Energy transition: NEITI seeks blockage of oil revenue leakage 

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has called for urgent action to block revenue leakages in the oil sector for Nigeria to finance the use of cleaner energy. Speaking at an event at a policy dialogue on climate adaptation and energy accountability, organised by Paradigm Leadership […]

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has called for urgent action to block revenue leakages in the oil sector for Nigeria to finance the use of cleaner energy.

Speaking at an event at a policy dialogue on climate adaptation and energy accountability, organised by Paradigm Leadership Support Initiative (PLSI) yesterday in Abuja, Orji said the transition requires huge financial investment, hence the need to mobilise funds for investment into renewable energy and adaptation projects.

He said, “Climate change and energy transition are now rated among the top global issues of our time. The debate around these issues is already reshaping the energy sector and will continue to have profound implications on our economy and livelihood in the near future. Hence the need for our government to work with non-state actors, evolve the right policies, and position our country to respond to the global agenda on energy transition.”

The Executive Director of PLSI, Olusegun Elemo, emphasised the importance of ensuring that funds earmarked for Nigeria’s equitable energy transition and adaptation to climate change are used as effectively and efficiently as possible.

He said the necessity to evaluate and audit both the management of public expenditures as well as the effectiveness of policies and programmes if Nigeria is to achieve the objectives of adapting to climate change and make the transition to a more sustainable energy source a reality.