NEITI completes 2023 reports on oil, gas industry, says it’ll enhance transparency

The National Stakeholders Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiative (NEITI), says it has completed the 2022-2023 oil, gas, and solid minerals industry reports ahead of schedule.

In November 2023, the Extractive Industries Transparency Initiative (EITI)  said Nigeria may be suspended if it fails to meet requirements for validation commencing January 1, 2026.

NEITI, on April 24, said it had developed a corrective action plan to address issues identified in its validation report by the EITI.

Speaking at a meeting in Abuja on Wednesday, George Akume, secretary to the government of the federation (SGF) and chairman of NSWG, said completing the report reflects Nigeria’s commitment to the global EITI’s standards.

He also highlighted the achievements of the group since its inauguration, acknowledging the hard work and dedication of civil society, extractive companies, government agencies, and the NEITI.

“I am pleased to announce that today, NEITI has successfully delivered on the task of completing these reports ahead of schedule,” Akume said. 

“This is not only a major milestone but also a powerful demonstration of our collective commitment to upholding the principles of transparency and accountability in Nigeria’s extractive industries.”

Akume said the achievement fulfils key commitments made by President Bola Tinubu to the EITI delegation earlier this year.

“During that visit, I committed to ensuring that the NSWG would be reconstituted and that the Industry Reports would be completed and published by September. Today, I am proud to say that both commitments have been fully met.”

‘NIGERIA WILL REAP FULL BENEFITS OF ITS NATURAL RESOURCES’

Commending the NEITI for their leadership, Akume said the timely and diligent execution of the task is a testament to their unwavering commitment to ensuring that Nigeria reaps the full benefits of its natural resources.

Akume also called on all stakeholders — government, civil society, and the private sector — to remain engaged and collaborative.

“Together, we are setting new benchmarks for transparency and accountability in Nigeria’s extractive industries, and this is just the beginning,” he added.

On his part, Ogbonnaya Orji,  executive secretary of NEITI, explained the focus of the 2022/2023 industry report.

Orji said the report was on public disclosure, blocking leakages, and incentivising domestic resource mobilisation.

“We are therefore grateful to the federal government for funding these important independent reports at a time of economic difficulty amidst increasing national priorities,” he said.

Orji said the new strategy is to use its reports to identify and disclose where potential government revenues are hidden and provide credible information on how such funds could be recovered by the respective government agencies covered by the NEITI process.