NEITI seeks new approach to attract investments to petroleum industry

THE new Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji has said that the agency is offering a new approach to ensure that fresh investments are attracted to Nigeria’s oil and gas industry.

NEITI in a statement by its Head, Communications and Advocacy, Mrs. Obiageli Onuorah on Sunday said Dr. Orji stated this during consultative meetings with leading Civil Society Organizations and a forum of oil, gas and mining companies in the extractive sector in Nigeria.

Orji called for closer collaboration and partnership with the civil society, oil, gas and mining companies towards the implementation of ongoing reforms in the extractive industry in Nigeria.

At the meeting organised by the oil trade section of the Lagos Chamber of Commerce and Industry, Dr. Orji assured the companies that under his leadership, NEITI will be a pillar of trust, partnership and collaboration.

He added that NEITI will work with the companies and relevant government agencies to address the growing concerns over multiple and proliferation of levies and taxation.

He told the oil and gas companies that the new approach by NEITI is to work with the government, companies and civil society to rebuild trust urgently required to promote inflow of foreign direct investments into the oil, gas and mining sectors through the NEITI/EITI process.

He expressed regrets over the complaints by oil companies that out of over $75 billion investments that came into sub Saharan Africa in the last few years, only $3 billion came to Nigeria.

According to him, “It is time for us to re-unite with mutual respect to address poor investments in the industry and I see my appointment as NEITI Executive Secretary as the instrument of that unification”.

He explained that “stakeholders unity is key because in transparency and accountability, every one gains”.

Dr Orji disclosed that NEITI will evaluate the roles of its strategic partners, device new approaches to achieve results, create opportunities and extend the frontiers of transparency and accountability by responding adequately and swiftly to the emerging issues in the EITI.

 

 

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