Tuesday, Sep 21st 2021 6:10 PM

Market Digest Nigeria


Buhari asks NEITI to facilitate investments into the Oil and Gas sectors of the country

The Federal Government has advised the newly constituted Board of NEITI to build on the efficiency, excellence and high reputation with which it has led ongoing reforms in the oil gas and mining sector


President Muhammadu Buhari gave the charge in Uyo, Akwa Ibom State while declaring open a meeting of members of the Board.

The President explained that the work of NEITI aligns with the vision of his administration to provide a robust governance framework in the oil, gas and mining industry.

He said the NEITI policy was developed as a measure to guarantee professionalism, transparency, accountability, good returns on investment and improved revenue from the extractive sector.

The President, represented by the Secretary to the Government of the Federation, Mr Boss Mustapha urged the new Board to provide the required leadership and strategic direction for NEITI to channel similar attention it has shown in the oil and gas industry to the solid minerals sector to galvanize reforms.

“The Board of NEITI must articulate a new approach and seek productive collaborations where necessary, to make Nigeria investment destination and dramatically increase the quantum of investments to the country”. The President stated.

President Buhari described as unacceptable a situation where only $3 billion came to Nigeria out of the $75 billion investment in the extractive industry that flew into sub-Saharan Africa.

He used the opportunity of the NEITI retreat to reaffirm Nigeria’s commitment to using the Extractive Industries Transparency Initiative (EITI) to implement reforms and revenue growth.

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