Business
Nigeria Upstream Oil Resurgence Boosts Output, Revenue, Investor Trust
Nigeria upstream oil resurgence driven by reforms sees output, rigs, and reserves climb as NUPRC secures \$16bn investments and boosts fiscal revenue and jobs
The Nigeria upstream oil resurgence is gathering momentum, with rising crude output, a record rig count, and over \$16 billion in fresh investments.
Also read: Nigeria Non-Oil Export Data Rises to N3.17tn, as Data Gaps Fuel Debate
At the centre of this transformation is the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Engr. Gbenga Komolafe.
Production has now climbed to 1.51 million barrels per day (mbpd) of crude, or 1.7mbpd when condensates are included, surpassing Nigeria’s 1.5mbpd OPEC quota.
Experts say this progress is the result of regulatory reforms, strong policy execution, and improved engagement with host communities.
According to the NUPRC, the flagship Project One Million Barrels Per Day (1MMBOPD), launched in October 2024, has helped reposition Nigeria’s oil output to align with the national budget benchmark of 2.06mbpd.
Crude oil revenues account for more than 90 per cent of Nigeria’s foreign exchange, making the sector vital to infrastructure and social development.
“We are seeing the benefits of a stronger regulatory environment,” said Prof. Olu Ajakaiye. “If we are able to maintain the trajectory, we may likely have more new rigs, which will further increase our capacity.”
The rig count has surged from just eight in 2022 to 46 as of July 2025. Nigeria’s crude oil and gas reserves have also hit historic highs: 37.28 billion barrels of crude and 210.54 trillion cubic feet of gas.
To ensure transparency, the Commission initiated a Metering Audit and introduced the Advance Cargo Declaration system.
It also enabled remittances of N97bn and \$149m into Host Community Development Trust (HCDT) accounts from the statutory three per cent of operators’ expenses.
Abdulmajeed Amussah of DEER Nigeria praised the Commission’s crackdown on oil theft and vandalism, stating: “Production growth isn’t just about hitting numbers, it reflects stability, trust, and effective policy execution.”
Also read: Meristem Tips Oil, Banking Stocks to Gain From Rising Crude Prices
The Nigeria upstream oil resurgence is now seen as a signal of economic revival, with far-reaching impacts on inflation, revenue sharing, and investor confidence.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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