NEITI Calls For Transparency, Accountability In Nigeria’s Energy Transition Plan

The executive secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, has said, Nigeria must be prepared to mainstream transparency and accountability mechanisms into her energy transition agenda to avoid the pitfalls of her past and present energy circumstances.

Orji, who was represented by the assistant director Communications & Advocacy, Mrs Obiageli Onuorah stated this while delivering a special industry address at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos with the topic “Transparency and Accountability a Key to Sustainable Energy Sector: The Role of Nigeria Extractive Industries Transparency Initiative (NEITI)”.

He commended NAEC for choosing the broad theme of: “Energy Transition, Shaping the Future of Nigeria’s Energy Industry: An Appraisal of the Petroleum Industry Act, Evolving Benefits and Challenges” for this year’s conference, which he said, is very apt, given the unfolding developments and emerging realities both in the global and domestic energy industry.

According to him ‘’as the world moves from fossil fuel to cleaner and sustainable energy, it must be noted that transparency and accountability will be central to efforts to support the transition process. This will include the reporting of emissions, the disclosure of climate risks and the overall governance of the future energy industry.

fore, Nigeria must be prepared to mainstream transparency and accountability mechanisms into her energy transition agenda to avoid the pitfalls of her past and present energy circumstances.’’

He affirmed that NEITI has a major role to play in a sustainable energy sector for the country and is already working with its partners to help stakeholders gain full insights and deepen public knowledge on the risks and opportunities that are associated with the transition within national context through timely disclosures and dissemination of extractive industries data and information.

The agency, considering the multi-sectoral nature of the energy transition, is galvanising the needed inter-agency cooperation and national consensus for a sustainable energy sector.

He noted that already NEITI through the EITI has engaged a consultant to advise it specifically on energy transition. Together with the Natural Resources Governance Institute, our global affiliate -the EITI and BudgIt, we are planning a National Dialogue on Energy Transition on the 6th of October. This Dialogue will bring together national and international experts to brainstorm on Nigeria’s contextual reality as it concerns its transition to a low carbon, cleaner and renewable energy future.

He said that NEITI is also supporting the government’s drive to increase revenues through thorough reconciliations of data of operators in the nation’s extractive sector, push for renewal of obsolete MoUs and fiscal regime of the sector and other policy advisory roles to government.