Nigeria Lags As Africa’s Rig Count Edges to 48

Africa’s total rig count rose slightly to 48 in April 2026, but Nigeria did not join the upturn, with operational rigs falling to 12 from 17 in March, the Organization of the Petroleum Exporting Countries (OPEC) said in its May 2026 Monthly Oil Market Report (MOMR).

While other countries across the continent posted small gains, Nigeria’s rig numbers dropped by five rigs month‑on‑month — a 41.7 per cent fall. OPEC said the decline reflected ongoing operational and investment challenges in the country’s upstream oil sector.

The MOMR also shows a softer annual trend: Nigeria averaged 13 rigs in 2025, down from 15 in 2024, pointing to reduced exploration and development activity over the past year.

Rig count is a common industry measure of exploration, drilling and upstream investment. The fall comes despite government and industry efforts to raise production and attract fresh investment under the Petroleum Industry Act.

Across OPEC, Nigeria’s rig count remains low compared with major producers. In April, Saudi Arabia recorded 265 rigs, the United Arab Emirates 66 and Iraq 19.

Analysts say Nigeria needs clearer investment signals, improved security and faster implementation of reforms under the PIA to encourage more drilling and reverse the slide.