Billionaire businessman and chairman of Heirs Holdings, Tony Elumelu, has emphasized the importance of Nigeria’s oil revenue in funding economic diversification and long-term development.
Speaking at an investment forum in Lagos, Elumelu noted that while Nigeria must transition to a more diversified economy, oil revenues remain a crucial funding source for critical infrastructure, industrialization, and job creation.
“We must acknowledge that oil revenue still plays a vital role in our economy. It provides the capital needed to invest in other sectors such as agriculture, technology, and manufacturing. The key is to use our oil wealth wisely to build a sustainable and diversified economy,” Elumelu stated.
He highlighted the need for the Nigerian government to implement policies that maximize oil earnings while channeling resources into emerging industries that can drive long-term economic growth.
“We need a clear framework that ensures oil revenue is invested in sectors that create jobs, support entrepreneurship, and attract foreign direct investment. Nigeria has immense potential beyond oil, but we must be strategic in our approach,” he added.
Elumelu’s remarks come amid ongoing discussions about Nigeria’s economic future, with the federal government pushing for more investments in non-oil sectors to reduce dependence on crude oil exports.
While the government has made efforts to expand its revenue base through taxation and economic reforms, oil remains a key driver of Nigeria’s fiscal policy. Experts agree that prudent management of oil wealth will determine the country’s ability to achieve long-term economic transformation.