Nigeria’s oil and gas sector recorded a significant slowdown in exploration and drilling activities in April 2026, as the country’s rig count fell by 41.7 per cent, reflecting declining upstream operations and investment challenges.
According to the May 2026 Monthly Oil Market Report of the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s rig count dropped from 17 rigs in March 2026 to 12 rigs in April 2026. The rig count is a key industry indicator that reflects the level of exploration, drilling, and overall upstream investment activity in the petroleum sector.
The report also showed a broader downward trend, noting that Nigeria’s average rig count declined to 13 in 2025, down from 15 in 2024, suggesting a gradual weakening in exploration momentum over time.
Despite government efforts under the Petroleum Industry Act (PIA) to attract new investments and boost crude oil output, the latest figures highlight ongoing structural and operational challenges in the upstream sector. Industry analysts warn that continued decline in drilling activity could affect Nigeria’s long-term production capacity and its ability to consistently meet its OPEC output quota.
Within the African oil landscape, Nigeria’s decline stood out even as the continent recorded a slight overall increase in rig activity, rising from 42 rigs in March to 48 in April 2026. This means Nigeria contributed significantly to the regional drop despite being one of Africa’s largest crude producers.
On a global scale, Nigeria still lags behind major OPEC producers such as Saudi Arabia, which recorded 265 rigs, the United Arab Emirates with 66 rigs, and Iraq with 19 rigs during the same period.
However, there appears to be some variation in domestic data, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reported that Nigeria had about 31 active rigs, indicating ongoing exploration and production activities across several onshore and offshore fields.
For now, the contrasting figures and declining trend underline a sector still struggling with investment confidence, operational constraints, and production stability at a time when global energy demand and pricing dynamics remain volatile.