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NEITI backs oil sector reforms

By Micheal Eboh

Nigerian Extractive Industries Transparency Initiative, NEITI, has thrown its weight behind plans by the ministry of petroleum resources to undertake far-reaching reforms in the petroleum industry. Speaking at the 5th Sustainability in the Extractive Industry (SITEI) Conference in Abuja, Executive Secretary of NEITI, Mr. Waziri Adio, applauded the decision to set up a single independent petroleum industry regulator, while he disclosed that the new roadmaps in the oil, gas and solid minerals sector portend a lot of prospects for the industry.

He added that the roadmaps hold great opportunities for massive investments, diversification and Nigeria’s economic recovery. Adio stated that NEITI is ready to provide the necessary support to drive the reforms, which prioritise the enactment of new petroleum industry legislation, establishment of a single independent industry regulation, transparency and efficiency in the sector.

He stated: “On our part, NEITI is available to provide the advocacy based on research, knowledge, information and data to support the reforms. The objectives of our well-researched publications are to provide knowledge based debate and ideas required to support the reforms. It is our hope that all stakeholders will explore these opportunities to contribute to the debate.”

Also speaking, Minister of Mines and Steel Development, Mr. Kayode Fayemi, lamented that over the years, Nigeria failed to take advantage of its oil wealth to become an economic super power, but rather indulged in unbridled profligacy, and further lost traction in its development journey, reversing the modest gains it had achieved in the growth of other important sectors.

 


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