Transparency Initiative Sheds Light on Nigeria’s Extractive Industry Revenues
The Nigerian Extractive Industries Transparency Initiative (NEITI) has launched a nationwide reconciliation and validation of revenues in the oil, gas, and mining sector, covering 198 extractive companies and government agencies. The initiative aims to ensure transparency and accountability in the sector.
According to NEITI, 63 oil and gas companies and 135 solid minerals companies meet the materiality threshold for royalty payments, with 14 government agencies and 8 relevant agencies in the solid minerals sector covered by the ongoing industry reports.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, announced the initiative in Abuja, explaining that the level of participation of extractive companies is higher than in the last exercise conducted in 2021. The 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached the final stage, with data reconciliation and validation meetings held and concluded in Lagos last week.
NEITI is tracking revenues earned between 2022 and last year, as well as the quantity of oil, gas, and mining produced, consumed, or imported or exported. The agency is also ensuring that processes are measured up to the standards of transparency and accountability in line with the global Extractive Industries Transparency Initiative (EITI), of which Nigeria is a signatory and founding member.
The initiative’s goals include promoting transparency, accountability, and good governance in the extractive industries, and providing stakeholders with reliable information on revenue flows and transactions. By achieving this, NEITI hopes to boost confidence in the sector and attract investment to support Nigeria’s economic growth.
Stay tuned for further updates on this developing story.
