Nigeria's foremost Online Energy News Platform

$20bn investments lost annually on delayed Nigerian oil sector reforms – NNRC

The continued delay in the reform of the Nigerian petroleum industry has resulted in the loss of at least $20billion indirect investments annually, Nigeria Natural Resource Charter (NNRC) has disclosed.

This information was given during a webinar conference held by NNRC and monitored by BusinessDay in Abuja.

While calling for capacity development in the oil and gas industry, Tengi George-Ikoli, Project Coordinator of NNRC, revealed that improving the competence of staff through training and providing incentives can safeguard against narrow rent-seeking and promote overall organisational effectiveness.

“Despite the disclosure of information by NNPC in recent times, it is important to examine the implications and unintended consequences of increased information disclosure. Specifically, shining light on some information may leave other issues in darkness.”

“Furthermore, transparency or information disclosure is not an end in itself. It is instrumental in seeking accountability.”

“Too much emphasis on information disclosure is misplaced, especially when the assumption that the availability of information incentivises good behaviour among decision-makers fails,” he said.

Other speakers at the webinar maintained that information disclosed by the NNPC has to be useful and civil society and the public have to be able to understand and use it.

Source: Business Day