We have developed standards and codes of best practices in areas such as data dissemination, fiscal transparency and monetary and financial policies (IMF 1997). Promoting transparency in the extractive industries is another area that the Fund has actively pursued in its technical assistance work. Under the aegis of the Extractive Industry Transparency Initiative (EITI), a template is now available for reporting and monitoring government revenues from natural resources.
Open data has received a lot of attention in the international arena during the last decade. In parallel to this, the EITI has expanded its work in this area, with a newly-approved open data policy and requirements for EITI implementing countries on open data policies and disclosures. This paper identifies and discusses some key opportunities and challenges of open data in the Nigerian context. It provides recommendations for both EITI and NEITI in their transition toward open data.
Commercial contract negotiations between governments and multinational corporations are complex, nowhere more so than in the extractive sector. Experience from the 51 EITI countries has shown the need for greater expertise on behalf of host governments when negotiating contracts.
The EITI is a Standard implemented by 51 countries and overseen at the national level by EITI National Commissions (also known as multi-stakeholder groups), which bring together government, companies and civil society groups to find common solutions to governance issues in the extractive sector.
This case study on Nigeria EITI: Making transparency count, uncovering billions, was published in January 2012.
Overview from the Natural Resource Governance Institute on country commitments by topic (beneficial ownership, contract transparency and commodity trading)Extractives transparency country commitments (and references to EITI)Beneficial ownership country commitments
Policy Brief from Nigeria EITI on disclosing the real owners of companies operating in the extractive sector
Transparency about company and government payments is important for accountability, but tells citizens little about who owns extractive companies and ultimately benefits from the companies’ activities. In many cases, the identity of the real owners – the ‘beneficial owners’ – of the companies that have acquired rights to extract oil, gas and minerals is unknown, often hidden behind a chain of corporate entities. This opacity can contribute to corruption, money laundering and tax evasion in the extractive sector.
Highlighting the potential of recommendations from EITI Reports
A review on how countries report on government's contract transparency policy.
Brief on using information in EITI reports in credit ratings assessments.