NEITI Chief Warns Oil Theft and Corruption Are Undermining Nigeria’s Energy Future
Nigeria’s oil sector continues to bleed revenue due to rampant oil theft, corruption, and vandalism, hindering vital investment opportunities, warns Dr Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI). Speaking in Abuja on Wednesday, Orji stressed that Nigeria would need substantial investment in the coming years to achieve its energy transition targets.
During a meeting at NEITI House with the Belgian Ambassador, Mr Pieter Leenknegt, the Australian High Commissioner, Ms Leilani Bin-Juda, and the Canadian High Commissioner, Mr Jamie Christoff, Orji highlighted the urgent need for reforms. He emphasised that the Federal Government’s decision to use natural gas as a transition fuel would necessitate around $20bn in annual investment over the next decade to develop essential gas infrastructure.
“To realise this vision, the industry must address the significant challenges posed by corruption, oil theft, illegal mining, the theft of Nigeria’s valuable minerals, and pipeline vandalism,” Orji asserted. He reiterated NEITI’s commitment to combating these issues, stating, “Our position remains firm that bold reforms are needed to curb these challenges, save our country from further revenue losses, and unlock the sector’s investment potential.”
The envoys present at the meeting expressed their support for NEITI’s efforts and lauded the recent completion of NEITI’s data centre, viewing it as a critical step towards enhancing transparency and combating corruption within Nigeria’s extractive industries.
