The Nigeria Extractive Industries Transparency Initiative (NEITI) has applauded a declaration by the European Union (EU) to adopt an agreement among all EU countries to compel all EU-listed companies operating in the oil, gas, mining industry to make public disclosures on payments made to governments at home and their host countries on project-by-project basis.
A statement by the agency’s Director of Communications, Orji Ogbonnaya Orji, said, “NEITI strongly aligns itself with these developments in view of the implications of extractive industry corruption on increasing poverty, social conflicts and poor socio-economic development common in resource-rich nations.”
The transparency agency maintained that it is noteworthy that the development is coming at the heels of a similar new initiative being championed by the former United Nations’ Secretary-General, Kofi Annan. The Annan initiative focuses on prudent management of natural resource wealth and good governance in the extractive sector, especially in sub-Sahara Africa. Read more