sharing in governance of extractive industries
Overcoming the Limits of EITI in Nigeria
By Dauda Garuba*
The 30th edition of the International Board meeting of Extractive Industries Transparency Initiative (EITI) is due to hold in Bern, the capital of Switzerland, on 21 and 22 October, 2015. As the hub of global commodity market, the forthcoming EITI Board meeting presents both an opportunity and a challenge for Nigeria. In terms of opportunity,…Continue
Nigeria recently welcomed a new government on after successful elections that were hailed as a triumph for democracy. After intense competition for the affections of voters, this is the very first time in Nigeria’s history that democratic power has been transferred by a ruling party to an opposition party.
However, in the midst of the funfair and glamour that characterized the handover ceremony, one big question remained on peoples’ lips: how does the new administration of…Continue
The price of oil, the commodity that more than any other determines the fortunes of Nigeria, has fallen over 50 percent since June 2014. The country’s 37 billion barrels of oil reserves are now significantly less valuable than before. Previous slumps in prices have spelt disaster for Nigeria and other oil-dependent countries, leading to depleted government coffers, painful fiscal cuts and reduced economic growth. What will be the impact for…
Oil is the lifeblood of modern economy. The discourse about how oil has made or marred the destinies of nations is intrinsically linked to its governance. Sadly, the Nigerian face of that discourse is located in the epitaph of the “resource curse” – a paradox under which countries that are rich in natural resources such as oil, gas and minerals experience less economic growth and poorer development outcomes compared to those without natural resources. Proposals for solving this paradox…Continue