EITI as a Primer for Sustainable Development: A Case Study Of Nigeria

Abstract

Nigeria is richly endowed with abundant natural resources in the extractive
sector. Nigeria has keyed into the Extractive Industry Transparency Initiative's
standards, principles and practices (EITI) to promote transparency,
accountability and good governance in the extractive sector. Signing into EITI
and establishing the Nigerian Extractive Industry Transparency Initiative
(NEITI) marks a watermark in Nigeria. This article argues that EITI, through
promoting transparency and accountability, has impacted the facilitation of
sustainable development in Nigeria. Even with the progress made in the
institutionalisation of EITI and promotion of extractive industry governance in
Nigeria, some challenges have impacted the actualisation of the goals of EITI in
Nigeria. Areas such as the need for enhanced data quality, improvement in
institutional capacity, and expansion of local participation in the management
resources for inclusive development will need to be addressed. With the need to
enhance sustainability in the extractive industry in Nigeria, EITI continues to be
an essential force to be reckoned with, going by its mandate to strengthen
transparency and accountability in the extractive sector. If these challenges are
addressed, there will be more significant opportunities for economic prosperity
in Nigeria, and more avenues for social transformation will be opened.