Extractive Industry: Nigeria attains top EITI Standard

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 78%

Business News News

Business Business Latest News,Business Business Headlines

Nigeria joins Norway as the second to attain the status in the 52 member group.

Nigeria on Wednesday set the pace as the first Anglophone African country to attain overall satisfactory status in its progress in implementing all the requirements of the EITI Standard in the extractive industries.

In a statement published on its website on Wednesday, EITI said Nigeria, Africa’s largest oil and gas producer, has joined Norway in achieving satisfactory progress status in implementing the EITI Standard. “We hope the government will continue to use the NEITI process to inform its policies for better governance.”

The global transparency said the country is making encouraging progress in the direction of beneficial ownership, revenue management and expenditures, and data accessibility. Since 2017, EITI said NEITI disclosed key data on its allocation of licenses on the administration of oil and gas subnational transfers to the three tiers of government as well as on crude sales and other processes within the Nigerian National Petroleum Corporation .

After nearly 50 years of exploration, the country still has four times more in reserves than its nearest rival Angola.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Laudable!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Broadband plan: Our experience, future plans, by industry stakeholders - Vanguard News NigeriaStakeholders in the nation’s ICT sector gathered in Abuja recently to appraise the performance of the 30 per cent broadband target set for the country between 2013 and 2018 by the National Broadband Plan.
Source: vanguardngrnews - 🏆 5. / 75 Read more »