March 1, 2024

NEITI launches new 5-year strategic plan to enhance implementation of energy transition, PIA

Oredola Adeola

The Nigeria Extractive Industries Transparency Initiative (NEITI) has launched a new five-year (2022-2026) strategic plan that will be focused on the implementation of the Petroleum Industry Act (PIA), energy transition, beneficial ownership, contract transparency and other emerging issues affecting its mandates.

 

The NEITI plan was launched by Mr. Boss Mustapha, Secretary to the Government of the Federation in Abuja on Monday.

 

EnergyDay gathered that the new plan was launched after the expiration of the existing strategic plan developed to direct the course of the agency’s programmes and activities between 2017 and 2021, which ended in December 2021.

 

Further checks by our correspondent showed that the old plan had enabled NEITI to shape extractive sector operations and overall governance reforms through policy engagements, leadership, and inter-agency coordination, deepen openness in the sector and strengthen demand for accountability.

 

Dr. Orji Ogbonnaya, Executive Secretary of NEITI, in his remark at the launch of the plan, said that under the new strategic objectives, NEITI will focus on the implementation of the PIA.

 

He further explained that the comprehensive implementation of the Act will address the challenges within the oil and gas sector.

 

Dr. Orji said that the new plan has become more urgent now in view of the evolving process of the global Extractive Industries Transparency Initiative (EITI), the recent enactment of the Petroleum Industry Act (PIA), and the review of the NEITI Act in the National Assembly.

 

He further emphasised that the new strategic plan would address gender mainstreaming, energy transition, beneficial ownership, contract transparency and environmental protection and development.

 

Ogbonna noted that the plan will also bridge the revenue gaps, in view of the current economic reality Nigeria is experiencing.

 

He also emphasised that NEITI’s job was far from being completed until Nigeria’s hydrocarbon resources could be used to holistically better the lives of Nigerians.

 

 

Barrister Olusegun Adekunle, Chairman NEITI Board, in his comment, stated that the strategic plan is unique and rare among other member countries.

 

 

He said, “The plan will help guide the path in the direction that NEITI wishes to see the extractive industry in the next five years.

 

 

“It is a deliberate response to emerging global and national agenda on governance and development issues, particularly in the areas of beneficial ownership, contract transparency and open government partnerships and energy transition.

 

 

Mr. Boss Mustapha, Secretary to the Government, who was represented at the event by Dr. Maurice Mbaeri, Permanent Secretary, General Service Office, urged NEITI to expand its scope of operations to Sub National levels.

 

 

He also encouraged NEITI to become more effective in addressing EITI’s emerging issues while strengthening its intervention in policy engagements in the oil, gas, and mining sectors.