Nige­ria faces EITI au­dit next week

Daily Trust - - BUSINESS - By Daniel Adugbo

A team of val­ida­tors from the global Ex­trac­tive In­dus­tries Trans­parency Ini­tia­tive (EITI), Oslo, Nor­way is due in Nige­ria next week to carry out a val­i­da­tion process on the coun­try’s im­ple­men­ta­tion and ad­her­ence to the prin­ci­ples of the global body.

Nige­ria vol­un­tar­ily signed up to im­ple­ment the EITI in 2003, be­gan im­ple­men­ta­tion in 2004 and be­came the first coun­try to sup­port the process with a spe­cific law in 2007.

The val­i­da­tion process in Nige­ria will re­view NEITI ac­tiv­i­ties, govern­ment com­mit­ment and how NEITI re­ports have in­flu­enced re­forms in the oil, gas and min­ing sec­tors.

Mem­ber coun­tries un­der val­i­da­tion may ei­ther be rated as mak­ing “no progress”, “in­ad­e­quate progress”, “mean­ing­ful progress”, “sat­is­fac­tory progress” or “be­yond progress”, de­pend­ing on their level of progress in the EITI im­ple­men­ta­tion.

Spokesman of the agency Orji Og­bon­naya Orji said NEITI has pub­lished two re­cent re­ports in the oil and gas as well as solid min­er­als for the pe­riod 2013 as part of mea­sures to put the coun­try in good stand­ing.

“It has also com­menced the 2014 re­ports and pro­cure­ment process to kick-start the 2015 re­ports in the sec­tor. Wide dis­sem­i­na­tion of the var­i­ous re­ports has been on-go­ing,” he said in a state­ment.

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