Elumelu seeks industry collaboration to boost Nigeria’s oil production to 2.5m BPD

Says Heirs Energies Produces 53,000 bpd

Nigeria’s aspiration to produce 2.5 million barrels of crude oil daily is achievable if a collaborative effort is forged among key stakeholders in the oil and gas sector, Chairman of Heirs Energies, Tony Elumelu, has said. He also revealed Heirs Energies has grown its initial capacity from 21,000 to 53,000.

“So, I believe that if every one of us who has acquired some of this asset from the IOCs would increase their production, increase funding and produce, then Nigeria can produce 2.5 million barrels per day. I think that it is possible to at least go above two million barrels of oil per day, which is the record for Nigeria,” he stated.

Speaking at the Heirs Energies Leadership Forum 2025, which focused on Nigeria’s petroleum industry leadership, Elumelu stressed the centrality of increased crude oil production to the stability of the Nigerian economy.

“We can all see that the exchange rate is stabilizing; it is moderating and it is also coming down gradually. So, we just need to see things in a positive light and if we continue to function in this manner, I am sure by God’s grace, we will continue to make progress,” he added.

Elumelu, who lauded President Bola Tinubu for improving security in the Niger Delta and curbing oil theft, observed that the operating environment is responsible for the steady rise in oil production.

“Security has also improved in the oil sector. So, I am sure we are getting there gradually moving in the right direction,” he noted. Providing insights into why he is diversifying into the energy sector, he said: “I am the Group Chairman of United Bank of Africa. I was a banker, but I am no longer a banker. I am an investor in the banking sector. Energy is my new passion.”

He added that one of the major challenges confronting Africa is energy security. Elumelu explained that without energy, the continent’s path to economic development will be difficult.

He added: “For me, energy investment is critical. It is what we need. We cannot industrialise Africa, Nigeria, without improvement in access to energy and electricity in particular.”

Elumelu owns Heirs Holdings, which is a pan-African investment company that includes investments in power, oil and gas, and other sectors. Also, he chairs Transcorp Power, which is a leading electricity producer in Nigeria that is part of the Transcorp conglomerate and Trans Afam Power, which is another power company that is part of the Transcorp conglomerate.

He stated that the theme of the discourse, ‘Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’ was intended to serve as a platform for critical stakeholders in the oil and gas sector to dialogue on next steps and how to deepen the upward trajectory Nigeria is recording in its crude oil production.

“So, we like the fact that we are creating this platform that brings industry operators and industry top players together. The purpose is how can we accelerate oil production in Nigeria. How can we increase oil production in Nigeria from what it is today to 2.5 million barrels of oil a day? We know that Heirs Energies alone cannot do that hence the need for all of us to work in unison,” he said. Looking forward, Elumelu noted that though achieving 53,000 barrels per day is good, the target is to hit 100,000 barrels per day soon.

“For us, 53,000 barrels is not enough, we want to get to 100,000 barrels. That is why we are meeting here for three days, strategising how we can achieve this. With a conversation with policymakers and industry leaders, and discussing how we can coalesce and cooperate and collaborate, which we need in this sector, we think we can do more,” he submitted.