Nigeria earned $741.48 billion from oil and gas investment between 1999 and 2020, the Nigerian Extractive Industries Transparency Initiative (NEITI) stated in Abuja on Tuesday.
The agency’s Executive Secretary, Mr. Orji Ogbonnaya Orji, stated this at a stakeholder engagement forum on the implementation of the Petroleum Industry Law (PIA), noting that the group had so far conducted and published 25 cycles of audit reports in the oil industry. and gas, which covers the period under review.
“The 2021 oil and gas sector audit is currently ongoing and will be published soon,” he said.
Mr. Orji said that NEITI was embarking on an expansion of its operations to support the government’s revenue growth plan.
“This is guided by a five-year (2022-2026) strategic plan that will enable the agency to establish a presence and operate at sub-national levels to support the government’s revenue growth plan and resource mobilization,” he said.
He expressed his delight that the NEITI reports have led to the government recovering several billion dollars from companies operating in the sector.
He said that the recommendations made by NEITI in its reports also triggered major reforms in the sector.
He assured that NEITI would provide the information and data in the oil and gas sector that would help the Presidential Steering Committee to effectively implement the PIA.
“As the agency charged with promoting transparency and accountability in the extractive sector, NEITI has a responsibility to facilitate and strengthen the participation of various stakeholders for a successful implementation of the PIA,” he said.
Mr. Orji emphasized the need for effective implementation of the PIA.
He noted that the PIA provided broader roles for NEITI in the Nigerian oil and gas sector, clearly spelling out the need for transparency and accountability.
“Therefore, the implementation of the Law and the full operability of its provisions are of great interest to NEITI and its stakeholders.
“NEITI has been working with relevant stakeholders and drawing on our experience and exposure in the oil and gas sector to ensure that the implementation of the PIA delivers its objective and desired results,” said Mr. Orji.
For his part, NEITI Governing Board Chairman Mr. Olusegun Adekunle said he resolved to prepare NEITI to fulfill Nigeria’s international obligation and meet Nigerians’ expectations of transparency and accountability.
Adekunle said the resolution was expected to position Nigeria to attract much-needed foreign direct investment in the oil and gas sector, while also supporting its revenue growth plan and resource mobilization.