Governance & Public Sector · In force

Nigeria Extractive Industries Transparency Initiative Act 2007

Gave statutory backing to EITI in Nigeria — the first country to do so — mandating disclosure of oil, gas and mining revenues.

Signed
2007-05-28
Assented by
Status
In force
01 Background

Signed one day before Obasanjo left office, the NEITI Act 2007 made Nigeria the first country to give the Extractive Industries Transparency Initiative statutory force. It establishes NEITI to audit and reconcile payments by extractive companies to government, mandates disclosure and imposes penalties for non-compliance.

02 Key provisions · 4
§ 01
Statutory backing for EITI in Nigeria
§ 02
Establishes NEITI to audit extractive-sector revenues
§ 03
Mandatory disclosure by oil, gas and mining companies
§ 04
Penalties for non-compliance
03 What changed in practice
Made extractive-revenue reconciliation a legal requirement
Nigeria became the first EITI country with a statutory mandate
04 Who it affects
NEITIOil, gas & mining companiesGovernment revenue agenciesCitizens
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