Abia State Governor, Alex Otti, has called on stakeholders in the extractive industry to pay attention to the new ecosystem with respect to the business of exploration of mineral resources.
Otti made the call on Wednesday while declaring open, a two â day National Stakeholdersâ Retreat and Board Meeting of Nigerian Extractive Industries Transparency Initiative holding in Umuahia the state capital with the theme, âImpacts of Energy Transition on Nigeria Economy â.
The governor, who titled his speech, âProsperity Through Transparencyâ stressed the need for NEITI to set up systems that are pro-Nigeria in terms of reporting industrial accountability to avoid a repeat of the costly mistakes of the past.
He said that attention should be paid to the unfolding dynamics of the old and new energy.
âNEITI would do well to pay close attention to the evolution of this new ecosystem with respect to the business of exploration of mineral resources.
âIt should set up systems that are pro-Nigeria in terms of reporting and industrial accountability to avoid a repeat of the costly mistakes of the past.
âStakeholders are encouraged to pay attention to the unfolding dynamics of the old and new energy order to enable the development of appropriate paradigms for optimizing operations and cutting out sharp practices within the extractive industry.
âWhatever happens, the best path for us will be to embrace the new opportunities that are bound to come with the transition to low and non-carbon energy sources,â Otti stated.
The governor noted that Abia is preparing itself for the future and has installed thousands of solar-powered streetlights across the State to improve security and public safety.
He explained that the initiative has brought about massive savings in energy costs, improved service delivery, and given the state a sense of how to evolve a more holistic energy policy as a State.
He added that the state is partnering with agencies of the Federal Government to explore and develop the stateâs rich deposits of natural resources and turn them into productive revenue earning assets.
Otti revealed that currently, hundreds of young people are being trained to drive the installation and management of the new energy infrastructure and said that he has set up an investment vehicle called APTAN Energy Limited, a joint venture that has the Abia State Government, Petroleum Technology Association of Nigeria, PETAN, and a consortium of private investors as partners.
The governor used the opportunity to assure that he is committed to working with the federal government to deliver the needed dividends of democracy.
He commended NEITI for the transformative initiatives it has put in place to promote a system of transparent reporting and accounting of the revenue streams and lauded the Secretary to the Government of the Federation, Dr. George Akume, for upholding the ideals of the institution and expressed the hope that the resolutions that would be reached at the end of the exercise would further consolidate the gains that have been made in optimizing the reporting and accountability framework in Nigeriaâs extractive industry.
In his keynote, the former Governor of Benue State, Secretary to the Government of the Federation and Chairman of the National Stakeholder Working Group of NEITI, Dr. George Akume said that the retreat serves as a strategic platform to reflect on, review and adjust efforts towards reforms in the extractive sector, particularly regarding the global energy transition.
He said that the federal government is taking deliberate steps to ensure that Nigeriaâs energy transition is just, inclusive, and beneficial to all Nigerians, especially those at the grassroots level.
Akume expressed the federal governmentâs appreciation to Governor Otti for providing the enabling environment conducive enough to host the national retreat.
âGovernor Ottiâs transformative development agenda and people-oriented governance model are highly commendable.
âWe at the federal level have followed with keen interest the broad and coordinated steps his administration is taking to rebuild infrastructure, strengthen governance, improve social services, and enhance securityâ, Akume stated.
Earlier in his remarks, the Executive Secretary and CEO of NEITI, Dr. Orji Ogbonnaya Orji said that the theme, âImpacts of Energy Transition on Nigeria Economy â is apt and informed the participants that the transition in the energy business presents challenges of innovation.
He disclosed that NEITI commissioned a detailed study on the impact on the energy transition and noted that the study has made commendable progress.
He said that he expects the retreat to deliver actionable guidelines for the institution and called on all participants to support the open debates and appreciated Abia State Governor for hosting the retreat.
The Governor was accompanied to the event by retinue of government officials.
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