The Nigeria Extractive Industries Transparency Initiative (NEITI) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for notable progress in the conduct of the 2022–2023 Mini Bid Round and 2024 Licensing Round.
The commendation followed NEITI’s independent monitoring of the pre-qualification and technical bid processes.
The exercise is in line with its mandate under the Petroleum Industry Act (PIA) 2021 and the global Extractive Industries Transparency Initiative (EITI) Standard.
An Advisory Report released by NEITI on Sunday also highlighted notable improvements in inclusivity, digitalisation, and procedural integrity.
The report was presented to the NEITI National Stakeholders Working Group (NSWG) at its statutory meeting in Umuahia, Abia State on May 9.
It described the licensing rounds as a significant milestones in Nigeria’s upstream petroleum sector, designed to attract credible investments, unlock hydrocarbon potential and advance national development objectives.
The Advisory Report said that the licensing process was generally professional, transparent, and inclusive, with adherence to published criteria as required by the PIA and EITI provisions.
“Special concessions granted to indigenous and emerging firms were acknowledged as a progressive step that enhanced stakeholder participation and public confidence,” it said.
It identified areas for improvement, including strengthening the evaluation methodology and metrics; enhancing transparency in result disclosure and improving public access to bidder information.
It also identified other areas for improvement to include ensuring full disclosure of beneficial ownership and integrating technical and commercial value assurance in evaluations.
The report offered actionable recommendations to bolster future rounds, emphasising transparent disclosures, standardised scoring, and consistent stakeholder engagement.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya expressed commitment to working collaboratively with regulators, civil societies, and industry stakeholders to institutionalise transparency, good governance and sustainable development in Nigeria’s extractive industries
“The NSWG commended NUPRC’s cooperation with NEITI and encouraged the adoption of the recommendations outlined in the advisory,” he said.
At the meeting in Umuahia, the NEITI Board also adopted a comprehensive Energy Transition and Climate Accountability Framework, developed in alignment with Nigeria’s national energy transition plan.
The framework also aligned with the global climate obligations under the Paris Agreement, the Sustainable Development Goals (SDGs), and the 2023 EITI Standard.
The framework redefines NEITI’s role in the energy transition, introducing a transparent and accountable mechanism for tracking greenhouse gas emissions and climate-related financial risks and monitoring divestments by International Oil Companies (IOCs).
It aims at overseeing the implementation of Host Community Development Trusts (HCDTs) under the PIA, promoting just transition planning and climate disclosures and aligning NEITI’s reports with national climate instruments.
Orji said that the framework positioned Nigeria at the forefront of climate-compliant resource governance.
“It is our bold response to the urgent need for transparency in how oil investments and divestments affect host communities and the environment,” he said.
To operationalise this policy, NEITI has outlined key implementation steps covering oil, gas, and solid minerals reporting, stakeholder engagement, institutional coordination, and bi-annual performance reviews.
The framework is being developed with support from the Ford Foundation as part of NEITI’s ongoing study on the impact of energy transition on Nigeria’s oil-dependent economy.
NAN
