Nigerian entrepreneur Tony Elumelu emphasizes the critical role of oil revenue in driving Nigeria's economic diversification and development. As the Chairman of Heirs Holdings and the United Bank for Africa (UBA), Elumelu advocates for leveraging the country's oil wealth to fund infrastructure projects, enhance energy security, and stimulate growth in non-oil sectors.

At the third anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2024, Elumelu highlighted the decline in Nigeria's oil production—from over 2 million barrels per day to below 1.5 million—and its adverse effects on national revenue and development opportunities. He called for robust collaboration between international oil companies (IOCs) and indigenous firms to address challenges such as aging infrastructure, security issues in the Niger Delta, and regulatory uncertainties. Elumelu stated, "As a nation, we cannot permit this to continue, and squander our inheritance and betray our next generation."

Elumelu also underscored the importance of natural gas in Nigeria's energy mix, advocating for strategies that maximize gas utilization to reduce flaring and support industrialization. He noted that increasing gas production is essential for improving electricity access, which is pivotal for the country's industrial growth.

In line with his philosophy of "Africapitalism," which promotes private sector investment as a catalyst for Africa's economic transformation, Elumelu believes that reinvesting oil revenues into critical sectors can drive sustainable development. He asserts that the private sector, in partnership with the public sector, has the power to transform the continent through long-term investments.

In summary, Tony Elumelu advocates for the strategic use of Nigeria's oil revenues to fund economic diversification and development initiatives, emphasizing collaboration, infrastructure modernization, and enhanced security to revitalize the nation's oil and gas sector.