NEITI (Nigeria Extractive Industries Transparency Initiative)

In 2003, Nigeria voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI). The decision to accede to the EITI and establish the Nigeria Extractive Industries Transparency Initiative (NEITI) was taken in the context of the comprehensive socio-economic reform programme embarked upon by the Federal Government of Nigeria during the second term of the former President Olusegun Obasanjo administration which commenced on May, 29, 2003. The reform programme, which was encapsulated in the National Economic Empowerment Development Strategy (NEEDS), focused on four main areas namely to improve Nigeria’s macro-economic environment; pursue structural reforms; strengthen public expenditure management and implement institutional and governance reforms. Implementing the EITI in Nigeria by establishing the NEITI was part of the institutional and governance reforms. Nigeria joined the EITI to promote prudent management of revenues from its abundant natural resources to reduce poverty and ensure sustainable development.