By Izuchukwu Mayor
Amid production targets of 2.5 million barrels per day (mbpd) by 2027, the Nigeria Extractive Industries Transparency Initiative (NEITI), has reiterated that the country’s energy future will be defined by how transparently its resources are managed.
The Executive Secretary & National Coordinator, NEITI, Orji Ogbonnanya, who made the assertion today, at the Nigeria Association of Energy Correspondents (NAEC) Conference 2025.
Dr. Orji maintained that “Nigeria’s energy future will not be defined by the size of our reserves or production capacity, but by how transparently and prudently we manage our natural resource wealth — the revenues, data, contracts, and decisions that shape our national destiny.”
The NEITI scribe was particularly concerned that despite earning $23.04 billion in 2021 and $23.05 billion in 2022 from the oil and gas sector, Nigeria is still bugged down by a whopping ₦1.5 trillion in outstanding remittances.
He said that this amount, which is being owed to the Federation by some companies and government agencies, “could significantly support energy infrastructure, education, and healthcare if recovered.”
He revealed further that “Our findings also exposed the devastating cost of poor accountability. In 2022 alone, Nigeria lost 13.5 million barrels of crude oil valued at $3.3 billion to theft and sabotage.
“That is revenue that could have financed a full year of the federal health budget or provided energy access to millions of households.
“These losses are not just economic — they represent broken trust, institutional weaknesses, and missed opportunities for national progress. This is precisely why transparency and accountability are not optional. They are existential.
The NAEC conference was themed: “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,” which held at the Eko Hotel & Suites, in Lagos.
Accordingly, he commended NAEC’s professionalism, courage, and consistency in promoting open conversations about our energy governance, saying that it “mirrors NEITI’s mission — ensuring that transparency translates into accountability, and accountability delivers sustainable development.”
Mr Orji, who spoke on: “Transparency as the Foundation of a Sustainable Energy Future,” argued that “The era of secrecy in resource governance is over.
“The global energy transition towards cleaner fuels, gas optimisation, and renewable energy requires openness, responsibility, and innovation at every stage of the value chain.”
As a result, he said that NEITI remains uncompromising in its philosophy: “Data builds trust, and trust drives investment.”
This is because, “Transparency is not a bureaucratic exercise — it is an economic imperative. It attracts capital, technology, and partnerships. Our latest NEITI industry reports make this truth evident.”
NEITI envisions a sector where every dollar is traceable, every contract is public, every decision is transparent, and every Nigerian citizen can see how natural resources translate into national prosperity.
Reforms and accountability
Mr Orji informed that over the past decade, NEITI has evolved from just an auditing agency to a governance reform institution. Thus, it has:
- Institutionalised regular audits of oil, gas, and solid minerals sectors, tracking production, payments, and remediation;
- Developed Nigeria’s Beneficial Ownership Register, unmasking the true owners of over 4,800 extractive assets, and helping government combat corruption and illicit financial flows;
- Launched the NEITI Data Centre — a national open-data infrastructure that provides real-time public access to industry information;
- Strengthened partnerships with NUPRC, NMDPRA, and NCDMB to promote transparency in licensing, metering, and host community trust management; and
- Introduced the Just Energy Transition and Climate Accountability Framework, to ensure that Nigeria’s shift to cleaner energy is transparent, inclusive, and fair.
He opined that these are not ceremonial milestones, because “They are practical governance instruments designed to make transparency the DNA of Nigeria’s extractive sector.”
To this end, the NEITI boss described the media as “critical partners and watchdogs of transparency,” as their reports are “powerful accountability tools that can prevent corruption.”
He therefore charged them to:
- Use NEITI’s data to hold both government and industry accountable;
- Investigate how extractive revenues translate into roads, schools, hospitals, and power;
- Simplify complex audit findings for citizens to understand and engage with;
- Amplify the voices of host communities and advocate for fairness in energy governance; and
- Keep transparency and accountability at the centre of national discourse.
Mr Orji also noted that as Nigeria positions gas as its transition fuel and renewable energy as its future, governance must keep pace with innovation, adding: “Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions.”
According to him, “NEITI envisions a sector where every dollar is traceable, every contract is public, every decision is transparent, and every Nigerian citizen can see how natural resources translate into national prosperity.”
He reiterated NEITI’s commitment “to ensuring that every barrel produced, every cubic foot of gas commercialised, and every kobo earned contributes to national development — in full public view.”
