March 2018 Newsletter

The Nigeria Natural Resource Charter (NNRC) presented the findings from its 2017 Benchmarking Exercise Report (BER) through a Policy Dialogue and Capacity Building Workshop to members of the media, civil society organizations (CSO) the academia, ministries, departments and agencies (MDAs) and stakeholders in the oil and gas industry on Thursday, February 15th and February 22nd, 2018 in Abuja and Lagos consecutively. The NNRC collaborated with the Media Initiative on Transparency in the Extractive Industry (MITEI) and the Centre for Petroleum, Energy Economics and Law (CPEEL) collaborated to explore the benefits of the Petroleum Industry Governance Bill (PIGB) on the Nigerian economy. The NNRC/MITEI event was targeted at improving the understanding of stakeholders on the benefits of the PIGB and the roles of stakeholders after the bill is assented to. The NNRC/CPEEL event assessed the contributions of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian economy. Both engagements assessed petroleum sector policies against the NNRC benchmark precpets 1 and 6. 

Precept 1: Strategy, legal framework and institutions: Resource management should secure the greatest social benefit for cistizens through an inclusive and comprehensive national strategy, clear legal framework and competent institutions.

Precept 6: State owned enterprises: State owned enterprises should be accountable, with well-defined mandates and an objective of commercial efficiency.

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December 2017 Newsletter

The Nigeria Natural Resource Charter (NNRC) concluded its assessment of the petroleum sector during this quarter. The results of the assessment were represented in the NNRC's 2017 Benchmarking Exercise Report #BER. Key findings from that assessment were shared with key media partners from Reuters, ThisDay, Guardian, Punch, Bloomberg etc. The preliminary results from the BER fed into the NNRC's engagement with host communities in the Niger Delta including Ogoni land representatives to address the consider the delay in the implementation of the United Nations Environmental Programme (UNEP) assessment of environmental degradation in Ogoni land. Other interventions included engagements with MDAs and the legislature on the crude sales and reserves management and a dialogue workshop engaging with petroleum sector stakeholders on the previous Benchmarking Exercise Reports.

Precept 4: Taxation and Other Company Payments: Tax regimes and contractual terms should enable the government to realize the full value of its resources consistent with attracting necessary investment, and should be robust to changing circumstances.

Precept 5: Managing Local Impacts: The government should pursue opportunities for local benefits and account for, mitigate and offset the environmental and social costs of resource extraction projects.

Precept 6: State owned enterprises: State owned enterprises should be accountable, with well-defined mandates and an objective of commercial efficiency.

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