Leverage EITI validation to boost oil, mining transparency, FG urges stakeholders

The Nigerian government is calling on stakeholders in the nation's extractive industry to utilize the upcoming 2026 Extractive Industries Transparency Initiative (EITI) Validation Exercise as a crucial opportunity to strengthen transparency, accountability, and governance reforms.

The government emphasized that this validation process should extend beyond mere compliance. It should act as a catalyst for institutional reforms aimed at improving public trust, attracting investment, and ensuring the sustainable management of Nigeria's abundant natural resources. These sentiments were conveyed by the Secretary to the Government of the Federation (SGF) and Chairman of the National Stakeholders’ Working Group, Senator George Akume.

Akume spoke at a three-day joint strategic retreat in Abuja for members of the National Stakeholders’ Working Group and the Senior Management Team of the Nigeria Extractive Industries Transparency Initiative (NEITI). The retreat, themed "Strengthening EITI Implementation from Extractive Sector Reporting to Impact," is a preparatory step for Nigeria's EITI Validation Exercise by the international body.

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I commend the significant work already undertaken by NEITI, particularly in making the submission to EITI and the various on-going strategic engagements with stakeholders in preparation for the forthcoming visit of the EITI International Validation Team. These efforts demonstrate Nigeria’s commitment to an inclusive, transparent and credible Validation process

He urged stakeholders to view the validation as a strategic chance to deepen transparency, bolster accountability, and entrench good governance for sustainable national development. Akume commended the NEITI Secretariat and the National Stakeholders’ Working Group for their dedication to advancing transparency and accountability within the extractive sector. He specifically acknowledged NEITI's efforts in preparing submissions for EITI and engaging with stakeholders for the upcoming visit of the EITI International Validation Team, highlighting Nigeria's commitment to an inclusive and credible validation process.

Senator Akume further stressed that the true measure of success for EITI implementation lies not solely in the quantity of reports produced or information disclosed. Instead, it should be evaluated by the tangible impact of transparency on strengthening public institutions, enhancing investor confidence, restoring public trust in resource governance, and ultimately contributing to sustainable national development. The 2023 EITI Standard, he noted, places a greater emphasis on systematic disclosures, beneficial ownership, contract transparency, state-owned enterprises, and anti-corruption measures.

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Success in EITI implementation should not be measured merely by the number of reports produced or the volume of information disclosed, but by the extent to which transparency strengthens public institutions, enhances investor confidence, restores public trust in resource governance and contributes to sustainable national development.