Federal Govt Seeks Greater Transparency, Accountability In Extractive Sector

The federal government has charged stakeholders in Nigeria’s extractive sector to leverage the 2026 Extractive Industries Transparency Initiative (EITI) Validation Exercise as a strategic opportunity to deepen transparency, strengthen accountability and entrench good governance for sustainable national development.

The secretary to the government of the federation (SGF) and chairman of the National Stakeholders’ Working Group (NSWG), Senator George Akume gave the charge while declaring open the 3-day Joint Strategic Retreat with the theme: “ Strengthening EITI Implementation from Extractive Sector Reporting to Impact” organised for the National Stakeholders’ Working Group (NSWG) and the Senior Management Team of the Nigeria Extractive Industries Transparency Initiative (NEITI) held on Monday, in Abuja.

The head of information in the office of the SGF, Chris Ugwuegbulam, stated that Senator Akume commended the National Stakeholders’ Working Group and the NEITI Secretariat for their foresight and commitment in convening the retreat, noting that their sustained efforts in advancing transparency, accountability and good governance in the nation’s extractive sector have earned the appreciation of the federal government.

“I commend the significant work already undertaken by NEITI, particularly in making the submission to EITI and the various on-going strategic engagements with stakeholders in preparation for the forthcoming visit of the EITI International Validation Team. These efforts demonstrate Nigeria’s commitment to an inclusive, transparent and credible Validation process”.

He stressed that success in EITI implementation should not be measured merely by the number of reports produced or the volume of information disclosed, but by the extent to which transparency strengthens public institutions, enhances investor confidence, restores public trust in resource governance and contributes to sustainable national development.

The SGF observed that 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 meaningful stakeholder participation.

According to him, these priorities align with the Renewed Hope Reform Agenda of the federal government, and Nigeria remains fully committed to their implementation.

Senator Akume described the forthcoming Validation Exercise as an important platform for demonstrating Nigeria’s progress in strengthening governance within the extractive sector, addressing previous corrective actions and institutionalising reforms that promote accountability and transparency.

He reaffirmed President Bola Ahmed Tinubu’s commitment to providing the strategic leadership and coordination required to ensure the successful implementation of the EITI across relevant government institutions, emphasizing that the Validation process remains a critical mechanism for strengthening public confidence in the management of Nigeria’s natural resources.

The SGF also commended NEITI for the significant progress made in preparing for the Validation Exercise, particularly its submission to the EITI International Secretariat and the ongoing strategic engagements with stakeholders ahead of the visit of the EITI International Validation Team.

He described the efforts as a demonstration of Nigeria’s commitment to an inclusive, transparent and credible validation process. He urged members of the NSWG and the NEITI Secretariat to utilize the retreat to review achievements, strengthen collaboration, address outstanding priorities and develop practical strategies that would not only ensure a successful Validation outcome but also drive long-term governance reforms in the extractive sector.

Earlier, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Musa Sarkin Adar, described the Joint Strategic Retreat of NSWG as a critical platform for evaluating Nigeria’s progress in implementing the Extractive Industries Transparency Initiative (EITI) and charting a strategic course for the future.

He added that the retreat comes at a defining moment in Nigeria’s EITI journey, challenging stakeholders to reflect on past achievements, assess current realities and determine the practical steps required to ensure that transparency translates into meaningful outcomes.

The executive secretary observed that the retreat coincides with Nigeria’s 2026 EITI Validation Exercise, describing the process as an opportunity not only to demonstrate compliance with the EITI Standard but also to assess the country’s progress in institutionalising reforms, implementing corrective actions and strengthening governance in the extractive sector.

He disclosed that recent engagements with government institutions, extractive companies, civil society organisations and the media have revealed a strong commitment to the validation process, while also identifying the need for stronger inter-agency coordination, improved documentation and more effective implementation of audit recommendations.