As a way of enhancing a conducive host community environment in Nigeria, Host Community Development Trusts (HCDTs) have remitted more than N358.67 billion to benefiting communities.
A breakdown shows that HCDTs remitted N122.34 billion, and more than $168.91 million to the beneficiaries as of October 2025.
HCDTs were incorporated by Nigerian Upstream Petroleum Regulatory Commission (NUPRC), detailing ‘‘As of around mid‑2024, 103 HCDTs had been incorporated. By July 2025, 146 HCDTs had been fully incorporated NUPRC.’’
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A statement issued Sunday by the commission’s spokesman, Eniola Akinkuotu, stated that it was a testament to the renewed vigour in Nigeria’s upstream oil and gas sector.
The statement published a list of 16 high impact achievements four years after NUPRC establishment, listing as one of its highpoints, the geometric rise in Nigeria’s rig count from a low of eight in 2021 to 69 as of October 2, 2025.
The Host Communities Development Trusts (HCDTs) under the Petroleum Industry Act (PIA) were established by the PIA which was signed into law by ex-President Muhammadu Buhari on 21 August, 2021.
By May 2023, 41 Host Community Development Trusts (HCDTs) had been fully incorporated with the Corporate Affairs Commission (CAC).
‘‘Still on host communities, the NUPRC said it was overseeing at least 536 projects at various stages of completion including schools, health centres, roads and vocational centres. It explained that these were being funded by the trust fund, adding that the achievement has tremendously curbed crude oil theft,’’ the statement said.
However, NUPRC described Rig count is a key indicator for assessing the health and future production potential of the industry, investor confidence, and the demand for oilfield services.
A higher rig count generally signals increased oil and gas production activity. The NUPRC had in July announced that Nigeria’s rig count rose to 46.
It said the latest rig count of 69 which comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.
The Gbenga Komolafe-led commission noted that the number was expected to increase even further in the coming months, saying that this shows a renewed investor confidence in Nigeria.
The regulator stated that the success aligns with the charge of President Bola Tinubu that Nigeria was ready for business and that the right investment climate prevails now in Nigeria upstream as daily actioned by the NUPRC.
As part of its high impact achievements, the NUPRC said in 2022, 2023 and 2024, the commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent, respectively, despite fluctuations in oil production and prices, thus contributing significantly to the nation’s economic growth.
It also cited potential investment of $39.98 billion from Field Development Plans (FDPs), noting that between 2024 and 2025 it has approved 79 FDPs, including 41 in 2024 and 38 year-to-date (YTD) 2025. This, it explained, comprises $20.55 billion in 2024 and $19.43 billion in YTD 2025.
It also mentioned increased crude oil production as part of the achievements in the last four years.
It added that since the inception of commission, crude oil production has increased with current average daily production of 1.65 million barrels of oil per day (Mbopd), and expected to increase further with the Project 1 Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.
The commission equally mentioned its conduct of transparent bid rounds, saying “prior to the establishment of the commission, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility.
However, the NUPRC said with the support of President Bola Tinubu, it transformed the process to be fully digital thereby enhancing transparency and credibility.
“It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which were even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).”
In line with the PIA 2021 and with the support of Tinubu, NUPRC said it was implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.
This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves.
