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Nigeria Can Achieve 2.5 Million Daily Crude Oil Production – Elumelu

Nigeria’s ambition to produce 2.5 million barrels of crude oil per day is achievable through a collaborative effort among key stakeholders in the oil and gas sector, says Tony Elumelu, Chairman of Heirs Energies.

Speaking at the Leadership Forum 2025, which focused on Nigeria’s petroleum industry leadership, Elumelu emphasized the importance of increased crude oil production for economic stability. He noted that Heirs Energies has already expanded its production capacity from 21,000 to 53,000 barrels per day and aims to hit 100,000 barrels soon.

“So, I believe that if every one of us who has acquired some of these assets from the IOCs increases production and funding, then Nigeria can produce 2.5 million barrels per day. At the very least, we should surpass two million barrels, which has been Nigeria’s record,” he stated.

Elumelu credited President Bola Tinubu’s administration for improving security in the Niger Delta and curbing oil theft, which has led to a steady rise in oil production. “Security has improved in the oil sector, and we are gradually moving in the right direction,” he said.

Reflecting on his transition from banking to energy investment, Elumelu, who chairs Heirs Holdings, Transcorp Power, and Trans Afam Power, highlighted energy security as a critical factor for Africa’s development. “We cannot industrialize Africa and Nigeria without improving access to energy and electricity,” he stated.

The forum, themed ‘Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’, served as a platform for industry leaders to strategize on increasing crude oil output. “Heirs Energies alone cannot achieve this target, which is why collaboration across the industry is essential,” Elumelu emphasized.

As discussions continue among policymakers and industry stakeholders, Elumelu remains optimistic about Nigeria’s oil production growth, reiterating the need for cooperation to reach the country’s full potential.

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