In response to the Nigeria Extractive Industries Transparency Initiative (NEITI) report for the year 2021, Honorable Ugochinyere has expressed deep concern over the underperformance of the solid mineral industry, emphasizing the need for urgent action to address the sector’s revenue challenges. He articulated his thoughts during the unveiling of the NEITI 2021 solid minerals report, where he addressed key issues highlighted in the NEITI report.
Solid Mineral Revenue and Economic Impact
Honorable Ugochinyere lamented the stark reality that the solid mineral industry contributed only 170 billion naira in revenue. This figure, in his view, falls far short of the sector’s potential, given the vast mineral resources scattered across the country. He underscored the irony of Nigeria, a nation blessed with abundant mineral wealth, reaping so little from these resources.
Highlighting the economic importance of the solid mineral industry, Honorable Ugochinyere drew a sharp contrast with neighboring countries, particularly Niger, Africa. He noted that these countries have successfully leveraged their mineral wealth to propel economic growth and development. In light of this, he urged Nigeria to take immediate action to harness the vast potential of its mineral deposits.
Transparency and Accountability
Honorable Ugochinyere stressed the critical role of transparency and accountability in maximizing revenue generation from the solid mineral sector. He called on the government to prioritize the elimination of leakages within the industry, advocating for increased transparency and accountability measures. He emphasized that these measures should not only be aimed at boosting revenue but also at fostering a clean energy transition.
Government’s Responsibility
Honorable Ugochinyere commended the NEITI report for its timeliness and its potential to serve as a wake-up call for the government. He urged the government to take the findings seriously and use them as a roadmap for necessary reforms. Specifically, he called for intensified efforts to block revenue leakages, enhance transparency, and increase accountability within the sector.
The Role of Legislation
The lawmaker emphasized the importance of legislative support in driving reforms in the extractive industries. He pledged to ensure that the relevant legislative bodies conduct public hearings, as required by the law, to hold accountable those who have defaulted in their financial responsibilities.
Furthermore, Honorable Ugochinyere expressed his intent to collaborate with fellow lawmakers to strengthen the NEITI Act. He emphasized the need to empower NEITI with the authority to recommend prosecution and sanctions where necessary, thereby reinforcing its ability to enforce transparency and accountability within the sector.
In conclusion, Honorable Ugochinyere’s reaction to the NEITI report for 2021 underscores the urgency of addressing the challenges facing the solid mineral industry in Nigeria. His call for reforms, increased transparency, and accountability aims to unlock the untapped potential of the sector and ensure that Nigeria benefits fully from its rich mineral resources.
