The Extractive Industries Transparency Initiative (EITI) said Nigeria has achieved satisfactory progress in transparency and accountability in the operations of its extractive industry ahead of countries such as Ethiopia, Ghana, Guinea, Malawi, Mauritania and Trinidad, and Tobago.
The EITI is a global standard for good governance of oil, gas and mineral resources and ascribes its 52 implementing countries as having made satisfactory progress (referred to as compliance), meaningful progress, inadequate progress or no progress.
The board of the EITI met recently in Kyiv, Ukraine, where it determined the EITI status of these countries. Out of the 52 implementing countries, 33 had already gone through validation.
EITI announced that only seven countries have achieved satisfactory progress so far, and Nigeria was one of them.
26 others including Ethiopia, Guinea, Malawi, Mauritania, Trinidad and Tobago, Ukraine Albania, Mali, Peru, and Honduras could only achieve meaningful progress against the EITI standard.
Speaking on the rating at a press conference in Abuja yesterday, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI)said the result was a major achievement for Nigeria.
“All Nigerians should be proud of this because, in most instances, our country does not get in the news for the right reasons especially when we are being ranked along with other countries on transparency, governance, and development,” he said.
“Does it mean everything in the sector is now perfect? No. Does it mean all Nigerians now benefit from the resources? No. Does it mean that resource curse has been reversed in Nigeria? No,” Adio said.
He said while validation was not a destination but a journey, it shows what is possible in the sector and beyond.
“It is a good boost and welcome development, and should fire all of us to do more,” he said
