NEITI CEO Orji Calls For Urgent Policy Reforms In Nigeria’s Oil And Gas Sector

NEITI CEO Orji Calls For Urgent Policy Reforms In Nigeria’s Oil And Gas Sector

The Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, has emphasized the urgent need for reforms in Nigeria’s oil and gas sector, which he believes has the potential to contribute $66 billion to the national economy……CONTINUE READING 

In an interview with Arise TV on Thursday, Orji stated that the latest report released by NEITI would serve as a valuable tool for policymakers aiming to implement necessary changes in the sector. He noted, “Reforms are crucial, and that’s what I’m advocating for. Countries that are members of the EITI adhere to global standards, and as a signatory, Nigeria must follow these standards to establish structures that prevent misconduct.”

Orji acknowledged that reforming the oil and gas industry poses challenges worldwide, particularly in developing nations. He mentioned that the NEITI report has been designed for ease of implementation, stating, “While it’s a global challenge, our report offers a guide for policy decisions. We need a shift in policy, and this comprehensive document outlines how to recover the $66 billion at stake, necessitating serious attention.”

He further discussed the gaps affecting compliance, citing issues such as capacity deficits, information shortages, and institutional weaknesses. Orji expressed optimism that with the right measures, both companies and regulatory agencies could better fulfill their roles.

On the topic of the solid minerals sector, Orji revealed that NEITI plans to release a report by the end of October. He expressed concern about the disorganization within this sector, stating, “The solid minerals report is nearly complete, and we have extended our timeline to ensure thorough work. We are collaborating with rural organizations and key stakeholders to produce a comprehensive analysis, and it will be released by the end of October.”