Tony Elumelu, founder of Heirs Energies and chairman of Heirs Holdings, has emphasised Nigeria’s need to increase its oil production to generate revenue essential for economic diversification and national development.
Speaking at the 2025 Heirs Energies Petroleum Industry Leadership Forum in Abuja, Elumelu highlighted that, under President Bola Tinubu’s administration, oil production has risen to 1.8 million barrels per day (bpd) from less than 1 million bpd during the previous administration.
However, he advocates for surpassing the 2 million bpd mark to secure the funds required for the country’s development and diversification efforts.
Elumelu also addressed challenges in the power sector, noting that Transcorp Power, with an installed capacity of 2,000 megawatts, is hindered by gas supply constraints.
He stressed the importance of increasing gas production alongside oil for fuel industries and enhancing electricity generation.
Elumelu called for collaboration between the government, industry stakeholders, and investors to achieve an oil production target of 2.5 to 2.7 million bpd, emphasizing that recent policy reforms and executive orders have bolstered investor confidence and improved the business climate in Nigeria’s oil sector.
In line with these objectives, Heirs Energies has increased its production from 21,000 bpd to 53,000 bpd since acquiring OML 17 from Shell and aims to reach 100,000 bpd shortly.
Elumelu expressed optimism that, with the commitment of all stakeholders, Nigeria can exceed the 2 million bpd production threshold, providing the financial resources necessary for industrialization and infrastructure development
