SIREXE Conference: Shettima canvases Nigeria’s push for transparency in Africa’s extractive industries

Nigeria has issued a strong call for improved governance, transparency, and collaboration among African leaders and industry stakeholders to effectively harness the continent’s vast resource wealth for sustainable development.

This declaration was made by Vice President Kashim Shettima during the inaugural International Exhibition of Extractive and Energy Resources (Salon International des Ressources Extractives et Energétiques – SIREXE) held in Abidjan, Côte d’Ivoire.

In a statement issued by his media aide, Stanley Nkwocha, the Vice President reaffirmed Nigeria’s commitment to fostering an inclusive extractive industry that is grounded in the principles of transparency, regional partnerships, and local capacity building.

He stressed that effective institutions are essential for transforming natural resources into national prosperity, stating, “This is not just about resources; it’s about people, prosperity, and posterity.”

The summit, themed “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” brought together leaders from across Africa to discuss innovative solutions for resource management and energy security. Shettima pointed out that the strength of governance institutions will determine whether resource wealth becomes a blessing or a curse.

He argued that with the right policies, transparency, and accountability, Africa can ensure that its mineral wealth fuels development rather than division.

Highlighting Nigeria’s pioneering role in transparency reforms, Shettima referenced the establishment of the Nigeria Extractive Industries Transparency Initiative (NEITI) in 2004. He noted, “We became the first country in the world to domesticate the Extractive Industries Transparency Initiative because we understood that opacity breeds inefficiency and corruption. Transparency is non-negotiable for building trust and ensuring inclusive benefits for all.”

Shettima stressed the importance of regional cooperation in addressing common challenges faced by resource-rich nations. “Africa’s energy future is intertwined. The progress of one state ripples across others. Nigeria stands ready to share its lessons and collaborate with ECOWAS partners to build an extractive industry that works for our people,” he stated.

The Vice President also discussed significant reforms within Nigeria’s oil sector, particularly the restructuring of the Nigerian National Petroleum Corporation (NNPC) under the Petroleum Industry Act (PIA) 2021. He explained how this transformation into a commercially-oriented entity has enhanced operational agility and transparency while reducing government interference. “NNPC Limited now operates with agility, transparency, and reduced government interference. This shift is setting a new standard for resource governance in Africa,” he added.

Emphasising local content development as a key driver of economic growth, Shettima highlighted Nigeria’s Local Content Act of 2010, which has increased local participation in the oil and gas industry from 5% to nearly 30%. He cited successful projects like the Dangote Refinery—the world’s largest single-train refinery—as evidence of what can be achieved when indigenous capacity and innovation are prioritized.

Acknowledging the challenges posed by vested interests and conflicts in resource-rich regions, Shettima stated, “We cannot afford to allow cartels and instability to jeopardize our aspirations. That’s why Nigeria is investing in specialized policing frameworks to secure mining sites and ensure sustainable growth.” He underscored Africa’s potential, noting that the continent is home to 40% of the world’s gold, 10% of its oil, and critical minerals like cobalt and lithium.

In his remarks, Côte d’Ivoire’s Vice President Tremoko Meyliet Kone expressed appreciation for Vice President Shettima’s presence at the event. He emphasized the benefits of collaboration among countries in the energy and extractive industries, including job creation and maximizing natural resources for citizens’ well-being. Kone also cautioned against pollution and climate degradation associated with mining activities.

Minister of Mines, Petroleum, and Energy Mamadou Sangafowa Coulibaly welcomed participants at the conference, highlighting the need for collaboration to meet global energy demands while ensuring economic development. He noted that this inaugural conference provided an avenue for stakeholders to propose solutions to challenges within the sector.

Norwegian Ambassador to Côte d’Ivoire ,Ingrid Mollestad remarked on the conference as a testament to nations’ ambitions to enhance their positions within the extractive industry amid a changing global landscape. She emphasized that partnerships among nations are essential for investigating sustainable development within this critical sector.

As discussions continue at SIREXE, African leaders remain focused on leveraging their collective resources responsibly to foster sustainable growth across the continent.