NEITI to strengthen collaboration for EITI sustainability, Taiwo Olasupo says.

NEITI to strengthen collaboration for EITI sustainability, Taiwo Olasupo says.

By Fashina Shakiru

The Nigerian Extractive Industries Transparency Initiative (NEITI) has called for collaboration with the Extractive Industries Transparency Initiative (EITI) to implement effective measures for transparency and accountability in the extractive industry.

Hon. Abdel-Jeleel Taiwo Olasupo, NEITI’s South-West Representative Board, made this known during the National Stakeholders Working Group at the NEITI-Companies Forum at the Four Points Hotel (Sheraton), Victoria Island, Lagos, on Friday.

The forum, titled “Beyond Validation: Strengthening NEITI Companies Engagement for the Sustainability of the EITI Process,” was designed to refocus efforts on maintaining Nigeria’s commitment to global EITI standards.

Olasupo emphasised Nigeria’s dedication to the Extractive Industries Transparency Initiative (EITI), established in 2003, and NEITI’s role in promoting transparency and accountability in the extractive sector.

“The essence of this is to enhance collaboration between NEITI and extractive companies, ensure the sustainability and effectiveness of the EITI process, and maintain Nigeria’s international reputation for transparency.”

According to him, “the companies must strictly adhere to EITI and NEITI standards to ensure voluntary public disclosure of their records as well as transparency and accountability. The forum aims to keep companies updated on EITI reporting standards, and failure to comply may result in sanctions.”

While encouraging attendees to visit NEITI’s website at www.neiti.gov.ng for detailed information and offering support in bridging the gaps between Lagos, Abuja, as well as the South-West as a whole, regarding NEITI operations.

Olasupo praised participants for their support in collaborating with the extractive industry.