Dr Peter Eigen, Chair of the Extractive Industries Transparency Initiative (EITI), will visit Liberia, Sierra Leone and Nigeria this week to recognise and encourage the progress being made towards the EITI standard. Like so many in the region, these countries are characterised by violence, corruption and poverty, as well as an abundance of natural resources. This paradox is often called the resource curse. To help address this paradox, each of the countries has committed itself to implement the EITI,
The latest report on oil and gas revenues released by the Nigeria Extractive Industries Transparency Initiative (NEITI) on 11 August has shown financial discrepancies and outstanding payments totaling over US$5bn for revenues generated by the sector in 2005.
By conducting a financial, physical and process audit of the sector, the report identified unprecedented financial discrepancies, mispaid taxes,
BERLIN, 16 APRIL 2010. The Board of the Extractive Industries Transparency Initiative, the international standard for improved transparency in countries’ natural resource sector, met in Berlin 15-16 April. The Board discussed the request of 17 of the 32 countries currently implementing the EITI to extend their deadline for completing EITI Validation. In addition, Sao Tome and Principe had applied to voluntarily suspend their EITI Candidate status.
The EITI Secretariat monitors on a daily basis global media for mentions of the EITI. Below are some of the articles from the past month that the EITI Secretariat has picked up.
Op-ed by Paul Collier in the New York Times: In Afghanistan, a Threat of Plunderhttp://www.nytimes.com/2010/07/20/opinion/20collier.html"the country’s first extraction deal, for copper, was won by the Chinese in murky circumstances — the minister of mines was accused of taking a $30 million bribe.
As we approach half-way through 2010, it is proving to be as momentous for the EITI as expected. Although most of the 22 first EITI countries did not complete the validation of their EITI processes by their deadlines, eyes are now turned towards those granted short extensions to complete by September.
Countries’ efforts to meet the deadlines have led to an unprecedented level of activity to improve transparency in the extractives sector. In the past 12 months,
The Board of the Extractive Industry Transparency Initiative (EITI) is meeting 19-20 October in Dar-es-Salaam, Tanzania, to discuss the status of the countries Cameroon Gabon Ghana Kyrgyzstan Mongolia and Nigeria. These six countries are currently recognised as 'Candidate countries' to the international transparency standard for oil, gas and mining sectors. They have completed EITI Validation,
Cameroon, Gabon, Kyrgyzstan and Nigeria designated as EITI Candidate countries that are “close to compliance”
In recognition of their progress in implementing the EITI, the EITI Board has decided that Cameroon Gabon Kyrgyzstan and Nigeria are Candidate countries that are “close to compliance”. This was announced following the meeting of the EITI Board in Dar-es-Salaam 19-20 October.
These countries have completed EITI Validation, and the Board congratulated the government,
NEITI has published the 2006-2008 EITI Reconciliation Report on 1 February. This is the third NEITI Report following the 1999-2004 and 2005 EITI Reports. This report shows that Nigeria received $59billion in 2008, $43billion in 2007 and $45billion in 2006. On average two-thirds of the revenue was from the proceeds of sale of crude oil and gas, whilst the remaining third came mainly from the petroleum profit tax, royalties, signature bonuses, and the education tax.
PARIS, 2 March 2011 – The Central African Republic, The Kyrgyz Republic, Niger, Nigeria, Norway, and Yemen have achieved Compliance with the Extractive Industries Transparency Initiative (EITI), the global standard for improved transparency in the oil, gas and mining sectors. The EITI Board designated them as ‘EITI Compliant’ at their meeting today in Paris, bringing the total number of EITI Compliant countries up to 11. In addition,
The Nigeria EITI (NEITI) National Conference is underway in Abuja. Entitled “Delivering transparency, reaping accountability and prosperity”, the conference takes stock on lessons and progress in the implementation of the EITI standard in Nigeria.
NEITI is an independent agency that was created with the mandate to ensure transparency in Nigeria's extractive industry.