Office Of The Vice President Press Release: It's In Nigeria's Interest To Promote Transparency In Extractive Sector, Says Vice President Osinbajo

*EITI commends Nigeria’s “outstanding speech” at recent Jakarta conference.

Nigeria will continue to embrace transparency in the extractive sector because it is in the country’s overriding national interest to do so, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo stated this during a bilateral meeting with the Chairman of the Extractive Industries Transparency Initiative (EITI), Mr. Fredrik Reinfeldt, on the side-lines of the just-concluded EITI Beneficial Ownership Conference, in Jakarta, Malaysia.

He said, “Transparency in this sector is very important for Nigeria. It is in our enlightened self-interest to do so because of the strategic nature of this sector to our economy. So we are doing this more for ourselves.

“These are commitments that we made with all sense of seriousness, not because we are looking for applause or commendation, but because we are convinced they are in our best interests.”

At the bilateral meeting on Monday, the Vice President reaffirmed the Buhari administration’s commitment to a sustained EITI implementation in Nigeria and the establishment of a publicly accessible register of the ultimate owners of companies operating in the country.

Earlier in his keynote address, Prof. Osinbajo had noted that the EITI implementation was in line with President Muhammadu Buhari administration’s anti-corruption drive, and the commitment the President made at the May 2016 London Anti-Corruption Summit.

The Vice President pledged that the administration will continue to support the Nigeria Extractive Industries Transparency Initiative (NEITI) to deliver on its mandates.

The EITI Chairman, a former Prime Minister of Sweden, commended Prof. Osinbajo for his “outstanding speech” at the opening plenary, and pledged that the EITI board and secretariat will continue to support Nigeria in its initiatives. Reinfeldt also praised Nigeria for attaining “meaningful progress” at the last validation despite the complexity of EITI operation in Nigeria.

Validation, which provides an independent assessment of EITI implementation, is used to assess whether a country implementing the EITI has met the requirements for compliance with the EITI Standard.

The EITI, a global standard to promote prudent management of oil, gas and mineral resources, is implemented in 52 countries, including Nigeria, which signed up to the initiative in 2003 and started implementation in 2004. The implementation of EITI in Nigeria is backed by the NEITI Act 2007. Nigeria is regarded as one of the leading EITI-implementing countries as its operations have shaped the evolution of the global body.

The EITI Beneficial Ownership Conference brought together representatives of governments, companies and civil society groups to exchange ideas and share practices on how to end secret ownership in the extractive sector in all EITI-implementing countries by January 2020.

Others at the bilateral meeting include the Minister of State for National Planning, Mrs. Zainab Ahmed, who is also a member of the EITI board; the Nigerian Ambassador to Indonesia, Mr Hakeem Balogun; and the Executive Secretary of NEITI, Mr. Waziri Adio. Accompanying the EITI chairman were Mr. Eddie Rich and Mr. Pablo Valverde, both of the EITI Secretariat in Oslo, Norway.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
29 October, 2017

VP talk less do the job u hear! You have been talking too much lately

empty talks nd no action.

As far as this man is having good intention will he be given opportunity to do anything... God help u &d nation sir As far as this man is having good intention will he be given opportunity to do anything... God help u &d nation sir

Its not about him doing. Its about him given the opportunity to do.

This fake pastor with leaking lying mouth should just shut up and relax for 2019.

Him and him useless corrupt and bigoted boss will be shocked

Wasted vote

Says Snake Osinbajo who conspired with the crook Saraki to keep the 2017 federal budget bill shrouded in secrecy even after he assented to it.

Mr transparency indeed!

Too much talks on TRANSPARENCY has left this country in a big time irredeemable/Unofficial & Official mess...

Issorite...

Shut up!!

Nigerians have lost confidence in this administration. Even their hardcore zombies no fit talk again sef

Vice President of a country of 150 million celebrates winning Outstanding speech prize

tell that to PMB...
leaders must lead by example, not do as I say...

JonSnow:
Nigerians have lost confidence in this administration. Even their hardcore zombies no fit talk again sef

all of them partisans, fanatics, pro aspirants of ApC are now faced with the rude awakening of their ignorance before, they're now gradually dropping their bigoted perception. Only the egoistic ones will still keen hell bent supporting this failure of a govt.