TheCable

The Nigeria Extractive Industries Transparency Initiative (NEITI) is set to hold a conference on resolving outstanding remedial issues in the oil, gas and mining sector.

In a statement on Friday, Ogbonnaya Orji, director, communications and advocacy of NEITI, said experts across the extractive industries have been invited for the conference.

“Experts across the extractive industries value chain have been assembled to review the status of NEITI’s remediation issues, evolve strategies, set new targets and define next steps,” Orji said.

The conference which will hold on October 29, is expected to attract over 150 participants drawn from governments, extractive companies, civil society leaders, media, and development partners.

The executive secretary of NEITI,  Waziri Adio, will deliver the keynote address. The conference will also examine how to strengthen current remediation mechanism to yield the desired impacts.

Specific issues to be discussed include pending remittances and recoverable revenues from oil and gas sector to the Federation Account, outstanding debt owed by oil and gas companies, among others.

NEITI is convinced that resolving the outstanding remedial issues in its independent audit reports will contribute significantly in deepening the ongoing reforms in the oil, gas and mining sectors, improve investment climate in the sectors and increase revenues inflows to government coffers.

Remediation, a process in which gaps identified in the NEITI’s reports are addressed, is one major challenge being faced currently by NEITI.