Nigeria has demanded strengthened governance, transparency, and collaboration from leaders and industry players to harness Africa’s resource wealth for sustainable development.
The Federal Government also reaffirmed its commitment to creating an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity building.
Vice President Kashim Shettima stated the nation’s position yesterday during the inaugural International Exhibition of Extractive and Energy Resources (Salon International des Ressources Extractives et Energétiques–SIREXE) in Abidjan, Côte d’Ivoire.
Shettima said effective institutions were the cornerstone of turning natural resources into national prosperity. The summit with the theme, “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” brought together leaders from across Africa to discuss innovative solutions for resource management and energy security.
According to the Vice President, “this is not just about resources; it’s about people, prosperity, and posterity. “The strength of our governance institutions will determine whether resource wealth becomes a blessing or a curse.
“With the right policies, transparency, and accountability, we can ensure that our mineral wealth fuels development rather than division.” Shettima noted Nigeria’s leadership in transparency reforms with the creation of the Nigeria Extractive Industries Transparency Initiative (NEITI) in 2004.
He added: “We became the first country in the world to domesticate the Extractive Industries Transparency Initiative because we understood that opacity breeds inefficiency and corruption. Transparency is non-negotiable for building trust and ensuring inclusive benefits for all.”
Shettima also stressed the importance of regional cooperation in addressing shared challenges, saying, “Africa’s energy future is intertwined.
“The progress of one state ripples across others. Nigeria stands ready to share its lessons and collaborate with ECOWAS partners to build an extractive industry that works for our people.”
The Vice President described how restructuring the Nigerian National Petroleum Corporation Limited (NNPC Ltd) under the Petroleum Industry Act (PIA) 2021 into a commercially oriented entity has transformed the sector.
He said: “NNPC Limited now operates with agility, transparency, and reduced government interference. This shift is setting a new standard for resource governance in Africa.”
The Vice President reiterated the critical role of local content development in driving economic growth. He said: “Through our Local Content Act of 2010, we increased local participation in the oil and gas industry from 5% to nearly 30%.”
