The Nigeria Extractive Industries Transparency Initiative (NEITI) emphasized the need for the Federal Government to specify the roles of states, non-state actors, and investors in the national gas policy to foster widespread gas utilization in the country.
NEITI, an agency mandated by the Federal Government to ensure accountability in the oil, gas, and mining sectors, has consistently disclosed valuable information and data. Through its annual industry reports, NEITI has made numerous recommendations to improve Nigeria’s standing in the extractive industries and boost its economy.
In a recent economic agenda-setting program, NEITI’s Executive Secretary, Ogbonnaya Orji, conveyed their recommendations to the President for policy interventions.
Some of NEITI’s proposals include developing and publishing a detailed, cost, and comprehensive gas policy that clearly outlines the roles of states, non-state actors, and investors. This policy should be closely tied to the transparent gas flare commercialization program and Nigeria’s Energy Transition Plan. NEITI also assisted in supporting this process with relevant information and data.
Additionally, NEITI stressed the importance of reforming Nigeria’s solid minerals sector, including amending the Mining Act 2007 and establishing a state-owned enterprise with a substantial private sector-led governance structure, similar to NNPC Ltd.
- Bianca Ojukwu and Her Children Secure Victory in Legal Battle over Ojukwu Estate Assets in Lagos High Court
- Governor Dauda Lawal Seeks TETFund’s Support to Revitalize Zamfara State’s Education Sector Amid Insecurity Challenges
- NDA Cadets Begin Final Field Training, Urges Neighbouring Communities Not to Panic
Over the years, the Federal Government has earned substantial revenues from the oil/gas sector, highlighting the sector’s significance to the economy. However, NEITI urged the new administration to prioritize solid minerals’ reform and development to enhance revenue generation and prepare Nigeria for the inevitable global energy transition program.
Furthermore, NEITI emphasized the necessity of stringent sanctions against criminal activities, especially within the extractive sector, to pave the way for a prosperous Nigeria.