The federal government says it is committed to positioning Nigeria as a global leader in extractive sector transparency through sustained reforms, accountability and effective implementation of the Extractive Industries Transparency Initiative (EITI).

George Akume, Secretary to the Government of the Federation (SGF), said this on Monday in Abuja at the opening of a joint national stakeholders’ working group (NSWG) and the Nigeria Extractive Industries Transparency Initiative (NEITI)’s senior management team retreat.

The three-day retreat, with the theme “Strengthening EITI Implementation from Extractive Sector Reporting to Impact,” is being held ahead of Nigeria’s 2026 EITI Validation Exercise.

Mr Akume, who is also the chairman of NSWG of the Nigeria Extractive Industries Transparency Initiative, said the validation exercise, which commenced on July 1, offered Nigeria the opportunity to assess its progress.

He added that the exercise would address outstanding corrective actions and strengthen governance in the extractive sector.

The SGF said the success of EITI implementation should not be measured by the number of reports published but by the extent to which transparency strengthened institutions, built investor confidence, restored public trust and promoted sustainable national development.

“The real measure of success is the extent to which transparency strengthens our institutions, builds investor confidence and restores public trust in how we manage our resources and supports sustainable national development for the benefit of the citizens.

“The 2023 EITI Standard places greater emphasis on systematic disclosures, beneficial ownership, contract transparency, state-owned enterprises, anti-corruption measures, environmental reporting, energy transition and stakeholder participation,” he said.

He said the priorities aligned with the federal government’s reform agenda and reaffirmed Nigeria’s commitment to their effective implementation.

Mr Akume described the validation process as an important mechanism for strengthening public confidence and improving governance, adding that President Bola Tinubu remained committed to providing the strategic leadership required for its successful implementation.

He commended NEITI for its submission to the EITI Secretariat and ongoing engagements with stakeholders in preparation for the visit of the EITI international validation team.

The SGF urged members of the NSWG and NEITI management to strengthen collaboration, review progress and provide innovative ideas that would reposition NEITI as a thought leader in extractive sector governance.

“I am confident that together, we will continue to position Nigeria as a global leader in extractive sector transparency. Let’s reaffirm our shared commitment to ensuring that transparency translates into lasting reforms and sustainable development for all Nigerians,” he said.

Earlier, the executive secretary of NEITI, Musa Adar, said the retreat came at a defining moment in Nigeria’s implementation of the EITI.

“This retreat is taking place at a particularly important time as Nigeria has formally commenced the 2026 EITI validation exercise,” he said.

Mr Adar said while NEITI had, over the past two decades, strengthened transparency through the publication of independent industry reports, the focus had now shifted from reporting to achieving measurable impact.

He said the global EITI process now emphasised how disclosures influenced public policy, strengthened institutions, improved revenue governance and promoted accountability.

“Validation presents an opportunity not only to demonstrate our compliance with the EITI standard but also to assess how effectively we have institutionalised reforms, implemented corrective actions and strengthened extractive sector governance,” he said.

Mr Adar noted that recent engagements with government institutions, extractive companies, civil society organisations and the media had shown strong commitment to the validation process, although stronger coordination and improved implementation of recommendations were still required.

He urged participants to use the retreat to evaluate the impact of NEITI’s work beyond report publication, strengthen collaboration and develop practical strategies for implementing audit recommendations and validation corrective actions.

The NEITI boss also called for innovative approaches to enhance data accessibility, policy engagement and institutional effectiveness, saying transparency must ultimately translate into stronger governance, better resource management and sustainable development. 

(NAN)