Massive Revenue, But Infrastructure Needs Urgent Investment
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria generated $831.14 billion from oil and gas between 1999 and 2023.
However, the country requires $20 billion annually for the next decade to develop its gas infrastructure, according to NEITI’s Executive Secretary, Ogbonnaya Orji. He made this statement while briefing the Senate Committee on Public Accounts on Monday.
READ ALSO: Oil Companies Owe Nigerian Government $6.175 Billion in Unpaid Royalties and Taxes – NEITI
Crude Oil Theft: Over 701 Million Barrels Lost Since 2009
Orji highlighted the severe impact of crude oil theft. Since NEITI began tracking losses in 2009, Nigeria has lost about 701.48 million barrels due to illegal activities. This has led to significant revenue shortfalls for the country.
Solid Minerals Sector Remains Underutilized
Despite contributing ₦1.56 trillion between 2021 and 2023, Nigeria’s solid minerals sector still accounts for less than 1% of the GDP.
The top states in solid mineral.