A Review of the Nigerian Energy Industry

EITI pledges to aid reforms in energy, minerals sector

16 June 2015, Lagos – The global Extractive Industries Transparency Initiative (EITI) has indicated its readiness to assist President Muhammadu Buhari in carrying out the proposed reforms in Nigeria’s oil, gas and mining sectors.

NEITI-logoChairperson of EITI, Clare Short, according to a statement by Nigeria Extractive Industries Transparency Initiative (NEITI), will also hold consultations with President Buhari on the implementation of the independent reports of NEITI.

The statement signed by Mr. Ogbonnaya Orji, Director, Communications stated that the Meeting is also expected to provide the International Chair, who is on a three-day working visit to Nigeria, the platform to brief the President on the importance of integrating the EITI principles in his economic policy agenda as obtainable in resource rich countries of the developed world.

Orji further stated that while in Nigeria, Short, will also be expected to visit the NEITI Secretariat, observe a meeting of the Inter Ministerial Task Team (IMTT) set up by the Federal Government to implement the findings and recommendations contained in the NEITI Audit Reports.

He said, “The visit of Clare Short to Nigeria is seen in the development sector as a global endorsement of President Mohammadu Buhari’s commitment to good governance, transparency and accountability which are consistent with EITI principles.

“Short is at the head of a delegation of a special implementation Committee set up by the World body EITI, drawn from fifty member countries.

“The visiting International Chair of the EITI, Clare Short was a Member of the British House of Commons for 30 years. While in the Parliament she served the British government as Minister for Women Affairs, Secretary for Transport and later Secretary of State for International Development.”

President Buhari had a couple of days ago, listed the implementation of the findings and recommendations of NEITI Audit Reports as a priority within his administration’s one hundred days in office, especially as the reports have publicly disclosed several cases of mismanagement and underpayment of taxes, royalties, under assessment and other lapses resulting in billions of dollars revenue loss to the Federation.

Nigeria joined EITI in 2003, began implementation of its principles and established NEITI in 2004. Nigeria also became the first among the 50 member countries of EITI to support implementation with a law, the NEITI Act of 2007. Among the member countries of the EITI are Britain, France, Germany, Australia, United Kingdom, Norway, Indonesia, Azerbaijan, Peru, Ghana Democratic Republic of Congo, Tanzania, Liberia and many other countries in Sub – Saharan Africa.

The Extractive Industries Transparency Initiative (EITI) is a world body committed to enthroning transparency, accountability and prudent management of revenues from oil, gas and mining to support even development and reduce poverty in resource rich countries like Nigeria.


– Vanguard

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