Elumelu Calls For Industry Collaboration To Boost Nigeria’s Oil Production.
Chairman of Heirs Energies, Tony Elumelu, has expressed confidence that Nigeria can achieve its target of producing 2.5 million barrels of crude oil per day (bpd) through collective efforts from key industry stakeholders. Speaking at the Leadership Forum 2025, Elumelu highlighted the need for increased investment and collaboration in the oil and gas sector to drive production growth.
He revealed that Heirs Energies has successfully expanded its production capacity from 21,000 bpd to 53,000 bpd and aims to reach 100,000 bpd in the near future. “If every company that acquired assets from the international oil companies (IOCs) ramps up production and increases funding, Nigeria can exceed two million barrels per day. I believe it is possible,” he stated.
Stability Through Oil Growth
Elumelu emphasised the role of the petroleum industry in stabilising Nigeria’s economy, citing the improving exchange rate as a positive sign of progress. “The exchange rate is stabilising and gradually moderating. If we continue in this direction, I am confident we will see sustained economic growth,” he added.
He also commended President Bola Tinubu for his administration’s efforts in enhancing security in the Niger Delta and curbing oil theft, which he credited for the steady rise in production. “Security has improved in the oil sector, and we are gradually moving in the right direction,” he noted.
Energy as a Catalyst for Development
Reflecting on his transition from banking to energy investment, Elumelu reiterated his commitment to addressing Africa’s energy challenges. “I was a banker, but now energy is my new passion. Without reliable energy, Africa’s economic development will remain difficult. Industrialization in Nigeria and across the continent depends on access to energy and electricity,” he explained.
Elumelu, who also chairs Transcorp Power and Trans Afam Power, underscored the importance of energy investment in driving industrialization and economic transformation.
A Roadmap for Growth
The forum, themed ‘Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’, provided a platform for industry leaders to discuss strategies for boosting oil production. Elumelu stressed the need for collaboration among industry players to achieve Nigeria’s ambitious targets.
“We are bringing top industry operators together to discuss how to accelerate oil production. Heirs Energies alone cannot achieve this goal—it requires all stakeholders working in unison,” he stated.
Looking ahead, Elumelu reaffirmed Heirs Energies’ commitment to expansion. “For us, 53,000 barrels per day is not enough. We aim to reach 100,000 barrels soon. That is why we are here, strategizing and engaging policymakers to find ways to enhance collaboration in the sector,” he concluded.
