George-Ikoli's blog

The Nigeria Natural Resource Charter (NNRC) in collaboration with the African Centre for Leadership, Strategy & Development (Centre LSD) launched a study on “A Review of Crude Oil Sales and Reserve Management in Nigeria – vis-à-vis the Social and Economic Benefits for its People”, in Abuja on Wednesday, March 28th, 2018.

The Nigeria Natural Resource Charter (NNRC) in conjunction with the Media Initiative on Transparency in Extractive Industry (MITEI) organised a Roundtable on the Petroleum Industry Governance Bill (PIGB) themed: ‘Understanding the Petroleum Sector Reforms Proposed by the PIGB on March 8, 2018, in Abuja. The event was organised to explore the ‘critical reforms proposed by the PIGB’ and ‘the transition process in the post-PIGB’ era.

The Nigeria Natural Resource Charter (NNRC) in collaboration the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan held a workshop titled: ‘Assessing Petroleum Sector Wealth: NNPC’s contributions to the economy, in Lagos on the 29th of March 2018. The event which was well attended by stakeholders in the oil and gas sector operators, civil society organizations, the media, and a cross section of the public highlighted some of the challenges militating against Nigeria making the most from its oil wealth.

The Chairman, Expert Advisory Panel of the Nigeria Natural Resource Charter (NNRC) Mr. Odein Ajumogobia (SAN) has reiterated the need for greater transparency and accountability in Nigeria’s extractive sector and the oil and gas industry in particular. The high level of opacity in the industry not only hampers economic development but also scares genuine investors away from Nigeria. Mr. Ajumogobia made this known at the Workshop organized by the Nigeria Natural Resource Charter (NNRC) in Lagos on March, 29th 2018 at Protea Hotels Kuramo Waters, Lagos.

The Nigeria Natural Resource Charter (NNRC) presented the findings from its 2017 Benchmarking Exercise Report (BER) through a Policy Dialogue and Capacity Building Workshop for members of the media, civil society organizations (CSO) the academia, ministries, departments and agencies (MDAs) and stakeholders in the oil and gas industry on February 15th and 22nd of February, 2018 in Abuja and Lagos consecutively.

The Nigeria Natural Resource Charter (NNRC) launched its flagship Benchmarking Exercise Report (BER) which has become the most incisive, well researched document on developments in Nigeria’s oil and gas sector. The Report which was presented to the public during the Launch and Policy Dialogue hosted by the NNRC in Abuja on the 15th of February 2018 at an event attended by public sector stakeholders, the media and a cross section of the academia, revealed that the Nigerian oil and gas sector has not made appreciable progress towards imbibing international best practices and creating a more conducive operational environment.

The benchmarking exercise provides a wealth of evidence to measure Nigeria’s performance against twelve precepts of good practice set out in the Charter covering the entire decision chain in the management of natural resources. Precept 1 which is securing the greatest social and economic benefits for the people of Nigeria is the high-level summary of all the subsequent 11 Precepts.

by Ode OjowuThe NEITI Report is, as usual, very lucid and straight to the point. It’s summary that “The failure of Nigeria to record meaningful savings from oil revenues despite establishing several accounts for that purpose, and in spite of consistently high oil prices especially in the ten years up to 2014, is traceable as much to a failure to comply with the rules guiding the stabilisation funds as well as to deficiencies in the rules”, cannot be put better.

The Nigeria Natural Resource Charter (NNRC) is poised to provide the necessary guidance to help both the government and people of Nigeria effectively harness the opportunities in the oil and gas sector for the betterment of the people. As part of ongoing interactions with government officials, industry practitioners, and other stakeholders, the NNRC is working hard to ensure that the 12 Precepts are adopted as yardstick to inform and improve natural resource management in the country.

The Nigeria Natural Resource Charter (NNRC) has been engaging media practitioners at different fora on effective coverage of the oil and gas sector. This is with aim to help the media understand the intricacies of the sector and also be properly equipped to carry out value added reportage of the sector.

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