Nigeria enters a new week—and a new month—marked by a mix of tension and transformation in its evolving economic story.

Oil production has surged above 1.7 million barrels per day, driven by reforms and renewed investor confidence. The Nigerian Upstream Petroleum Regulatory Commission reports a 762% rise in rig count since 2021. That’s a major rebound that reflects the impact of policy shifts and strategic divestments.

Meanwhile, indigenous energy firms like Heirs Energies are expanding across borders, fintech players are going global, and Lagos is making waves with Africa’s first all-electric powerboat race.

This week also marks a personal milestone. I had the privilege of contributing, as a commissioned journalist and presenter, to a special documentary for the BBC World Service, exploring Nigeria’s electricity crisis and the resilience of everyday Nigerians navigating life amid struggle for reliable power. More on that below.

As always, thanks for joining me as we track the signals that matter in Nigeria’s evolving story.

Samuel Okocha, Editor, 234Digest here

Quote of the day

“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering.”

— Senator Heineken Lokpobiri, Minister of State for Petroleum Resources

Today’s briefs

Nigeria’s oil production surges on reform and investment

Nigeria’s crude oil output has surpassed 1.7 million barrels per day, driven by reform measures under President Bola Tinubu’s administration and improved security in the Niger Delta. The "Project One Million Barrels," launched in 2024, is fueling this recovery, with new investments exceeding $5.5 billion and contributing an additional 200,000 barrels daily.

Speaking at the Africa Energy Week held last week in South Africa’s Cape Town, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, attributed the progress to the the Petroleum Industry Act, which has fostered transparency and boosted investor confidence.

Rig count skyrockets as upstream sector booms

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a dramatic rise in active oil rigs from eight in 2021 to 69 in 2025—a 762.5% increase—signaling renewed confidence in exploration and production. Of these, 40 are active, while others are on standby or in transit.

This growth follows a policy review targeting 400 dormant oilfields and President Tinubu’s directive to make Nigeria “open for business.” The NUPRC has also exceeded revenue targets for three consecutive years and approved nearly $40 billion in field development plans, all supporting goals to raise production to 2.5 million barrels per day by 2027.

Levene Energy expands hybrid mini-grids to underserved communities

Levene Energy Holdings is accelerating Nigeria’s rural electrification drive hybrid through its subsidiary LPV Technologies, deploying hybrid solar mini-grids that target underserved communities.

At African Energy Week 2025, CEO Nzan Ogbe highlighted the company’s focus on clustered mini-grid models centered around institutions like schools and military bases. LPV Technologies already deploys the pay-as-you-go system that uses solar panels locally manufactured at Levene’s Lagos facility.

Meanwhile, Microsoft is also investing in Nigeria’s renewable energy sector, leveraging AI to launch the country’s first private renewable energy trading platform through UK partner Konexa.

Heirs Energies to expand beyond Nigeria with Africapitalist vision

Heirs Energies, the indigenous Nigerian oil company operating OML 17 in Nigeria’s Niger Delta, plans to extend operations into the Republic of the Congo, as part of its Pan-African growth strategy.

The company has successfully boosted production by optimizing mature assets, doubling output from 25,000 to 50,000 barrels per day since acquiring the asset from Shell in 2021. Heirs Energies aims to replicate this success in Congo, targeting mature assets and harness natural gas to address Africa’s energy access gap.

Dangote refinery strike called off after worker reassignments

Tension at Dangote Petroleum Refinery eased after Nigeria’s oil workers union PENGASSAN agreed to suspend a strike triggered by the dismissal of over 800 unionized employees.

A government brokered deal ensured affected workers retain pay while being reassigned within the Dangote Group. The brief strike had caused significant crude output losses, with Nigeria's output plummeting 16% and gas production declining by 1.7 billion standard cubic feet per day.

Nigerian fintech Paga launches US dollar digital bank for diaspora

Lagos-based Paga launched a US dollar digital banking service in partnership with Oklahoma’s Regent Bank, targeting the Nigerian diaspora. The platform features FDIC-insured accounts with debit cards accessible via Apple and Google Pay.

CEO Tayo Oviosu positions Paga as a challenger to established US digital banks, leveraging local African payment networks to streamline remittances amid growing flows and new US remittance taxes.

E1 powerboat racing series makes African debut in Lagos

Lagos hosted the African leg of the E1 World Championship, the first-ever all-electric powerboat racing series.

The race of Season Two attracted large crowds and international media attention, driven by celebrity team owners such as Rafael Nadal and Tom Brady. The event’s focus on sustainability aligns with coastal conservation efforts, highlighting the potential for electric powerboats to transform the maritime industry.

Words of wisdom: "Your life is your message to the world, make sure it’s inspiring."—Lewis Howes

Photo of the day

And that’s it for today. Thanks as always for reading. Look out for a deep dive feature this week. Until then, have a great week ahead.