Nigeria seeks transparency in Africa’s extractive industries

The Nigerian government has reaffirmed its commitment to creating an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity building. Vice President Kashim Shettima stated this on Wednesday during the inaugural International Exhibition of Extractive and Energy Resources (Salon International des Ressources Extractives et Energétiques – SIREXE) in Abidjan, Côte […]

The Nigerian government has reaffirmed its commitment to creating an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity building.

Vice President Kashim Shettima stated this on Wednesday during the inaugural International Exhibition of Extractive and Energy Resources (Salon International des Ressources Extractives et Energétiques – SIREXE) in Abidjan, Côte d’Ivoire.

Shettima noted that effective institutions are the cornerstone of turning natural resources into national prosperity.  

The summit with the theme, “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” brought together leaders from across Africa to discuss innovative solutions for resource management and energy security. 

• From Rapid Listings to Biometric Security: Why Plus Wallet is 2024’s Best Choice Over MetaMask & Exodus
• Reps probe DisCos over failure to replace obsolete metres 

The vice president noted Nigeria’s leadership in transparency reforms with the creation of the Nigeria Extractive Industries Transparency Initiative (NEITI) in 2004. 

“We became the first country in the world to domesticate the extractive industries transparency initiative because we understood that opacity breeds inefficiency and corruption. Transparency is non-negotiable for building trust and ensuring inclusive benefits for all,” he said. 

Shettima also stressed the importance of regional cooperation in addressing shared challenges, saying, “Africa’s energy future is intertwined. The progress of one state ripples across others. Nigeria stands ready to share its lessons and collaborate with ECOWAS partners to build an extractive industry that works for our people.”  

Acknowledging the challenges posed by vested interests and conflicts in resource-rich regions, Shettima said, “We cannot afford to allow cartels and instability to jeopardize our aspirations. That’s why Nigeria is investing in specialized policing frameworks to secure mining sites and ensure sustainable growth.