- Says Transparency Must Translate Into Stronger Institutions, Investor Confidence
The Federal Government has urged stakeholders in Nigeria’s extractive sector to seize the 2026 Extractive Industries Transparency Initiative (EITI) Validation Exercise as an opportunity to deepen reforms, strengthen accountability and entrench transparency in the management of the country’s natural resources.
Secretary to the Government of the Federation (SGF) and Chairman of the National Stakeholders’ Working Group (NSWG), Senator George Akume, made the call on Monday while declaring open a three-day Joint Strategic Retreat for the NSWG and the Senior Management Team of the Nigeria Extractive Industries Transparency Initiative (NEITI) in Abuja.
The retreat, themed “Strengthening EITI Implementation: From Extractive Sector Reporting to Impact,” is aimed at reviewing Nigeria’s preparedness ahead of the forthcoming EITI International Validation Exercise.
Akume said the validation process should be viewed not merely as a compliance exercise but as a strategic platform for strengthening governance, improving transparency and advancing sustainable national development.
“The 2026 EITI Validation Exercise provides us with a strategic opportunity to deepen transparency, strengthen accountability and entrench good governance for sustainable national development,” he said.
The SGF commended the National Stakeholders’ Working Group and the NEITI Secretariat for convening the retreat and applauded their continued efforts in promoting transparency and accountability in Nigeria’s extractive industries.
“I commend the significant work already undertaken by NEITI, particularly in making the submission to EITI and the various ongoing 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,” Akume stated.
He stressed that the success of EITI implementation should not be measured solely by the number of reports produced or disclosures made, but by the impact those efforts have on governance and public confidence.
“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,” he said.
According to the SGF, 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.
He noted that these priorities align with President Bola Tinubu’s Renewed Hope Reform Agenda, reaffirming the Federal Government’s commitment to implementing the standards across relevant institutions.
Akume described the forthcoming validation exercise as an important opportunity for Nigeria to showcase progress made in addressing previous corrective actions and institutionalising reforms that promote accountability in the extractive sector.
He also reaffirmed President Tinubu’s commitment to providing the leadership and coordination required for the successful implementation of EITI reforms, noting that the validation process remains critical to strengthening public confidence in the management of Nigeria’s natural resources.
The SGF further urged members of the NSWG and the NEITI Secretariat to use the retreat to review achievements, strengthen collaboration, address outstanding challenges and develop practical strategies that would not only secure a successful validation outcome but also drive long-term governance reforms in Nigeria’s extractive industry.
