By Michael Eboh

The Nigeria Extractive Industries Transparency Initiative, NEITI, has disclosed that the country is yet to fully realise the benefits of its membership with the global Extractive Industries Transparency Initiative, EITI.

NEITI also said it is working towards developing policies and strategies to ensure that its membership translates to visible impact in the lives of the citizens.

NEITI, in a statement in Abuja, listed the visible impact it was targeting to include, ensuring that revenues from oil, gas and mining result in poverty reduction, creation of jobs, security of lives and property, improved infrastructure, access to health care, education and social welfare.

NEITI Board Chairman and Minister of Solid Minerals Development, MrKayodeFayemi, argued that except NEITI’s intervention in the extractive industry governance leads to urgent resolution of these national development challenges citizens contend with daily, the goal of Nigeria’s membership of EITI will not be realised.

Fayemi, who spoke at the induction programme for members of the Board, in Abuja, conveyed President Muhammadu Buhari’s commitment to building better systems and procedure that will strengthen the capacity of relevant government agencies.

He said this will also halt mismanagement, inefficiency, and lack of transparency in the extractive sector as well as the diversification of the economy.

He said: “Our responsibility as members of the NEITI National Stakeholders Working Group is to develop and establish policy targets on how the findings and recommendations of NEITI Reports can be implemented in a way that they leads to improved revenue generation to support national development, improve Nigeria’s global rating and business environment for inflow of investments into the sector.”

He further described the induction programme as a forum for strategic thinking and knowledge sharing on ways to address the challenges ahead in an efficient manner in line with the EITI and NEITI mandates.