In its 2017 report, the (EITI) disclosed that the Nigerian extractive industry has so far disclosed $500 billion to the Federal Government since its inception.
According to The Guardian, EITI said it has also made significant contributions to improved governance of the extractive sector in many countries around the world, noting that it is central to many reforms of the sector in countries like the Democratic Republic of the Congo.
“It is also clear that the EITI process is one of the only functioning global mechanisms to inform and channel debate in resource-rich countries in a way that includes all stakeholders. In the development business, there can often be a naïve belief in figures.
“While it is important to have quantitative information, it is even more important to have the right kind of information and to have it used. Recognising the large diversity of country processes and objectives, any monitoring and evaluation framework has to be established first and foremost at the country level.”
Furthermore, member countries will be required to request beneficial ownership information from companies that bid for, operate in or invest in the extractive sector by January 2020.
According to the agency, 44 countries have published a beneficial ownership disclosure roadmap and these are, in many cases, the first time EITI countries have considered the policy steps for beneficial ownership transparency.
It disclosed that most EITI countries plan to amend sector legislation, for instance mining or petroleum laws, while some are planning to introduce beneficial ownership transparency through amendments to company laws or other dedicated legal instruments.
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