Business
Nigeria achieves highest level in extractive sector transparency
The board of the global Extractive Industries Transparency Initiative (EITI) Wednesday said Nigeria and Norway have achieved the highest level of transparency marks against the EITI standard in pushing for transparency and accountability in the operations of their respective extractive sectors.
The EITI board said at their meeting in Kyiv, capital of Ukraine, that both countries have pushed their commitments to the ideals of the EITI deeper, making their citizens become well-informed about the operations of the industries and its operators.
The global body, in a statement sent to newsmen, explained that at the Kyiv meeting, it determined the EITI status of Ethiopia, Ghana, Guinea, Malawi, Mauritania, Nigeria, Norway and Trinidad and Tobago, and found that Nigeria like Norway, has achieved the highest level of the reporting standards.
“Ethiopia, Guinea, Malawi, Mauritania and Trinidad and Tobago achieved meaningful progress against the EITI standard. Nigeria and Norway have achieved the highest level of transparency against the EITI standard,” said the EITI in the statement.
With regards to specifics, it explained that Nigeria has used the EITI to reform its extractive industries and build accountability, achieving the highest level against the EITI Standard.
It noted that over 15 years of implementing the EITI, the Nigeria EITI, (NEITI), has become an independent watchdog that holds stakeholders in the crucial hydrocarbons sector – and more recently solid minerals sector – to account.
“Since 2017, NEITI has disclosed key data on its allocation of licenses, on the administration of oil and gas subnational transfers and on crude sales and other processes within the Nigerian NationalPetroleum Corporation (NNPC),” said the EITI.
For Norway, it explained the country has supported the EITI since its inception and is widely lauded as a success story in the management of oil wealth.
“It was the first OECD country to implement the EITI, publishing eight EITI reports from 2008 to 2015. In 2017, Norway was the first country to mainstream EITI implementation. Timely, comprehensive and reliable information is published through the government’s Norwegian Petroleum website and in companies’ country-by-country reports,” it added.
The statement quoted the chair of EITI, Fredrik Reinfeldt, to have said on the development: “Over half of all EITI countries have now undergone validation against the EITI standard, and the overall travel of direction is positive.
“Governments, companies and civil society across regions are demonstrating strong commitment to bringing transparency and accountability to the management of their natural resources and using
EITI data to instigate reforms. Validation has shown that many EITI countries are going beyond the EITI standard, with innovative disclosures related to extractives contracts, licensing and sales of the state’s share of oil, gas and minerals.”
