Nigeria stands at a critical juncture in its oil and gas sector, with the potential to significantly increase crude oil production and stabilize its economy. However, unlocking this potential requires a unified effort from industry stakeholders. Tony Elumelu, Chairman of Heirs Energies, believes that with the right investments and collaborations, Nigeria can achieve an ambitious production target of 2.5 million barrels per day (bpd).
Speaking at the Leadership Forum 2025, Elumelu emphasized that Heirs Energies has already made remarkable strides, expanding its production capacity from 21,000 bpd to 53,000 bpd. He urged other industry players to follow suit by ramping up output and funding.
“If every stakeholder who has acquired assets from international oil companies (IOCs) increases production and investment, Nigeria can reach 2.5 million bpd. At the very least, we can surpass the two million bpd mark, which has been our record,” he stated.
Elumelu highlighted the critical role of oil production in stabilizing Nigeria’s economy, noting improvements in the exchange rate and overall financial landscape
“We can all see that the exchange rate is stabilizing and gradually coming down. If we continue to operate with a positive mindset and take decisive action, we will make meaningful progress,” he noted.
He further commended President Bola Tinubu for improving security in the Niger Delta, a key factor in curbing oil theft and boosting production.
“Security in the sector has improved significantly, and we are gradually moving in the right direction,” he remarked.
Elumelu, who also chairs United Bank for Africa (UBA) and Transcorp Power, emphasized that energy security is essential for Africa’s economic future.
“I was a banker, but today, I am an investor across multiple sectors, with energy as my new passion. Without adequate energy, industrializing Africa and Nigeria will remain a challenge. Investing in energy is critical for our continent’s progress,” he explained.
Through Heirs Holdings, a pan-African investment company with interests in power, oil and gas, and other industries, Elumelu continues to drive energy development across the continent.
The Leadership Forum 2025, themed ‘Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’, served as a platform for industry leaders to strategize on ways to scale up crude oil output.
“This platform brings key players together to explore how we can collectively accelerate oil production. Heirs Energies alone cannot achieve this target, which is why collaboration is essential,” he said.
Looking ahead, Elumelu revealed Heirs Energies is targeting an even bolder milestone:100,000 bpd in the near future.
“While 53,000 bpd is a milestone, it is not enough. Our goal is to hit 100,000 bpd, which is why we are spending three days strategizing with policymakers and industry leaders. Cooperation and collaboration are key to unlocking Nigeria’s full oil production potential,” he concluded.
Source: Guardian