The Chairman of Heirs Holdings, Tony Elumelu, has called for increased oil production to support Nigeria’s economic diversification and development.
Speaking at the Nigeria Petroleum Industry Leadership Discourse in Abuja, on Thursday, the Heirs Holdings Chairman emphasized that oil revenues are vital for industrialization, energy security, and infrastructure growth.
He stressed the need to maximize production to sustain economic stability and long-term progress.
The discourse, themed “Nigeria’s Oil Production Growth Roadmap: Acceleration Imperatives,” was organized by Heirs Energies, a subsidiary of Heirs Holdings.
It brought together industry stakeholders and policymakers to develop strategies for increasing oil production.
Elumelu, who also chairs the United Bank for Africa and Transcorp Group, emphasized that while global discussions on energy transition continue, Africa’s immediate priority should be energy security.
He stated that substantial investment in oil and gas is crucial to powering industries, supporting businesses, and ensuring electricity access for households and enterprises.
“You know, under Buhari’s administration, we dropped less than 1 million barrels. We are happy that under the current administration, in general, we produce 1.8 million barrels of oil a day. But we are not satisfied with that figure.
“We want to take it to over 2 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.
He stated that increasing crude oil production would generate the financial resources needed for industrialization and infrastructure development, especially in power generation and manufacturing.
As Chairman of Transcorp Group, Elumelu revealed that Transcorp Power, one of Nigeria’s leading power generation companies, has a 2,000-megawatt capacity but is hindered by gas supply constraints.
Elumelu urged greater collaboration among the government, industry players, and investors to raise oil production to 2.5–2.7 million barrels per day.
He highlighted that policy reforms and executive orders signed by President Tinubu over the past year have enhanced investor confidence, security, and the business environment in the oil sector.
