NEITI seeks collaboration with firms on Extractive Industry Reforms

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CBN

The Nigeria Extractive Industries Transparency Initiative (NEITI) has 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.

This is just as NEITI regretted that out of the $75 billion foreign direct investment (FDI) flowing into Africa, Nigeria has a meagre share of just $3 billion.

Speaking during separate consultative meetings with leading Civil Society organizations and a forum of oil, gas and mining companies in the extractive sector in Nigeria, the Executive Secretary NEITI, Dr Orji Ogbonnaya Orji noted that the new approach by NEITI is to work with the government, companies and civil society to rebuild trust was 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.

“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.

“Stakeholders unity is key because in transparency & accountability, every one gains.

“It is time for us to reunite 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. Stakeholders’ unity is key because in transparency and accountability, every one gains,” he said.

The executive secretary further assured the companies that under his leadership, NEITI will be a pillar of trust, partnership and collaboration.

He pledged that NEITI would work with the companies and relevant government agencies to address the growing concerns over proliferation of levies and taxation, noting that the organisation will evaluate the roles of its strategic partners and devise new approaches to achieve results.

In a separate meeting with CSOs, Orji promised to enhance the capacity of the civil society to respond adequately to unfolding challenges associated with driving the reforms in the extractive industry in Nigeria.

“We will create the space for engagement and address every concern that you have. Trust that we will work with you to deliver on your mandate as enshrined in the civil society protocols set out in the EITI Standard,” he said.

He announced the formation of a civil society congress, where robust debates and constructive dialogue on the scope, dimension and stakeholders responsibilities to reform Nigeria’s extractive sector through consensus building will be held from time to time under NEITI- covered entities and donors’ collaboration.

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