The Nigeria Extractive Industries Transparency Initiative (NEITI) emphasized the critical need for transparency and accountability in the energy sector.
This call was made at the 2024 Annual Strategic International Conference hosted by the Association of Energy Correspondents of Nigeria (NAEC) at Eko Hotel, Victoria Island, Lagos.
Represented by the South West Zonal Representative, Mr. Taiwo Olasupo, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, delivered a special address focusing on how openness in governance is essential for attracting sustainable investment.
In Dr. Orji’s speech, delivered on his behalf due to his absence on national duty, the call for transparency was central to rebuilding investors’ trust in Nigeria’s energy industry. He noted that serious investors require a predictable environment free of corruption, with clear laws and governance structures that promote stability. “Without these pillars,” he stressed, “no serious investor will commit significant capital to our sector.”
NEITI also presented key highlights from its 2022/2023 Oil and Gas Industry Reports, which were recently released. The reports revealed that as of June 2024, outstanding collectible revenues owed to the Federal Government from unpaid royalties and gas flare penalties amounted to over $6.071 billion and ₦66.4 billion. Additionally, the 2022 fuel importation figures showed a decline in Premium Motor Spirit (PMS) imports by 14% due to the removal of fuel subsidies. The report also noted a significant reduction in crude oil theft and a rise in revenue generation by material companies in the sector.
Dr. Orji’s address also highlighted the importance of the media in amplifying the findings of NEITI’s reports. He underscored the role of journalists in exposing corruption and inefficiencies, helping to inform the public and drive necessary reforms.
Speaking earlier, Ugo Amadi, Chairman of NAEC, emphasized the importance of addressing Nigeria’s energy trilemma—balancing finance, energy security, and international politics.
He called for greater investment in renewable energy and energy efficiency, and urged stakeholders to engage in finding sustainable solutions for the country’s energy future.
The event brought together industry stakeholders from the oil, gas, power, and renewable energy sectors, who are expected to deliberate on the challenges and chart a path for sustainable development in Nigeria’s energy sector.
