BudgIT Seeks Reform of Nigeria Extractive Sector

BudgIT and Stakeholders in the Extractive Sector have called for the reform of the Nigeria Extractive Sector.

This was contained in the BudgIT’s Extractive Industry Reform Document titled “The Next Frontier: Extractive Industry Reforms.”

Speaking on the document, the BudgIT’s Extractive Transparency Lead, Adejoke Akinbode, highlighted some solutions that should be explored to maximize the sector’s fortune for economic growth and citizen’s development.

In her remarks, the Executive Director of Stakeholder Democracy Network (SDN), Mrs Florence Kayemba, expressed her concerns on the neglection of the low quality of Petrol being imported into the country. This quality is far below the standard of what is obtainable in the environment where the oil is being imported. She asserted that her organization’s assessment in Nigeria’s south-south region shows that artisanry refined oil is confirmed to be of better quality than what the Nigerian government is importing into the country.

Other stakeholders present at the programme emphasized the need to regulate NNPC’s cost of collection as a solution to end the discretionary deductions by NNPC.

They also added that the Nigerian government and non-state actors need to start paying attention to happenings in the solid mineral industry, noting that in years to come, oil may become unmarketable.

It was unanimously agreed that CSOs working in the extractive sector should consider developing a framework to raise an endowment fund that would guarantee access to resources to pursue necessary actions by civil society groups.