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Enhanced Oil Production Key To Nigeria’s Economic Diversification – Elumelu

Founder of Heirs Energies, Tony Elumelu, has said Nigeria must ramp up oil production to generate revenue for economic diversification. “We want to take it to over 2 million. We know that we need oil money to diversify Nigeria away from oil. And we need to have the money to help develop our country at […]



Tony Elumelu, founder of Heirs Energies, highlighted the importance of increasing Nigeria's oil production to drive economic diversification. He emphasized the need to exceed 2 million barrels per day (bpd) to generate revenue for industrialization and energy security. Currently, Nigeria produces around 1.8 million bpd, up from 1 million bpd under the previous administration. Elumelu stressed the necessity of addressing challenges in the power sector, particularly gas shortages, and called for government incentives to boost production. Heirs Energies aims to expand its output to 100,000 bpd. With local firms now controlling a significant share of production, Elumelu expressed optimism about achieving these goals under President Tinubu's administration, fostering confidence in the sector's future growth and stability.

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