• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

African Energy Chamber Calls for Greater Transparency During Meeting with Extractive Industries Transparency Initiative (EITI)

Victor Odeyemi by Victor Odeyemi
February 6, 2023
in Africa, Business, Energy, News
0
African Energy Chamber Calls for Greater Transparency During Meeting with Extractive Industries Transparency Initiative (EITI)

African Energy Chamber Calls for Greater Transparency During Meeting with Extractive Industries Transparency Initiative (EITI)

Share

The African Energy Chamber (AEC) – serving as the voice of Africa’s energy industry – called for enhanced transparency and good governance within the sector during its meeting with the Extractive Industries Transparency Initiative (EITI) at the EITI International Secretariat in Oslo on Tuesday.

With over 600 million Africans lacking access to electricity and 900 million lacking access to clean cooking fuels, new investments in hydrocarbons, renewable, nuclear and hydrogen resources are needed. According to the Chamber, increased transparency in the sector is necessary to attract even more investment into the sector.

Implemented in 52 countries – of which 24 are African – the EITI serves as a global standard for the responsible governance of oil, gas and mineral sectors.

The initiative seeks to strengthen key public and corporate governance issues of transparency and accountability by requiring the disclosure of information along the extractive industry value chain, from how revenues make their way through the government to how they benefit the public.

For African oil and gas producers, membership allows countries to better compete for investment on a global scale by heightening investor confidence and demonstrating a government-led commitment to sustainable energy and mining sector development.

The AEC aims to facilitate best practices sharing and knowledge transfer to African businesses and the private sector when it comes to transparency, compliance and good governance.

“Adopting similar transparency standards, measures and systems as the EITI would be helpful to our members and to African businesses across the continent, so that they can be in a position to not only adhere to ESG guidelines, but also compete on international stock markets and appeal to foreign lenders. Norway and the EITI have done a lot of things right when it comes to working closely and engaging with civil society in the area of extractives. African energy stakeholders can and should learn from this,” added Verner Ayukegba, Senior Vice President of the AEC.

The meeting comes on the heels of the Glencore corruption scandal, in which Glencore International A.G. – a Swiss multinational commodity trading and mining company – and its subsidiaries were found guilty of corruption, bribery and illicit profits in several countries, including Cameroon, the Democratic Republic of the Congo, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.

The AEC has been vocal about the need for African governments and industry alike to publicly condemn Glencore’s actions and hold its leadership accountable, including to rescind its membership in the EITI.

Post Views: 1
Share

Related Posts:

  • Hydrogen: A Low-Carbon Opportunity for Africa's Industrialization
    Hydrogen: A Low-Carbon Opportunity for Africa's…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • The African EdTech Opportunity
    Post PIB, AI and the Future of DPR
  • Nigeria Targets $200 Billion Hydrogen Market with Strategic Investments
    Nigeria Targets $200 Billion Hydrogen Market with…
Tags: AECEITI
Previous Post

MyCredit receives Sh 325M funding deal from OikoCredit to support SMEs

Next Post

Call for Applications: 2023 Savvy Global Fellowship for Aspiring and Early-Stage Entrepreneurs (Fully-funded Virtual Program)

Next Post
Call for Applications: 2023 Savvy Global Fellowship for Aspiring and Early-Stage Entrepreneurs (Fully-funded Virtual Program)

Call for Applications: 2023 Savvy Global Fellowship for Aspiring and Early-Stage Entrepreneurs (Fully-funded Virtual Program)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Meta’s Exit Threat Puts Over Half of Nigerian MSMEs at Risk
  • Poor Infrastructure, Logistics Hinder African SMIs from Benefiting Fully from AfCFTA
  • JA Africa and Boeing Launch Youth-Focused STEM and Entrepreneurship Programmes in Nigeria, Togo
  • Nigeria’s Business Confidence Rises to +12.29 in April, but Structural Constraints Persist
  • OPay’s Security Questions Are Back and Smarter Than Ever

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.