The Federal Government has said the extractive sector remains critical to Nigeria’s economic stability, revenue mobilisation, and long-term development aspirations, despite longstanding governance and transparency challenges that have limited its full potential.
It noted that while oil, gas, and solid minerals continue to play a central role in sustaining government finances, inefficiencies, governance gaps ,and weak transparency frameworks have historically constrained optimal performance across the sector.
This was the message delivered on Wednesday at a two-day advocacy dialogue on Nigeria’s 2026 EITI Validation in Abuja, where stakeholders, civil society groups, and the government were reminded that oil, gas, and mining remain the backbone of Nigeria’s revenue mobilisation and long-term development plans, despite longstanding governance challenges.
The dialogue was organised by the Nigeria Extractive Industries Transparency Initiative, with support from the Rule of Law and Anti-Corruption Programme. Funded by the European Union and implemented by the International Institute for Democracy and Electoral Assistance, the programme aimed to consolidate the rule of law and anti-corruption reforms in Nigeria by improving justice and anti-corruption systems in the extractive sector.
Speaking at the forum, the Secretary to the Government of the Federation and Chairman of the NEITI National Stakeholders Working Group, Senator George Akume, said the extractive sector continues to play a critical role in stabilising the economy, but has historically fallen short of its potential due to inefficiencies, weak oversight, and transparency gaps.
Akume, who was represented by the President of the Miners Association of Nigeria, Dele Ayanleke, however, pledged to intensify engagements with stakeholders as the country prepares for its 2026 validation under the global Extractive Industries Transparency Initiative, vowing to move “beyond compliance” and translate disclosures into concrete reforms across the oil, gas, and mining sectors.
He said, “This dialogue comes at a critical moment for Nigeria. As a nation, we are navigating complex economic reforms, fiscal pressures, and heightened public expectations for accountability in the management of Nigeria’s natural resources. The extractive sector remains central to Nigeria’s economic stability, revenue mobilisation, and long-term development aspirations. Yet, it is also a sector where governance gaps, inefficiencies, and lack of transparency have historically constrained its full potential.”
He also stated that findings and recommendations contained in NEITI’s audit reports over the years were no longer mere publications, but had increasingly become reference points shaping ongoing reforms in Nigeria’s oil, gas, and mining industries.
According to him, NEITI disclosures have helped expose revenue leakages, weak institutional practices, and compliance failures, prompting policy reviews and strengthening oversight mechanisms across the sector.
A major highlight of the dialogue was discussions around Nigeria’s recent EITI assessment, the forthcoming validation process, and the unveiling of a policy brief titled ‘Beyond Assent: Pathways for Implementing Nigeria’s New Tax and Revenue Framework’, which Akume said would help close revenue leakages and improve oversight in the extractive sector.
While formally congratulating the Executive Secretary of NEITI, Musa Adar, on his appointment, Akume commended the NEITI Secretariat for convening the timely dialogue and development partners, whose continued collaboration, according to him, has helped deepen Nigeria’s transparency reforms.
Earlier, in his welcome address, the NEITI Executive Secretary, represented by Dieter Bassi, noted that the dialogue was convened with the intent to unpack Nigeria’s preparedness and journey to validation by the global EITI.
He said Nigeria was determined to improve on its last validation score of 72 out of 100 recorded in 2023. “The EITI is no longer a narrow checklist. It has evolved into an outcome-oriented credibility test that demands demonstrable reforms, meaningful stakeholder engagement, and tangible impact on national governance,” he said.
He outlined the objectives of the dialogue to include reviewing progress on corrective actions, identifying remaining gaps, co-developing an implementable framework ahead of validation, and elevating the role of civil society, the media, and sub-national actors in extractive governance.
Similarly, civil society groups at the forum underscored their watchdog role in the validation process, warning that Nigeria’s performance would depend largely on the extent to which audit recommendations are implemented and reforms felt at the community level.
