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.
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