The Nigeria Extractive Industry Transparency Initiative (NEITI) is preparing to launch a new data centre to improve decision-making and stimulate growth within the extractive industry. The organisation’s latest announcement reveals that the completely automated cutting-edge centre is believed to be a pioneering development among the 57 countries implementing EITI. NEITI announced that the Construction of the data centre aligns with its efforts to establish EITI in the country, as outlined in its five-year strategic plan.
Orji Ogbonnaya Orji, the executive secretary of NEITI, revealed plans for the centralised hub to provide comprehensive information and data about the nation’s oil, gas, and solid minerals industries. He explained that the centre will be a central hub storing all data and information released in NEITI’s Annual Industry Reports since 2004. Also, the centre will be a central repository for combined and individualised extractive industry information, readily available to interested parties such as non-governmental organisations, journalists, extractive industry corporations, government entities, and legislative bodies.
Lack of funding delays the project commencement in March 2024.
Furthermore, the centre will support analysing information, providing training, and developing manpower in Data Science for effective deployment and utilisation to maintain a robust public knowledge and comprehension of the country’s extractive industry. He also mentioned that the centre’s establishment aligns with the region’s dedication to meeting the open data policy guidelines set by the EITI 2023 standards. This centre will support the NEITI/EITI systematic disclosure program. He further stated that the digital centre’s creation was designed to improve accessibility to trustworthy data, guarantee information Security and efficient management, and facilitate communication with the extractive sector.
He emphasised that the new centre will facilitate evidence-based stakeholder involvement in public discussions and enhance NEITI’s role in national planning and development. He stated that various organisations have placed great confidence in NEITI’s ability to supply accurate information and statistics for decision-making, interactions, and advocacy. These groups view the digital centre as a transformative and beneficial advancement. Orji elaborated on the reasons behind the project’s failure to meet the original March 2024 deadline, pointing to unexpected limitations like funding delays, complex procurement procedures, and competitive bidding processes. Orji praised the efforts of President Bola Tinubu’s government in assisting in guaranteeing the project’s successful execution.
New data hubs are expected to stimulate the national economy.
Also, the new digital centre is anticipated to have a strong positive impact on the national economy. It will improve transparency and increase investor trust in the extractive sector. By providing precise and easily obtainable information, local and international Investors can enhance their decision-making process and potentially boost Foreign Direct Investment (FDI) and growth in the oil, gas, and solid minerals industries. Enhanced transparency can reduce the likelihood of Corruption and lead to better resource utilisation, potentially boosting government revenue.
However, the nation’s role as a frontrunner in implementing the EITI sets it apart from the 57 countries involved, demonstrating its commitment to upholding transparency and governance standards for the global audience. The improved reliability and accessibility of the region’s extractive industry hub can enhance global partnerships and collaborations, particularly with nations and institutions dedicated to sustainable and ethical resource extraction practices. The potential benefits of this move could lead to the nation entering into advantageous agreements, receiving technical support, and becoming more deeply involved in the global supply chain of natural resources.
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Lastly, the digital centre is more than just a place to store information; it is a state-of-the-art technological hub incorporating advanced software and tools for managing information. Automated systems guarantee instant updates and top-notch security, preserving digital integrity. The centre will enable stakeholders to make informed decisions based on information by utilising its ability to analyse vast amounts of information and provide valuable insights. Implementing Artificial Intelligence (AI) and machine learning in digital processing is a crucial advancement for the national extractive industry.