Tony Elumelu’s remarks at the Nigeria Petroleum Industry Leadership Discourse reflect a strong call for greater oil production to drive Nigeria’s economic diversification and development. By focusing on the crucial role that oil revenues play in funding industrialisation, energy security, and infrastructure growth, Elumelu emphasizes the need for increased output to boost Nigeria’s economy.
The oil and gas sector has been pivotal for Nigeria’s financial health, and Elumelu’s concerns about underperformance in the sector—especially with production levels currently at 1.8 million barrels per day—underline the urgency for higher output. He points to a target of over 2 million barrels per day to generate the funds necessary for the country’s growth, which he believes is critical for diversifying away from oil dependence.
Elumelu also draws attention to the role of gas production, specifically its importance for industries and power generation, further linking energy supply with broader industrial capacity. His call for collaboration among the government, industry players, and investors reflects the collaborative efforts needed to improve both oil production and energy security.
The significant participation of key stakeholders in the event, including government officials and major industry representatives, highlights the importance of these discussions for Nigeria’s long-term energy and economic strategies.
