Nigerian Natural Resource Charter (NNRC) has reiterated the need for better and improved policies for efficient and effective management of petroleum wealth and resources in Nigeria.
The organization made this disclosure at the launch and public presentation of 2019 Benchmarking Exercise Report (BER) in Abuja on Thursday.
In her opening remarks, Tengi George Ikoli, Programme Coordinator, NNRC, said: “The BER 2019 covers the findings of our thorough examination of the petroleum resource wealth management from the beginning of 2018 to the end of 2019 is an exceptional policy document which we hope will play an important role in influencing policy decisions in the Nigerian petroleum sector”
‘This Report which was painstakingly put together by a team of well accomplished research institutions is undoubtedly the most incisive, in-depth and well detailed account of the developments in the petroleum sector in the period under review.”
Ikoli added that the Report seeks to find answers to very important questions such as whether the government has clearly identified the country’s resource endowment, ownership and full impacts of extraction.
“It equally demands if the government has an inclusive and comprehensive national strategy for the management of resources as well as to what the extent resource management should secure the greatest benefit for citizens through an inclusive and comprehensive national strategy, clear legal framework and competent institutions, among others.” she remarked.
Speaking at the event, Expert Advisory Panel of the NNRC, Chairman, Mr. Odein Ajumogobia SAN and former Minister of State for Petroleum Resources, urged the legislators to be wary of avoidable blunders in policy making as regards the management of petroleum wealth in the country.
He stated that they must refrain from being too hasty in passing into law, policies that may not meet the current demands within the petroleum sector.
“Our policy makers must strive to seek ways to improve on the petroleum policies and its implementation for improved results” he stated.