NEITI’ll strengthen EITI collaboration for sustainability – Olasupo

NEITI’ll strengthen EITI collaboration for sustainability – Olasupo

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 industry.

Hon. Abdel-Jeleel Taiwo Olasupo, the agency’s South-West Representative, made this known during the National Stakeholders Working Group at the Companies Forum in 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 the agency roles 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.”

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