Nigeria Must Convert Petroleum Wealth into Lasting Value: Wumi Iledare

Renowned petroleum economist and Professor Emeritus of Petroleum Economics at the Louisiana State University (LSU) Energy Institute in the United States, Prof. Wumi Iledare, has called for a fundamental shift in Nigeria's management of its petroleum resources.

Iledare made this call as he marked his 75th birthday on Sunday, September 6, 2026, reflecting on Nigeria's nearly seven decades of commercial oil production and the urgent need to translate petroleum wealth into lasting national development.

While acknowledging that the petroleum industry has generated substantial revenues, foreign exchange, infrastructure, institutions, and professional expertise for Nigeria, Iledare argued that the country must now focus more deliberately on converting resource wealth into enduring productive capacity.