NIGERIA FACES FRESH EITI TEST ON TRANSPARENCY REFORMS

Nigeria is facing a fresh assessment of its transparency and accountability reforms in the oil, gas, and mining sectors as the Global Extractive Industries Transparency Initiative (EITI) begins its latest validation exercise in the country.

The EITI validation team is expected to assess Nigeria’s progress in implementing corrective actions identified during its previous assessment and determine whether reforms have translated into stronger governance of the extractive sector.

The validation mission, which runs from August 10 to August 14, will involve consultations with government institutions, lawmakers, extractive companies, civil society organisations, development partners, host communities, anti-corruption agencies, and the media.

Nigeria’s previous validation under the 2019 EITI Standard produced a moderate score of 72 points, with several areas identified for corrective action. The current exercise is the country’s first validation under the newer 2023 EITI Standard.

The assessment comes as Nigeria continues efforts to improve transparency around natural resource revenues, ownership structures, production activities, and public oversight.

The Nigeria Extractive Industries Transparency Initiative said the exercise provides an opportunity to demonstrate progress while identifying areas where additional reforms are needed.

The outcome could influence the direction of further transparency measures in the sector, particularly as Nigeria seeks to attract investment and strengthen accountability in the management of its oil, gas, and mineral resources.