NEITI welcomes NNPC transition
The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with high expectations, the transition of the Nigeria National Petroleum Corporation to an independent limited liability company.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, who witnessed the unveiling on Tuesday in Abuja, expressed hope that with the transition to a commercial entity, it was in a better position to compete favourably with leading international oil companies globally.
Orji, in a statement by Mrs Obiageli Onuora, Head, Communications and Advocacy, NEITI said that the transition was in line with the recommendations of NEITI industry reports for the oil and gas sector.
The report covered 1999 to 2019 which equally led to the emergence of the Petroleum Industry Act 2021 (PIA).
He said in the NEITI oil and gas reports that covered 1999 – 2019, the Initiative had consistently recommended that Nigeria’s national oil company should be privatised to make it competitive like other national oil companies across the globe.
He further explained that the immediate challenge that the new NNPC needed to tackle was to free Nigeria from fuel importation.
He commended the new team in NNPC and the present administration for the political will to get this reform done.
Orji expressed confidence that NNPC Ltd. would live up to its obligations as a supporting company of the global EITI.
He reiterated his call on the Federal Government to replicate the same feat for the solid minerals sector.
In his words, “Nigeria’s solid minerals sector also needs a holding company similar to NNPC Ltd. NEITI is advocating for the NLNG model which has proven to be sustainable, profitable and accountable.
Despite the challenges faced by the oil and gas sector during the Covid-19 pandemic, NLNG in Nigeria posted profits and even dividends. This is remarkable.”
