Strengthening Governance for Resource Development
Nigeria has urged African leaders and industry players to prioritize governance, transparency, and collaboration to harness the continent’s resource wealth for sustainable development. Speaking at the inaugural International Exhibition of Extractive and Energy Resources (SIREXE) in Abidjan, Côte d’Ivoire, Vice President Kashim Shettima highlighted Nigeria’s commitment to creating an inclusive and transparent extractive industry.
“The strength of our governance institutions will determine whether resource wealth becomes a blessing or a curse,” Shettima stated, emphasizing the importance of accountability in resource management.
Nigeria’s Leadership in Transparency Reforms
Shettima underscored Nigeria’s pioneering role in transparency with the establishment of the Nigeria Extractive Industries Transparency Initiative (NEITI) in 2004.
“We became the first country to domesticate the Extractive Industries Transparency Initiative. Transparency is non-negotiable for building trust and ensuring inclusive benefits for all,” he noted.
He also detailed how restructuring the Nigerian National Petroleum Corporation (NNPC) under the Petroleum Industry Act 2021 has transformed the organization into a commercially driven entity, setting new standards for resource governance.
Regional Cooperation for Africa’s Energy Future
Calling for stronger partnerships within the Economic Community of West African States (ECOWAS), Shettima said:
“Africa’s energy future is intertwined. The progress of one state ripples across others.”
He reaffirmed Nigeria’s readiness to share experiences and collaborate on building a sustainable extractive industry that benefits all citizens.
Local Content Development as a Driver of Growth
Highlighting the success of Nigeria’s Local Content Act of 2010, Shettima said local participation in the oil and gas sector has risen significantly. Projects like the Dangote Refinery were cited as examples of the nation’s capacity to drive industrial innovation and economic growth.
Tackling Challenges in Resource Management
Acknowledging the threats of vested interests and instability in resource-rich regions, Shettima said Nigeria is investing in specialized policing frameworks to secure mining sites. He noted Africa’s untapped potential, stating:
“Our continent holds 40% of the world’s gold and 10% of its oil, yet our potential remains largely untapped. Let us rise to this moment as a unified region.”
Collaboration Highlighted by African Leaders
The Vice President of Côte d’Ivoire, Tremoko Kone, praised Shettima’s participation, emphasizing the need for collaboration to maximize natural resources for citizens’ well-being.
Norwegian Ambassador Ingrid Mollestad also commended the conference’s ambition, describing it as a platform for fostering innovation, sustainability, and shared values in the extractive sector.
Key Takeaways from SIREXE 2024
- Transparency and governance are critical for sustainable resource management.
- Regional cooperation is essential for addressing shared challenges in the extractive industry.
- Local content development drives economic growth and industrial innovation.
- Strong institutional frameworks can mitigate the risks of corruption and instability.
