NEITI Raises the Alarm over Threat to Oil Sector

04 Dec 2012

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NEITI Executive Secretary, Mrs. Zainab Ahmed

Patrick Ugeh 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has raised the alarm that the oil and gas sector was under serious threat of running into troubled waters should the  United States make good its plan to stop importing oil from Nigeria by 2025.

The NEITI Executive Secretary, Mrs. Zainab Ahmed, who stated this, therefore stressed the need for prudent and transparent management of the depleting revenues from oil.

Speaking at a collaborative event between Miners Association of Nigeria and the Ministry of Mines and Steel Development in Abuja, Ahmed called for increased investment in mining sector, saying that ultimately, would be the alternative to the anticipated crash of the petroleum market. 

A representative of the Nigeria Export Import (NEXIM) Bank, Mr. Hope Yoyo, stated that the bank was ready to promote the mining sector.
Unwillingness by the banks and other financial institutions to invest in the sector had been fingered as its bane.
"NEXIM is willing and ready for investment of value-added minerals," Yoyo said, adding: "We have friends coming from China and other countries."
Also speaking, Minister of Mines and Steel Development, Mohammed Sada, reiterated the association's key position in the ministry's efforts toward developing the minerals and metals sector of the economy. 
He said the roles members of the group played in the development and exploitation of the nation's mineral resources could not be over-emphasised.

On his part, the Chairman, Miners Association of Nigeria, Alhaji Sani Shehu, stated that the association had adopted a policy of encouraging artisanal and small-scale miners in the area of documentation for formalisation.
"In the last one year, the association has been operating in a temporary accommodation in Abuja," he said. 

He added: "Before now, Miners Association of Nigeria had its own building which housed its corporate headquarters and operational base in Jos, capital of Plateau, but like similar associations of our status, we discerned that the headquarters must be moved to Abuja, the Federal capital, for effective administration, timely intervention in matters affecting operators in the industry."

“We seek support of the major operators in the industry, for financial and material contributions towards the actualisation of our laudable goals for securing a decent accommodation"

Tags: Business, Nigeria, Featured, NEITI, Oil Sector

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