NEITI: Nigeria Needs $200bn to Boost Gas Infrastructure

The Nigeria Extractive Industries Transparency Initiative (NEITI) has underscored the urgent need for a massive $200 billion investment in Nigeria’s gas infrastructure to solidify its status as the ninth-largest gas producer globally and the number one in Africa.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, made this revelation while presenting the 2021-2023 Oil, Gas, and Solid Minerals report before the Senate Public Accounts Committee, led by Senator Aliyu Wadada Ahmed.

According to Dr. Orji, Nigeria lacks the essential infrastructure to fully harness its vast gas resources.

He emphasized that for Nigeria to unlock its gas potential and power not just the country but the entire West African sub-region and beyond, an annual investment of $20 billion over the next decade is imperative.

Orji stated:
“In Nigeria, what we need is to invest in gas infrastructure; our study shows that we need an initial investment of $20 billion annually for 10 years to be able to generate the kind of gas infrastructure required to provide gas for the whole of Africa and beyond.”

The Senate Committee on Public Accounts was visibly agitated upon reviewing NEITI’s report, particularly its findings that less than 1% of solid minerals revenue is remitted into the Federal Government’s Consolidated Revenue Fund (CRF).

Chairman of the Committee, Senator Wadada, condemned this abysmal revenue contribution, calling it “ridiculous and unacceptable.”

He insisted that the sector requires a complete overhaul to ensure Nigeria maximizes its mineral wealth.

Lawmakers also questioned why the NEITI report focused on solid minerals activities in only a handful of states Ogun, Osun, Kogi, Edo, Ebonyi, Rivers, Cross River, and the FCT while omitting mineral-rich states like Nasarawa, Zamfara, Kebbi, Plateau, and Bauchi.

In a rare show of unity, committee members unanimously agreed that the report failed to capture the true state of affairs in Nigeria’s solid minerals sector.

With Nigeria’s vast untapped gas and solid mineral reserves, the call for strategic investment and financial accountability has never been louder.

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