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Tony Elumelu, the Chairman of Heirs Energies, has called for higher oil production, stressing that revenue from the sector remains vital for Nigeria’s economic diversification and broader developmental goals.
Addressing industry leaders in Abuja on Thursday at the Nigeria Petroleum Industry Leadership Forum, Heirs Energies Chairman, Tony Elumelu, stressed that oil revenues remain pivotal to Nigeria’s industrial expansion, energy stability, and infrastructure development.
The event assembled major stakeholders, including OPEC, SEPLAT, Shell, Oando Energy, the Nigerian National Petroleum Company Limited, and the Nigerian Upstream Petroleum Regulatory Commission, to deliberate on strategies for enhancing Nigeria’s oil output.
Elumelu underscored the urgent need for significant investment in the oil and gas sector, highlighting its role in driving industrialization, sustaining businesses, and expanding electricity access for households and enterprises.
He noted that he had shifted from banking to full-time investment, with Heirs Energies—his company that acquired OML 17 from Shell—now producing 53,000 barrels of oil daily, a testament to the firm’s growing impact on Nigeria’s energy landscape.
The financial expert expressed concerns about Nigeria’s oil production levels, stating that while output had improved under President Bola Tinubu’s administration, the country was still underperforming compared to its OPEC quota.
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“You know, under Buhari’s administration, we dropped less than one million barrels. We are happy that under the current administration, in general, we produce 1.8m barrels of oil a day. But we are not satisfied with that figure.
“We want to take it to over two million. Because we know that we need oil money to diversify Nigeria away from oil. And we need to have the money to help develop our country,” he said.
Elumelu said that increasing oil production was key to generating foreign exchange, stabilising the naira, and improving national security.
The billionaire investor further urged stronger collaboration between the government, industry players, and investors to achieve the target of increasing oil production to 2.5m barrels per day.
