NEITI calls for urgent reforms to attract investment in Nigeria’s extractive sector

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the government to address the rampant issues of oil theft, corruption, and vandalism in the oil sector. These challenges, according to Executive Secretary Dr. Ogbonnaya Orji, have hindered investment opportunities and jeopardized Nigeria’s energy transition goals.

During a meeting with foreign dignitaries, Orji highlighted the need for significant investments in the gas sector to support the country’s transition from fossil fuels. He estimated that approximately $20 billion per year would be required over the next decade to develop the necessary gas infrastructure.

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However, Orji emphasized that these investments would only be possible if the industry is able to overcome the persistent problems of corruption, oil theft, illegal mining, and pipeline vandalism. He stressed that NEITI’s primary objective is to protect Nigeria’s revenues and attract investment in the extractive sector by implementing bold reforms to address these challenges.

He said, “NEITI’s position remains that such bold reforms will no doubt deal with the current challenges of corruption, oil theft, illegal mining, stealing of Nigeria’s precious minerals, pipeline vandalism, environmental damage, the ecosystem, and other associated governance challenges.

“NEITI’s legitimate interest is to save our country from continuing loss of revenues and investment opportunities in the sector.”

Tags: NEITI, Nigeria, Bola Tinubu, Mining, Reforms, Revenue, Nigeria Extractive Industries Transparency Initiative, Extraction, Ogbonnaya Orji