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

Nigeria is richly endowed with abundant natural resources in the extractivesector. Nigeria has keyed into the Extractive Industry Transparency Initiative'sstandards, principles and practices (EITI) to promote transparency,accountability and good governance in the extractive sector. Signing into EITIand establishing the Nigerian Extractive Industry Transparency Initiative(NEITI) marks a watermark in Nigeria. This article argues that EITI, throughpromoting transparency and accountability, has impacted the facilitation ofsustainable development in Nigeria. Even with the progress made in theinstitutionalisation of EITI and promotion of extractive industry governance inNigeria, some challenges have impacted the actualisation of the goals of EITI inNigeria. Areas such as the need for enhanced data quality, improvement ininstitutional capacity, and expansion of local participation in the managementresources for inclusive development will need to be addressed. With the need toenhance sustainability in the extractive industry in Nigeria, EITI continues to bean essential force to be reckoned with, going by its mandate to strengthentransparency and accountability in the extractive sector. If these challenges areaddressed, there will be more significant opportunities for economic prosperityin Nigeria, and more avenues for social transformation will be opened.