Promoting Transparency and Accountability in Nigeria’s Extractive Sector

In an effort to promote openness and responsibility within Nigeria’s extractive industries, the Nigerian Extractive Industries Transparency Initiative (NEITI) recently hosted the NEITI-Companies Forum. This event centred around the theme, ‘Deepening and Strengthening Engagement in Nigeria’s Extractive Sector,’ and was graced by prominent figures in the oil, gas, and solid minerals sectors.

As the Nigerian branch of the global Extractive Industries Transparency Initiative (EITI), NEITI was established to champion transparency and accountability in the governance of payments from extractive industries to the government and the revenue received by various statutory recipients. The NEITI Act of 2007 formalised the implementation of the initiative in Nigeria, making the country the first to back EITI with legislation on a global scale.

The primary objective of the forum was to provide companies with a comprehensive understanding of NEITI’s activities and to serve as a platform for inquiries and clarifications on industry-related matters. It also aimed to assist operators in comprehending the implications of their collaboration with NEITI, both in terms of their global corporate reputation and investment decisions for their companies.

Representatives from the Oil Producers Trade Section (OPTS), the umbrella organisation for the industry, were among those present and reaffirmed their commitment to assisting NEITI in promoting transparency and accountability within the oil, gas, and mining fields. The assembly also addressed the challenges brought about by the COVID-19 pandemic, as well as the necessity for united action to foster awareness and understanding of NEITI’s functions among members of the industry.

Forum participants underscored the significance of disseminating precise and high-quality data within the extractive sectors, as well as the need for cooperation between companies, civil societies, and the government to establish an equitable and efficient platform. Moreover, there was a plea for heightened engagement with industry members and the establishment of databases to facilitate transparency in the information that is made public.

Ogbonnaya Orji, the Executive Secretary of NEITI, acknowledged the pivotal role played by the agency in promoting transparency, accountability, and good governance across various sectors. He underscored the agency’s commitment to providing enlightenment within its means and advocated for continuous self-education for growth.

Looking ahead, NEITI intends to reconvene the forum in the first quarter of the year to encourage greater participation and involvement. The agency will persist in engaging with stakeholders, including the OPTS and the miners association, to develop strategies and reaffirm its dedication to its objectives.

The recent NEITI-Companies Forum provided an avenue for constructive dialogues and engagements, emphasizing the importance of transparency and accountability within Nigeria’s extractive industries. As the agency continues to nurture a collaborative relationship with industry members, it is evident that the shared goal of promoting transparency and accountability will be a driving force in the country’s extractive sectors.