Nigeria/EITI

NEITI Develops New Strategic Plan To Address Revenue Gaps, Emerging Issues

Nigeria Extractive Industries Transparency Initiative NEITI logo

By Juliet Ukanwosu

The Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday in Abuja held a one-day stakeholders consultative forum to seek inputs into the development of its 2022-2026 strategic plan.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, in his remarks explained that the process which started in June this year is aimed at formulating a strategy to direct the agency’s course of work in the next five years. He said the existing strategic plan, 2017-2021, would be expiring by December this year.

According to Dr. Orji, the need to develop a new plan has been made more urgent with the evolving process of the global Extractive Industries Transparency Initiative (EITI), enactment of the petroleum Industry Act (PIA) and ongoing review of the NEITI Act.

“Implementation of the EITI has evolved over the years to include gender mainstreaming, energy transition, beneficial ownership, contract transparency and environment all of which needs to be captured in the new strategic plan.

“How NEITI process can help address some of the issues and revenue gaps in view of the current economic reality Nigeria is passing through make the development of new strategic plan critical,” Orji said.

While disclosing that the agency hopes to launch the new plan by November this year and commence implementation by January 2022, Orji added that “until Nigeria’s hydrocarbon resources can be used to holistically better the lives of Nigerians, NEITI’s job is far from being done.”

NEITI’s Director Policy Planning and Strategy, Dr. Donald Tyoachimin, who presented the 2017-2021 strategic plan diagnostic report as well as the 2022-2026 strategic plan, also emphasized the need for a new plan due to the changing concepts and reforms globally, nationally and within the industry.

Dr. Tyoachimin who is also the Chairman of the strategic plan committee, explained that the committee is made up of 10 members drawn internally and externally.

He explained that findings from the review of the 2017-2022 plan revealed funding, inadequate engagement at the sub-national and local levels, remediation, and disproportionate attention on oil and gas, among others as major gaps which the new plan seeks to address.

Extractive360 reports that the main objective of the current strategic plan is to enable NEITI shape extractive sector and overall governance reforms through policy engagements, thought leadership and inter-agency coordination, deepen openness in the sector and strengthen demand for accountability.

Stakeholders at the meeting were drawn from the media, civil society organizations, private sector and relevant government agencies.

 

 

 

 

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