24 January 2017, Sweetcrude, Abuja – The global Extractive Industries Transparency Initiative (EITI) has declared that Nigeria has made meaningful progress in using the EITI Standard to improve the governance of its oil, gas and mining sectors.
The decision was contained in a congratulatory letter signed by the chair of the global EITI and former prime minister of Sweden, Mr. Fredrik Reinfeldt, following the EITI board’s decision and the subsequent publication of the EITI Validation report on Nigeria.
The letter, addressed to the chairman of the NEITI National Stakeholders’ Working Group (NSWG) and Minister of Mines and Steel Development, Dr. Kayode Fayemi, noted that, “After a careful review of Nigeria’s efforts and the NSWG’s comments throughout the validation process, the EITI board has decided that Nigeria is making meaningful progress in implementing the EITI Standard.”
EITI Validation process is an independent evaluation mechanism used by the world body to assess the level of implementation of its principles of transparency, accountability and good governance of the extractive industry.
The EITI Board also highlighted areas where Nigeria needs to improve upon including widening the opportunities for the media and civil society participation and strengthening the monitoring and oversight of the initiative by multi-stakeholders.
Reacting to the report, Minister of Mines and Steel Development, Dr. Kayode Fayemi, said he is confident Nigeria will address all the corrective actions before the next validation exercise.
The next validation exercise is scheduled to hold on July 11, 2018 when Nigeria is expected to address all remedial issues highlighted by the last exercise and improve on her current ranking.