The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that Nigeria requires an investment of $200 billion to develop its gas infrastructure, positioning the country as the ninth largest gas producer globally and the leading producer in Africa.
Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, made this assertion during the presentation of the 2021-2023 reports on Oil, Gas, and Solid Minerals to the Public Accounts Committee, which is chaired by Senator Aliyu Wadada Ahmed.
He emphasized that the necessary infrastructure to fully utilize the country’s gas resources is currently lacking.
Orji highlighted the need for an annual investment of $20 billion over the next decade to construct gas pipelines throughout the West African sub-region and beyond.
Orji stated, “In Nigeria, we must prioritize investment in gas infrastructure. Our research indicates that an initial annual investment of $20 billion over the next decade is necessary to develop the gas infrastructure needed to supply gas not just for Nigeria, but for all of Africa and beyond.”
The Senate committee expressed frustration over the NEITI report, which revealed that less than 1% of solid minerals revenue is being remitted to the Federal Government’s Consolidated Revenue Fund.
The Chairman of the Senate Committee on Public Accounts criticized the minimal contribution of solid minerals to the Consolidated Revenue Fund each year.
Other committee members agreed that NEITI’s findings on solid minerals do not accurately reflect the realities of the sector. They questioned why the report only highlighted states such as Ogun, Osun, Kogi, Edo, Ebonyi, Rivers, Cross Rivers, and the FCT, while omitting others like Nasarawa, Zamfara, Kebbi, Plateau, and Bauchi.
