Transparency index in oil sector still low despite reforms – Kachikwu

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country’s oil industry is still lacking in sufficient transparency and trust, THISDAY reports.

Kachikwu, in a monthly podcast he shared on his social media feeds, said despite efforts initiated by the government since 2015 to clean up the industry, the transparency index still remains low and trust deficit still very high.

He said going forward, his ministry would focus its energy on improving the industry’s transparency and trust indices, adding that Nigerians had the right to know every detail of the industry’s operations.

According to him: “Transparency and trust are going to be key. We have done a lot in terms of trying to bring transparency to the industry: we have done monthly reports, we have done processes, we have reviewed time, we have opened up the industry, but the transparency index still remains low.”

Speaking on plans to improve the industry’s transparency level, he said: “We have got to ask ourselves: how do we work with those oversight teams, the likes of NEITI, global bodies to work out a process where they can review what we do and get a benchmark where we will be happy.”