Economy
NEITI Unveils Roadmap on Use of Open Data
By Modupe Gbadeyanka
Two documents designed to push the boundaries of implementation of transparency and accountability in the extractive industries in Nigeria have been launched by the Nigeria Extractive Industries Transparency Initiative (NEITI).
It was gathered that the first document is the Roadmap on Beneficial Ownership disclosure, which seeks to outline Nigeria’s strategy towards the implementation and fulfilment of Requirement 2.5 of the EITI standard which among other things demands public disclosures of the real owners of oil, gas and mining companies that operate in Nigeria.
The roadmap provides comprehensive plans and actions designed to guide Nigeria in its implementation of beneficial ownership disclosure in the extractive industries.
The strategy document also identified the institutional frameworks that are required for effective implementation of ownership transparency, clarity on definition of beneficial owners and explanation on thresholds for public disclosure required in the process.
It also defined those who fall into the category of Politically Exposed Persons (PEPs) and the reporting obligations expected of them as well as the challenges that may be encountered during the process of data collection, data quality assurance, accessibility and timeliness.
The plan also identified the need for capacity building for all stakeholders expected to be involved in the implementation given the complexity of the extractive industries in Nigeria and highlighted the need for public education and enlightenment on the principles and benefits of Beneficial Ownership disclosures.
The roadmap, apart from fulfilling the EITI requirement, is also in line with the commitment made by President Muhammadu Buhari at the London anti-corruption summit where he pledged to establish a publicly accessible register of all companies operating in Nigeria.
In the President’s words, “We welcome the new 2016 EITI Standard, in particular, the requirements on beneficial ownership and the sale of the government’s share of production”.
The President also declared that “Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property. We welcome the proposal by developed countries to work together to improve the access of developing countries to beneficial ownership information for use in public contracting.”
The EITI standards require all implementing countries to publish their Beneficial Ownership Roadmap by January 2017 and commence full implementation by January 2020.
The process adopted in the development of the roadmap was consultative, robust and consistent with the multi-stakeholders approach of the Extractive Industries Transparency Initiative (EITI) which involves civil society, media, extractive companies, relevant government agencies and development partners.
In a similar development, NEITI has unveiled an open data policy in keeping with the realization that the world is currently witnessing a global shift towards making data open and accessible. This is also in compliance with the EITI Standards and the global shift towards open data availability which is largely attributed to technological advancement and increasing demand for transparency and accountability by citizens.
Under the open data policy released by NEITI, information and data contained in its industry audits would be made publicly available and accessible in a reusable format.
The policy defined Open data as data that is in the public domain or ought to be in the public domain. The definition also provides that such data should be accessible, freely used at no cost and can be shared and built upon by anyone.
The open data policy also requires that the data be used anywhere and for any purpose without restrictions from copyright, patent or other control mechanism and must also be expressly excluded by the provisions of the laws of Nigeria.
This requires making the data convenient, modifiable in open format, easily retrievable, indexed, and well organized. The open data policy also represents the framework for the implementation of the global drive for use of open data to pursue reforms, enthrone transparency and accountability especially in the extractive sector of the Nigerian economy.
The open data policy is expected not only to create a solid foundation for open data disclosures in the extractive sector, but has the potential for implementation in other sectors of the economy.
NEITI therefore appeals to the media, civil society, parliamentarians and citizens to avail themselves of the two policy documents and use them as tools for public education, information dissemination and enlightenment on governance issues in the extractive industry in Nigeria.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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