About $2.6billion out of the $9.6billion trapped in the petrochemical, mining and manufacturing among other areas in the extractive sector, has been recovered, the Executive Secretary, Nigerian Extractive Transparency Initiative Industries (NEITI), Mrs Zainab Ahmed, has said.

She said the extractive sector is of importance to the nation, adding that there is the need to reduce corruption in the sector.

She said: “NEITI Report uncovered $9.8 billion discrepancies in 10 years. $2.6 billion has been recovered so far. The need for citizens to demand accountability was laid bare in the report.’’

Also, the Chief Executive Officer, Seven Energy, Jeffrey Corey, said the country has huge gas reserves, urging the Federal Government to make good use of it.

He said the nation’s gas potential could bring the desired economic growth, adding that the natural gas needs to be developed. He urged the government to explore opportunities in the extractive industry.


[The Nation]