THE Nigeria Extractive Industries Transparency Initiative, NEITI, has unveiled a framework for environmental reporting in Nigeria’s extractive industry.
The framework was unveiled by the Minister of Finance and is intended to hold companies operating in the petroleum and mining sectors accountable for spills and other harmful effects.
NEITI says the actions of oil multinational corporations and their impact on the environment in the oil producing areas have been damaging to the host community, impacting the people’s economic basis and source of sustenance.
The agency notes that existing environmental rules are poorly implemented and are not enforced fully enough to hold the extractive companies accountable.
Orji Ogbonnaya Orji, Executive Secretary of NEITI, says his agency believes disclosure of the environmental impact of extractive activities is important to impacted communities and to businesses for the purpose of good corporate governance, reputation and social licence.