Tony Elemelu, Chairman of Heirs Holdings Group and the United Bank for Africa (UBA has called for collaboration between International Oil Companies (IOCs) and indigenous operators towards achieving sustainable development of the oil and gas sector.
He said the nation’s economy is heavily dependent on oil, calling for sustainable solutions to save Nigeria’s inheritance.
Elemelu who spoke at the 3rd anniversary of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja,, said,, ” Nigeria’s oil production has been on a downward trajectory, falling from peaks of over 2 million barrels per day to recent lows, below 1.5 million.
“This decline translates to lost revenues, reduced global market share, and missed opportunities for national development. The root causes are multifaceted: aging infrastructure, security challenges in the Niger Delta, stalled investments, regulatory uncertainties, and a global shift towards renewable energy that has compounded the investment challenge,” he said.
Elumelu says he has a clear vision for Africa, hence his advocacy for Africapitalism, explaining that Africapitalism ensures shared prosperity, environmental sustainability and community development to enable the younger generation reap great wealth.
He said the Nigerian investor called on international oil companies to increase collaborations with indigenous firms.
He said, “firms, such as Heirs Energies, that have taken your traditions of best practice and global standards and integrated them into proudly indegenious capabilities, and others, are truly capacitized partners.
“By combining your global expertise with our local knowledge and commitment, we can drive innovation and excellence across the entire value chain, effectively addressing the challenges we face.
“The private sector has the power to transform the continent through long-term investments, but it must work collaboratively with the public sector.”
On the theme of the programme— ‘Transformation, Innovation & Excellence,’ Elumelu said it resonates with the challenges and opportunities facing Nigeria’s energy space.
Commending the NUPRC for the Project 1 million barrel of oil (1MMBOPD) launch, Elumelu said the initiative is a crucial part of the solution to unlocking the next phase of development in the sector.
“By targeting to grow production by 1 million barrels of oil per day from current levels, we are setting a clear and challenging goal; one that I believe is achievable as I see all stakeholders are at the table and will commit to play their parts and bring the needed collaboration, innovation, and excellence to make this project a success, for the benefit of our country.
“To be sustainable, this initiative should go beyond just increasing production; it should catalyse a comprehensive strategy to revitalize our entire upstream sector.”
The Entrepreneur highlighted his expectation for the project as infrastructural modernisation to upgrade aging facilities, security enhancement, regulatory streamlining, embracing cutting-edge technologies to optimise production and reduce environmental impact.
“By addressing these areas comprehensively, we will not only aim to reach the 1MMBOPD target but also to create a sustainable framework for future growth,” he stated.
