Nigeria Extractive Industries Transparency Initiative (NEITI) has declared that Nigeria requires a $200 billion investment in gas infrastructure to maximize its natural resources.
The Executive Secretary of the agency, Ogbonnaya Orji, stated this during the presentation of NEITI’s 2021–2023 report on oil, gas, and solid minerals before the Senate Committee on Public Accounts.
He emphasized that Nigeria, as the ninth-largest gas producer in the world and the leading producer in Africa, must make such an investment to fully harness its natural resource potential.
Orji argued that, based on NEITI’s findings, Nigeria needs to invest at least $20 billion per year in gas infrastructure over a period of ten years.
He said that this was the same approach countries like Qatar took in their energy sector to develop the required infrastructure.
He further emphasized that Nigeria must make significant investments in gas infrastructure to facilitate gas evacuation.
“Our study shows that we need an initial investment of $20 billion annually for 10 years to develop the necessary gas infrastructure to supply gas to the whole of Africa and beyond,” he stated.
” This of course , will require construction of gas pipelines along and across, West African sub-region, and beyond which is a huge expenditure”,
However, when asked about NEITI’s actions regarding the alleged $8.5 billion unremitted to the Consolidated Revenue Fund by agencies such as the NNPC and FIRS, the NEITI Executive Secretary said that the Economic and Financial Crimes Commission (EFCC) is already investigating the matter.
Regarding the solid minerals sector, the Executive Secretary added that it is not generating the desired revenue for the country, as annual proceeds from the sector contribute less than 1% to the GDP.
However, the Chairman of the Committee, Senator Ahmed Aliyu Wadada, and other committee members rejected NEITI’s report on solid minerals, stating that it does not accurately reflect the realities of the sector.
They questioned why only states such as Ogun, Osun, Kogi, Edo, Ebonyi, Rivers, Cross River, and the FCT were mentioned in the report, while states like Nasarawa, Zamfara, Kebbi, Plateau, and Bauchi were excluded.
The Chairman of the Committee, Senator Wadada, described the less than 1% contribution of solid minerals to GDP, as stated in NEITI’s report, as completely unacceptable. He emphasized that this must not continue and called for a complete overhaul of the sector.
COV/Bashir M
