Public Presentation And Citizens Sensitisation On Industry Transparency In Nigeria

In collaboration with the International IDEA, the Nigeria Extractive Industries Transparency Initiative (NEITI) launched the 2020-2021 industry audit reports on September 4th, 2023. Supported by the European Union through the Rule of Law and Anti-Corruption (ROLAC) program phase II, the event aimed to shed light on the operations within Nigeria's extractive industries, including Solid Minerals, Oil and Gas, Fiscal Allocation and Statutory Disbursements (FASD). 

The event drew key government figures, including the Secretary to the Government of the Federation, representatives from Senate and House committees, and heads of various agencies, alongside civil society representatives and media outlets.

“The NEITI 2021 Industry Reports being unveiled is quite timely, coming when the present administration is fully committed to shoring up revenues through priority attention to attracting investments to the key sectors of our economy, the oil and gas sector being one of them” - Secretary to the Government of the Federation, Senator George Akume.

NEITI's mandate, rooted in the NEITI Act 2007 and its role as the national chapter of the Extractive Industries Transparency Initiative (EITI), emphasises fostering transparency and accountability in Nigeria's oil, gas, and mining revenue management. The NEITI audit process responds to longstanding concerns about mismanagement and maladministration in Nigeria's extractive sector. With staggering losses attributed to crude theft and unremitted revenues totalling $8.26 billion in 2021, the reports provide empirical evidence, highlight areas for enhanced transparency, and offer recommendations for remediation.  Anticipated actions include NEITI activating sanctions on defaulting companies, independent investigations, and intensified efforts by government agencies to recover debts. These initiatives underscore a concerted effort to address systemic challenges and promote accountability within Nigeria's extractive industries.