The Extractive Industry Transparency Initiative, EITI, has called for an increase in the level of transparency in the Nigerian oil and gas sector.
This was made known by the Deputy Head of the EITI secretariat, Mr Eddie Rich, on Monday during a meeting with the executives of the Nigerian Extractive Industry Transparency Initiative (NEITI) in Abuja.
The EITI boss also said that the country is facing the risk of suspension for missing the deadline for the submission of its 2013 oil and gas audit report.
Speaking on behalf of the EITI executive board, Mr Rich said that despite a significant possibility for Nigeria to be suspended, the board would ensure they strike a balance between the persistent issues in Nigeria and the EITI global standards.
The board also paid a courtesy visit to the Vice President of Nigeria, Professor Yemi Osinbajo, to introduce the incoming Chairman of the organisation, Mr Fredrick Reinfeldt.
Mr Reinfeldt, who would take over from Clair Shot in March, gave his impression about Nigeria and the need for transparency amidst the dwindling oil prices.
The Extractive Industry Transparency Initiative (EITI) was inaugurated to ensure transparency in the extractive oil and gas sector.
The group monitors the government of at least 49 countries of the world to ensure that the oil money is used for the good of the common man.
