Tony Elumelu, chairman of UBA Group and Heirs Holdings, emphasized the importance of increasing Nigeria's oil production to fund economic diversification and development. Speaking at the Nigeria Petroleum Industry Leadership Discourse in Abuja, Elumelu highlighted the crucial role of oil revenues in driving industrialization, energy security, and infrastructure growth. He noted that while Nigeria's current production of 1.8 million barrels per day under President Bola Tinubu's administration is a step forward, the country is still underperforming compared to its OPEC quota. Elumelu stressed the need for substantial investment in oil and gas to support businesses, ensure electricity access, and generate foreign exchange to stabilize the naira and enhance national security. He called for stronger collaboration between government, industry players, and investors to achieve the target of increasing oil production to 2.5–2.7 million barrels per day. Elumelu also highlighted the potential for increased production through infrastructure improvement and security of oil facilities, citing examples such as Transcorp Power's capacity constraints and Heirs Energies' acquisition of OML 17.