Transparency and Accountability: Adaptation and Implementation of Extractive Industries Transparency Initiative (EITI) Principles in Nigeria
The exploitation of natural resources can generate large revenues to foster growth and reduce poverty and instability. In many developing countries and economies in transition such as Nigeria, it is often find that the transparency practice in the management of natural resources revenue is insufficient. However, the EITI was established to promote good governance in the management of natural resources’ revenue by encouraging transparency practices in the transactions between the government and companies operating in the extractive industries. This study found out that still, there were some material issues remain to be addressed relating to oil and gas revenue transparency in Nigeria. It also finds that there appears to be no corresponding improvement in accountability for the use of oil and gas revenue for the good of Nigerian society. The study uses a mixed method approach for the collection and analysis of data. Further, this study suggests a need for the Government to adhere to the principles and standards of EITI, in the management of oil and gas revenue.