The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced significant progress in its efforts to conduct comprehensive industry reports covering the period of 2022-2023 for the oil, gas, and mining sectors nationwide. These reports are expected to be finalized within the next five months.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, shared this update during a press briefing, highlighting that the reports are being managed by two indigenous independent administrators. NEITI has leveraged its automated information-gathering infrastructure, the NEITI Audit Management System (NAMS), to ensure enhanced data integrity and quality throughout the process.
The solid minerals report is being conducted by Haruna Yahaya & Co, while Adeshile Adedeji & Co is leading the efforts for the oil and gas report, with a target completion date set for September 2024.
Dr. Orji emphasized that the reports aim to provide comprehensive disclosure on various aspects of the sectors, including regulatory frameworks, fiscal regimes, government roles, laws addressing corruption risks, procedures for awards and transfers of licenses, production and export levels, and NNPC participation.
Additionally, the reports will cover company payments and government revenues, revenue management, distribution, sub-national transfers, revenue sustainability, and the sectors’ contributions to the economy.
In the solid minerals sector, areas of information disclosure include the regulatory framework, fiscal regime, government entity roles, reforms, laws, regulations, statutory procedures for awards and transfers of licenses, exploration activities, mineral production levels, and community consultation policies.
Dr. Orji emphasized that the independent administrators will provide observations and recommendations to support policymaking and impact the oil, gas, and mining sectors positively.
Furthermore, NEITI has made significant strides in addressing remedial issues identified during the last assessment of Nigeria, demonstrating its commitment to enhancing transparency and accountability in the extractive industries.
