The Nigeria Extractive Industries Transparency Initiative (NEITI) has set up a strategy committee to evolve modalities for bringing its operations in line with its enabling law and to devise strategies for increased transparency in the management of oil, gas and mining revenues in Nigeria.
The committee was set up Tuesday night by the national stakeholders’ working group, the governing board of NEITI, at its first meeting after the agency received statutory backing. It would be recalled that former President Olusegun Obasanjo signed the NEITI Act on May 28, 2007 after it was passed by the National Assembly.
“With the law in place, there is need to strategize on how to move forward while sustaining the momentum for extractive revenue transparency in Nigeria,” said Dr. Siyan Malomo, Chairman of NEITI. “It is important to keep Nigeria in the exalted leadership position in this vital area.”
NEITI is the Nigerian version of the Extractive Industries Transparency Initiative (EITI), which is a global initiative aimed at ensuring that resources from the extractive industries contribute to poverty reduction and sustainable development. More than 20 resource-rich countries in Africa, Europe Asia and Latin America have signed on to EITI so far.
Nigeria joined the initiative in 2004 and has been widely acknowledged as a model for others. With the passage and signing of the NEITI Act, Nigeria has the added honor of being the first country where EITI is backed by an enabling law.
The NEITI Act, among other things, stipulates the objectives, functions, and workings of the agency, as well as the composition of its board, and sanctions for defaulting ...