Board of the global Extractive Industries Transparency Initiative (EITI) has adjudged Nigeria as having made ‘Satisfactory Progress’ in the implementation of its principles in the nation’s extractive sector.
The decision was taken and announced at the 42nd Board meeting in Kyiv, Ukraine recently.
The Board noted that Nigeria is the first Anglophone African country to have made satisfactory progress in implementing all the requirements of the EITI Standard.
The EITI International Board expressed satisfaction with the quality, scope and content of NEITI Reports and called for sustained implementation of the recommendations contained in them as part of the overall reforms in the sector.
“Nigeria’s implementation of the EITI Standard remains in many respects a model for implementing countries globally….Apart from its scope, NEITI reports have shaped major reforms initiated in the sector, including those by the national oil company, NNPC. We hope the government will continue to use the NEITI process to inform its policies for better governance,” the EITI Board Chair Fredrik Reinfeldt said.
The EITI International Board commended the commitment of the Nigerian Government to embrace openness and transparency in the management of oil, gas and solid mineral revenues through its support to the work of NEITI and its audit processes.
The world body particularly noted Nigeria’s commitment to extend its EITI implementation to include strong multi-stakeholders oversight, openness in licenses and contracts, monitoring of production, revenue collection, socio-economic contributions as well as implementation of remedial issues contained in the reports.
The Board stated that Nigeria has fully addressed the corrective actions from the country’s first Validation. Consequently, Nigeria has made satisfactory progress overall with implementing the standard.
The Board also congratulated Nigeria that the EITI implementation by NEITI has not only influenced the on-going reforms in the sector but helping largely to shape its outcomes and expected impact.
Reacting to the development, NEITI’s Executive Secretary, Waziri Adio welcomed the news as a positive development. He noted that, “For us achieving Satisfactory Progress on EITI Validation is not a destination, it is a journey. And the journey of continuous progress continues. Nigeria will continue to raise the bar in EITI implementation’’. Adio thanked the NEITI Board, the government, civil society, companies, development partners and NEITI management and staff for their valued support.
The Executive Secretary however, cautioned that attaining the highest rating in EITI implementation is one thing and enthroning transparency and accountability in the extractive sector to the extent that revenue resources in the industry contributes visibly to poverty reduction and improved quality of lives for Nigerian citizens is another. He said the challenge now is to ensure that these high standards are maintained and sustained in NEITI’s interface with the oil, gas and solid mineral industries, in the discharge of its mandate under the NEITI Act of 2007.