ABUJA (Sundiata Post) – The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, reiterated the organization’s unwavering dedication to transparency and accountability in Nigeria’s solid mineral sector.
Speaking at the Public Policy Dialogue on Nigeria Minerals and Mining Legislation held at the National Assembly Library Complex, Dr. Orji expressed NEITI’s readiness to support the development of robust legislation aimed at fostering national development.
Addressing the need for legislative intervention, Dr. Orji highlighted the underperformance of Nigeria’s solid mineral sector, citing data from the 2021 NEITI Solid Minerals Industry report.
He disclosed that only 1214 companies were active contributors of royalties exceeding N3 million, a figure he described as disheartening.
Furthermore, Dr. Orji underscored the disparity between revenue generation and GDP contribution in the solid mineral sector.
Despite generating N818 billion from 2007 to the present, the sector’s contribution to the GDP remains at a mere 0.63%.
NEITI posits that strategic legislation is imperative to unlock the sector’s full potential and drive meaningful economic growth.
In advocating for the proposed legislation, Dr. Orji emphasized the importance of aligning with global standards and practices established by the Extractive Industries Transparency Initiative (EITI).
NEITI asserts that adherence to these standards will enhance transparency, accountability, and sustainability within Nigeria’s solid mineral sector, ultimately facilitating its integration into the global economy.
The reaffirmation of NEITI’s commitment comes amidst ongoing efforts to revitalize Nigeria’s solid mineral sector and harness its immense potential for socioeconomic development.
Dr. Orji’s remarks signal the organization’s proactive stance in promoting good governance and fostering a conducive regulatory environment conducive to sustainable growth in the sector.
