Chairman of Heirs Holdings, Tony Elumelu has called for an increase in Nigeria’s oil production to fund the country’s economic diversification and development.
Speaking on Thursday in Abuja at the Nigeria Petroleum Industry Leadership Discourse, he emphasized the crucial role that oil revenues play in driving industrialization, energy security, and infrastructure growth.
The event, organized by Heirs Energies under Heirs Holdings, was themed “Nigeria’s Oil Production Growth Roadmap: Acceleration Imperatives.” Key industry stakeholders, including representatives from OPEC, SEPLAT, Shell, Oando Energy, the Nigerian National Petroleum Company Limited, and the Nigerian Upstream Petroleum Regulatory Commission, gathered to discuss strategies for boosting Nigeria’s oil production.
Among those present were Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); Mr. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission; and Mr. Ademola Adeyemi-Bero, Chairman of the OPEC Board of Governors.
Elumelu, also Chairman of United Bank for Africa and Transcorp Group, stated that despite the global focus on energy transition, Africa’s priority must remain energy security. He stressed that substantial investment in oil and gas is essential to powering industries, supporting businesses, and ensuring reliable electricity access for households and enterprises.
Noting his shift from banking to investing, Elumelu highlighted his company’s acquisition of OML 17 from Shell, which currently produces 53,000 barrels of oil per day. He expressed concern about Nigeria’s oil production levels, acknowledging improvements under President Bola Tinubu’s administration but pointing out that the country is still falling short of its OPEC quota.
Elumelu recalled that during the Buhari administration, Nigeria’s oil production dropped below one million barrels per day. Although production has since recovered to 1.8 million barrels per day, he insisted that Nigeria must aim for over 2 million barrels per day to generate the necessary revenue for economic development and diversification.
