga Komolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF), facilitating cross-border development and strong voice for Africa in hydrocarbon advocacy globally.”

The National Insurance Commission (NAICOM) says more than 1.47 million smallholder farmers across Nigeria have been covered under agricultural insurance schemes.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, disclosed this in Maiduguri at the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters.

The retreat had as its theme, ‘Navigating the New Era of Insurance Regulation – Understanding the Nigerian Insurance Industry Reform Act (NIIRA) 2025.’

Omosehin, in a statement on Sunday, said the insurance coverage was facilitated by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

He said the initiative aimed to strengthen resilience and productivity in agriculture, targeting a total of 3.6 million farmers by 2026.

According to him, about 250,000 farmers were insured across eight states in the second quarter of 2025 under various federal agricultural insurance schemes.

He said agricultural insurance had begun to show clear impacts on productivity across farming communities nationwide.

“Recent statistics show that over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.

“In the second quarter of 2025, 250,000 farmers were insured across eight states under federal initiatives.

“In North Central Nigeria, insured rice farmers recorded 11 per cent higher productivity than uninsured peers, averaging 20 bags per hectare compared to 18 bags,” he said.

Omosehin also highlighted successful programmes such as Kaduna ginger farmers who received payouts under the NAGS-AP scheme after losing over 90 per cent of their crops.

He added that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States had helped reduce farmer-herder conflicts.

Omosehin described agriculture as the backbone of Nigeria’s rural economy and a pillar of food security, yet one of the sectors most exposed to climate shocks and market volatility.

He said insurance provided a vital tool to de-risk agriculture and empower farmers to invest confidently.

Omosehin called for stronger collaboration among lawmakers, regulators, and stakeholders to ensure the effective implementation of the NIIRA 2025.

He said the new law consolidated fragmented legislations into a modern framework that empowers regulators, protects consumers, and promotes innovation in the insurance industry.

“The law has been passed, but the real work has just begun. We urge the committee to ensure MDAs comply with compulsory insurance provisions.

“We also seek your support to harmonise state policies with federal frameworks and promote awareness in your constituencies,” he said.

Omosehin urged stakeholders to align legislative, regulatory, and operational efforts to ensure NIIRA 2025 delivers on its transformative potential for national prosperity.

The Minister of Solid Minerals Development, Dr Dele Alake, has urged youths to explore Nigeria’s mineral opportunities instead of jobs abroad.

Alake made the call in a statement by his Special Assistant on Media, Segun Tomori, on Sunday in Abuja.

He spoke at a conference to mark the African Mining Week in Cape Town, South Africa, with vast theme, “Vision and Strategy – Setting the stage for Minerals Industrialisation’’.

The minister, represented by the Permanent Secretary of the ministry, Farouk Yabo, underscored the continent’s strategic role in powering the 21st century economy through its vast mineral wealth.

“Our youths should no longer seek jobs abroad while opportunities lie buried beneath their feet. The time to industrialise is now.

“Let us set the stage for an Africa that is not just a participant in the global minerals economy, but a driver of its future,” he said.

According to the minister, Africa’s minerals have powered industrilisation elsewhere while our own economies remain under-industrialised.

He called for an end to such paradox, stating that Africa’s vision must be clear in moving from extractive dependence to transformative industrialisation

He said that Africa must move from a raw minerals supplier to a global hub for mineral processing, innovation and green industrialisation

“Nigeria is incentivising local beneficiation from gold refining to lithium processing and revoking dormant licences to promote serious investment.

“Nigeria is also strengthening governance and transparency to attract credible global partners, while building a national critical minerals strategy,” he said.

Alake, who doubles as the Chairman of the African Minerals Strategy Group (AMSG) on the sidelines of the week, also intimated the ministerial roundtable of Nigeria’s efforts to create a one trillion-dollar economy by 2030.

He urged African countries to prioritise mapping their mineral resources and provide effective supervision to ensure that only licenced operators engaged in mining.

“Nigeria is investing in digitising mining processes from data accessibility to mineral traceability.

“We are also focusing on bequeathing strong institutions and the right policies to drive reforms,” he said.