EITI Assessors Laud Nigeria's Extractive Sector Transparency, Warn of Missed Opportunities

Assessors from the global Extractive Industries Transparency Initiative (EITI) have commended Nigeria for significant improvements in its extractive sector's transparency and data accessibility. During a five-day validation mission, the assessors noted enhanced real-time access to information, a key reform that bolsters accountability.

The Nigeria Extractive Industries Transparency Initiative (NEITI) received particular praise for its effective coordination of stakeholder consultations, including high-level engagements with the National Assembly and public hearings on industry reports. This comprehensive approach was highlighted as crucial for the validation process.

“

stronger and more consistent disclosures would enhance transparency, accountability and public trust in Nigeria’s extractive sector.

While acknowledging Nigeria's progress, the EITI mission leaders urged the country to maintain this momentum. They emphasized the importance of institutionalizing improved systematic disclosures and ensuring prompt, consistent accessibility of information to build public trust in the sector. The draft validation report is expected within three weeks, with a final version to be presented at the EITI Global Conference in Brussels in October.

Despite the positive feedback, experts warn that Nigeria could still miss out on market opportunities if it fails to address underlying structural weaknesses. The nation must not only produce what the Chinese market demands but also meet required quantity and quality standards. China's new zero-tariff regime offers a significant trade window, but sustained export earnings, industrial growth, and job creation depend on Nigeria's ability to reform its production and trade systems effectively.

“

Validation has provided a platform to showcase progress in implementing the EITI Standard and to engage constructively with stakeholders and the EITI International Secretariat.