Nigeria to address transparency in its oil sector

Nigeria’s national assembly, in an initiative led by Nigeria Extractive Industries Transparency Initiative (NEITI), is looking to address the challenges of transparency and accountability in the country’s oil sector.

Following NEITI’s independent audit reports, the National assembly through a parliamentary forum set up committees on extractive industries, which would work towards achieving coordinated legislative actions as well as implement remedial issues identified in the report.

According to NEITI’s executive secretary, Waziri Adio, “The decision to set up the parliamentary forum was part of resolutions reached at a retreat in Lagos for members of the National Assembly on the implementation of Extractive Industries Transparency Initiative (EITI) in the country”.

He added that the proposed parliamentary forum would help to coordinate the various committees in addressing remedial issues, promote and strengthen intra-legislative committee relations, engagements and outreach on important issues that require urgent legislative intervention and advocacy.

While the forum coordinates the committees, NEITI would monitor activities of agencies, marketers and crude oil traders, especially those with marketing contracts and related agreements, processes of income transfer from sales of equity crude, lifting and other contracts.

The decision to delve into commodity trading is in compliance with EITI’s 2016 global standards. Director of Communications and Advocacy, Orji Ogbonnaya Orji, in a Guardian report, noted that “NEITI’s overall objective interest in commodity trading is to improve transparency in the sale of state share production by the government and state-owned enterprises, among others.”