By Milcah Tanimu

The Federal Government has emphasized its commitment to implementing the Extractive Industries Transparency Initiative (EITI) in Nigeria, urging the newly reconstituted NEITI Board to strengthen domestic resource mobilization and address challenges posed by the country’s energy transition. Secretary to the Government of the Federation and NEITI Board Chair, Senator George Akume, delivered this charge during the ongoing retreat in Lagos.

Represented by Ambassador Mathew Adoli, Senator Akume highlighted reforms in Nigeria’s extractive sector, focusing on transparency, beneficial ownership disclosures, contract transparency, revenue generation, and combating process lapses like oil theft. He commended NEITI’s collaboration with other agencies and urged the new Board members to view their appointments as opportunities to contribute to Nigeria’s development.

Senator Akume reaffirmed Nigeria’s commitment to EITI standards, emphasizing their role in promoting good governance and transparency in managing revenues from oil, gas, and solid minerals. Executive Secretary Dr. Orji Ogbonnaya Orji underscored the retreat’s importance in shaping NEITI’s role amid challenges like oil theft and environmental damage. He urged diversification of Nigeria’s revenue base to mitigate risks from fossil fuel dependence amidst global energy transitions.

The retreat, attended by stakeholders from public, private, and development sectors, aims to strategize NEITI’s pivotal role in Nigeria’s economic sustainability and governance reform, culminating in policy recommendations and implementation strategies.