Oil Revenue - Nation Joins EITI Compliant Countries

This Day

8 March 2011

Oil Revenue - Nation Joins EITI Compliant Countries

Nigeria was among the six more countries including the Central African Republic, The Kyrgyz Republic, Niger, Norway and Yemen, that have achieved compliance with the Extractive Industries Transparency Initiative (EITI), the global standard for improved transparency in the oil, gas and mining sectors.

The Norway-based coalition of governments, companies, civil society groups, investors and international organisations, said in a statement at the weekend that its Board had designated the six countries as 'EITI Compliant' at their meeting held last week in Paris, bringing the total number of EITI compliant countries up to 11.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) is the national version of EITI, a global initiative aimed at following due process and achieving transparency in payments by Extractive Industry (EI) companies to governments and government-linked entities. NEITI is mandated by law to promote transparency and accountability in the management of Nigeria's oil, gas and mining revenues.

NEITI was inaugurated in February 2004 by former President Olusegun Obasanjo when he set up the National Stakeholders Working Group (NSWG) under the leadership of Mrs Obiageli Ezekwesili.