Nigeria has called for stronger governance, transparency, and collaboration among African leaders and industry stakeholders to fully capitalize on the continent’s natural resources for sustainable development. The Nigerian government emphasized its commitment to fostering an inclusive extractive industry based on transparency, regional cooperation, and local capacity building.....KINDLY READ THE FULL STORY HERE▶

During the inaugural International Exhibition of Extractive and Energy Resources (SIREXE) in Abidjan, Côte d’Ivoire, Vice President Kashim Shettima reinforced Nigeria’s position on the importance of effective institutions in converting natural resource wealth into national prosperity.

The summit, themed “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” brought together leaders from across Africa to explore innovative solutions for resource management and energy security.

Shettima underscored that the strength of governance institutions is pivotal in ensuring that Africa’s resource wealth benefits its people, stating, “This is not just about resources; it’s about people, prosperity, and posterity. With the right policies, transparency, and accountability, we can ensure that mineral wealth fuels development rather than division.”

He also highlighted Nigeria’s role as a leader in transparency reforms, noting that Nigeria was the first country to domesticate the Extractive Industries Transparency Initiative (EITI) in 2004. “Transparency is non-negotiable for building trust and ensuring inclusive benefits for all,” Shettima added.

The Vice President stressed the need for regional collaboration, stating, “Africa’s energy future is interconnected. Nigeria stands ready to share its experiences and work with ECOWAS partners to develop an extractive industry that works for all of us.”

Shettima also discussed the transformation of Nigeria’s oil sector following the restructuring of the Nigerian National Petroleum Corporation (NNPC) under the Petroleum Industry Act (PIA) of 2021, emphasizing its new role as a commercially driven entity.

He pointed to the success of Nigeria’s Local Content Act, which increased local participation in the oil and gas sector from 5% to nearly 30%, and highlighted the Dangote Refinery as a model of indigenous innovation and capacity building.

Addressing challenges like cartels and conflicts in resource-rich areas, Shettima called for investment in security measures to protect mining sites and ensure sustainable growth. “Africa is home to 40% of the world’s gold, 10% of its oil, and critical minerals like cobalt and lithium, yet our potential remains largely untapped. We must unite to unlock this potential,” he urged.

Côte d’Ivoire’s Vice President, Tremoko Meyliet Kone, also acknowledged the importance of collaboration and shared ideas in boosting job creation and maximizing natural resource benefits for citizens. He urged caution about the environmental impacts of mining, as Côte d’Ivoire continues its efforts to reduce pollution and emissions.

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