16 May 2018

Nigeria: Fiscal Justice Key in Managing Extractive Industries' Crisis - Sitei Convener

Co-founder and convener of the Sustainability in the Extractive Industries (SITEI), Bekeme Masade has stated that only fiscal justice could resolve the protracted crisis associated with the mining of extractive industries in Nigeria.

Speaking to journalists in Lagos at the weekend, Masade argued that financial justice entails that all revenues accruing to the extractive industries should be collected and transparently managed for the benefit of all the stakeholders.

According to her, fiscal justice for all means that the revenues from the extractive industries should be equitably, transparently and accountably managed for progressive development.

Masade noted that SITEI seeks to ensure sustainability in extractive industries, adding that series of conflicts in the Niger Delta had resulted in the decline in Nigeria's crude oil production and health challenges in the oil-producing region.

To resolve the crisis, Masade stressed the need for continuous engagement with critical stakeholders to ensure financial justice.

She said the resources from the extractive industries should be managed in such a way that all critical stakeholders - host communities, companies, government, tax authorities and other businesses should be able to know who owns what, adding that opaque management of resources had fueled crisis and capital flight.

The Chief Executive Officer of CSR-in-Action, who spoke ahead of the 7th Sustainability in the Extractive Industries (SITEI) Conference and Exhibition slated to hold later this month in Abuja, recalled that SITEI was established in Lagos in October 2012 in conjunction with the Deputy High Commission of Canada.

She stressed that this year's event is geared towards identifying tactics that would bring about long-lasting solution to conflict in Nigeria's extractive sector to avert further downward spiral of the sector and Nigeria's Gross Domestic Product (GDP).

She added that discussions at SITEI 2018 themed 'Managing Conflict and Security in the Extractive Industries,' will revolve around creating awareness about the causes, impact and management of conflict in Nigeria's extractive sector so as to maximise the potential inherent in the sector.

According to her, discussions are also meant to inspire the government to develop and implement strong legal and regulatory frameworks for conflict and security management in the oil and gas and mining sector.

She also unveiled the partnership between CSR-in-Action Advocacy, Nigerian Extractive Industries Transparency Initiative (NEITI), the Federal Ministry of Petroleum Resources (FMPR), Ministry of Mines and Steel Development (MMSD), Nigerian National Petroleum Corporation (NNPC), Miners Association of Nigeria (MAN), Petroleum Technology Association of Nigeria (PETAN), in the 7th SITEI Conference and Exhibition slated to hold on May 21 and 22.

Nigeria

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