NEITI says it is poised to attract much-needed foreign investment in Nigeria’s oil and gas industry


The Nigerian Extractive Industries Transparency Initiative (NEITI) says it is poised to attract much-needed foreign investment in Nigeria’s oil and gas industry.

This is according to Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI. He said this during the stakeholder engagement on the Nigerian Petroleum Industry Act (PIA) which was held on Tuesday, November 22 in Abuja.

During his speech at the forum, Dr. Orji said that in recognition of NEITI’s leadership role in crafting reforms in the oil and gas industry, the federal government appointed NEITI to a steering committee to steer the process. implementation of the PIA, which is important and strategic. for the Nigerian oil and gas industry.

He stressed the importance of accountability and transparency in the industry and stated that he would continue to work to lead NEITI with the necessary strategic direction. He went further, stating that NEITI has been working with relevant stakeholders and drawing on its industry experience and exposure to ensure that the implementation of the PIA delivers its objective and desired results across the board.

renovated unit: A stakeholder who attended the event in Abuja told Nairametrics that it appears that in its last days, the Buhari administration has developed a renewed interest in the country’s oil and gas industry to maximize its resources for the benefit of Nigerians. According to her, the Buhari administration has demonstrated this from the passage of the PIA to the transformation of NNPC into a limited liability company, to the current fight against crude oil theft and the opening of new oil and gas campaigns in border basins.

The news continues after this announcement.

During his speech at the stakeholder engagement, Dr. Orji also said that NEITI was working to promote transparency in the country’s oil and gas industry. One of the ways this is done is through the NEITI reports, which have shown that Nigeria earned $741.48 billion in oil revenue between 1999 and 2020. According to Dr. Orji, the 2021 report on the industry of oil and gas will soon be available.

Industry 2020 data: Based on 2020 NEITI data, the total amount of revenue received from the industry in 2020 was $20.43 billion, which is the lowest between 2011 and 2020, except for 2016, which was $17.06 billion.

The news continues after this announcement.

For the record: According to 2020 NEITI data on solid minerals, Nigeria mined 527.37 tons of minerals between 2007 and 2020. The data also indicates that the total export of minerals from Nigeria in 2020 was 32,992 tons with a free-on-board value of 42 .46 million dollars. Of a total of 71,151,000 tons of minerals produced in 2020, 71,118,008 tons, or 99.95%, were used in the country. The main minerals exported were zinc ores and concentrates, lead ores and concentrates, and manganese ores and concentrates.


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