Dr. Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), emphasized the urgent need for an estimated $20 billion per year to bridge the expanding gas infrastructure gap in Nigeria.
Speaking at the Nigerian International Pipeline and Security Conference, he underlined the critical importance of bolstering security and safeguarding petroleum industry assets to enhance the country’s economy.
Join our WhatsApp ChannelOrji went on to highlight the grim reality of oil theft and losses in Nigeria, stating that it has escalated into a national emergency, endangering oil exploration and exploitation. He cited NEITI’s 2021 Oil and Gas Industry Report, revealing that the sector accounted for a portion of Nigeria’s exports, government revenue, and job creation.
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However, despite its significance, Nigeria has yet to reap the full benefits of its oil and gas resources due to rampant oil theft and losses through pipeline vandalism and insecurity. Orji also pointed out the complicity of certain industry associations in facilitating these criminal activities.
According to NEITI’s data, 619.7 million barrels of crude oil, valued at trillions of naira, were stolen between 2009 and 2020. Additionally, Nigeria lost billions of liters of petroleum products and spent sums on pipeline repairs during this period.
Orji stressed the importance of curbing oil theft and vandalism to restore investor confidence and rebuild trust in the industry. He called for investments in gas infrastructure, estimating an annual requirement of $20 billion to bridge Nigeria’s gas pipeline and infrastructure gap.
The Speaker of the House of Representatives, Mr. Tajudeen Abbas, emphasized the commitment of the National Assembly to create a solid legal framework for the oil and gas sector, citing the enacted Petroleum Industry Act (PIA).
Moreover, the event brought together key industry players and stakeholders, shedding light on the pressing need for investments to secure Nigeria’s energy assets and unlock the full potential of its oil and gas resources.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
