Home / OIL & GAS / Oil sector’s ranking to boost FDIs, GDP, says NEITI

Oil sector’s ranking to boost FDIs, GDP, says NEITI

Oil sector’s ranking to boost FDIs, GDP, says NEITI• NNPC harps on respect for procurement law

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the satisfactory validation by the international board of the organisation would attract investments and boost the nation’s Gross Domestic Product (GDP).

Nigeria and Norway were last week lauded by the Extractive Industries Transparency Initiative (EITI) for achieving the highest level of transparency in oil business.

Addressing a press conference yesterday in Abuja, NEITI Executive Secretary, Waziri Adio, stated that the cooperation of the Federal Government and other stakeholders was needed to achieve the desired level of openness in the oil and gas industry.

He maintained that the development was not a destination but a journey, adding that the “move is an indication that a transparent, open and accountable oil and gas sector is feasible in the country.”

Adio expressed the hope that the move would encourage investors, thereby boosting the country’s revenue profile.

Harping on the importance of the ranking, he submitted: “EITI validation is a major achievement that did not come easy. We are very proud of this milestone.

“Our country hardly gets in the news for the right reasons. Our ranking on most governance and development indices, even when improving, leaves much to be desired.

“It shows what is possible in the sector and beyond. It is a boost and welcome development, and should fire all of us to do more.”

However, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has threatened to sanction any employees found wanting of the Public Procurement Act in the award of contracts.

He cautioned against contract splitting and accumulation.

According to him, the infractions are deliberate acts by procurement managers to subvert due process.

The GMD reiterated the corporation’s commitment to accountability in every area of its operations. He urged the Supply Chain Management Division to strictly monitor the tender boards in the quest to deepen the culture in all spheres.

Baru commended President Muhammadu Buhari for the early approval of the national oil agency’s budget, promising that as the chief revenue earner for the nation, the organisation was committed to the economic policies of government.

“The whole essence of the next level is to ensure that things are done correctly and speedily for the benefit of the people,” he added.

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