In a recent statement, the Nigeria Extractive Industries Transparency Initiative emphasized the need for increased collaboration among African nations to bolster revenue generation, particularly through domestic resource mobilization. The call for stronger partnerships was highlighted during a meeting in Lusaka, Zambia, which convened representatives from various African countries.
Dr. Ogbonnaya Orji, the Executive Secretary of NEITI and Nigeria’s National Coordinator for EITI, stressed the significance of strategic alliances among EITI-implementing countries. Such collaborations are crucial for addressing budget deficits, reducing debt burdens, promoting economic diversification, and fostering sustainable development.
Orji underscored the importance of transparency, accountability, and innovative approaches in driving economic development and navigating challenges in the evolving global energy landscape. He also encouraged member countries to embrace DRM strategies, forge partnerships to boost revenue generation, and lessen dependence on oil by diversifying their economies.
At the meeting, Orji outlined Nigeria’s plans to diversify its economy by focusing on developing the solid minerals sector, advancing gas commercialization, and liberalizing the oil, gas, and mining industries. He emphasized the need to create an attractive investment climate to spur economic growth.
The discussions at the Lusaka meeting involved EITI National Coordinators from various regions in Africa, as well as development partners and international organizations. The focus was on advancing DRM strategies to enhance revenue generation, alleviate poverty, and tackle budget deficits.
The Director for Africa at the International Secretariat of EITI highlighted the importance of innovation, openness, and collaboration in managing the challenges faced by oil-dependent countries in the midst of climate change and the global energy transition.
Orji also welcomed the cooperation between Nigerian anti-corruption agencies, noting their positive impact on promoting transparency and accountability in the extractive sector.