By Obas Esiedesa, Abuja
Nigeria’s extractive sector remains central to the country’s economic stability, revenue mobilisation, and long-term development, even as the Federal Government intensifies preparations for the nation’s next validation under the Extractive Industries Transparency Initiative (EITI), the Secretary to the Government of the Federation (SGF), Senator George Akume, has said.
Akume, who also chairs the Nigeria Extractive Industries Transparency Initiative (NEITI) National Stakeholders Working Group (NSWG), spoke at the Advocacy Dialogue for Stakeholders on Nigeria’s 2026 EITI Validation in Abuja. Represented by NEITI Board member, Mr. Dele Ayeleke, he stressed that amid ongoing economic reforms, fiscal pressures, and rising public demand for accountability, the oil, gas, and mining sectors continue to play a stabilising role while presenting governance challenges that must be addressed.
“The extractive sector remains central to Nigeria’s economic stability, revenue mobilisation, and long-term development aspirations. Yet, it is also a sector where governance gaps, inefficiencies, and lack of transparency have historically constrained its full potential,” Akume said.
He noted that recommendations from NEITI audits and reports have become key tools in driving reforms across the oil, gas, and solid minerals sectors, helping strengthen oversight, curb inefficiencies, and improve government revenues.
Akume added that Nigeria’s engagement with the 2023 EITI Standard goes beyond routine disclosure. Transparency must translate into institutional reforms, prudent fiscal management, and tangible benefits for citizens.
“For Nigeria, this means using EITI not just for compliance, but as a reform tool that supports domestic revenue mobilisation, strengthens institutions, and aligns extractive sector governance with our broader economic reform agenda,” he said.
Earlier, the Executive Secretary of NEITI, Hon. Musa Sarkin Adar, explained that the dialogue aimed to assess Nigeria’s preparedness for the next EITI validation and galvanise stakeholders around corrective actions identified in the country’s last assessment. Represented by NEITI’s Director of Policy, Planning, and Strategy, Dr. Dieter Bassi, Adar noted that Nigeria scored 72 out of 100 points in its 2023 EITI Validation and is determined to improve under the more demanding 2023 EITI Standard.
“The EITI is no longer a narrow checklist. It has evolved into an outcome-oriented credibility test demanding demonstrable reform, meaningful stakeholder engagement, and tangible impact on national governance,” Adar said.
He highlighted gaps identified in the 2023 Validation, including the need to strengthen multi-stakeholder engagement, provide safer and more predictable spaces for civil society participation, improve access to extractive sector data, and clearly demonstrate how EITI implementation drives real policy and sector reforms.
Adar added that NEITI has initiated comprehensive reforms to address these gaps but emphasised that success depends on collective action by government, companies, and civil society.
“As we approach the next validation with urgency, our message is simple: Nigeria will be ready. However, this readiness is a shared responsibility and a collective national outcome,” he said.
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