Nigeria has called for strengthened governance, transparency, and regional cooperation in Africa’s extractive industries to transform resource wealth into sustainable development.
Vice President Kashim Shettima made this assertion during the inaugural International Exhibition of Extractive and Energy Resources (SIREXE) held in Abidjan, Côte d’Ivoire.
Addressing the summit themed “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” Shettima emphasised that robust institutions are vital for turning natural resource wealth into national prosperity.
“This is not just about resources; it’s about people, prosperity, and posterity. The strength of our governance institutions will determine whether resource wealth becomes a blessing or a curse,” he remarked.

Highlighting Nigeria’s strides in resource governance, Shettima pointed to the establishment of the Nigeria Extractive Industries Transparency Initiative (NEITI)in 2004.
“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,” he stated.
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The Vice President also underscored the transformation of Nigeria’s oil sector under the Petroleum Industry Act (PIA) 2021, which restructured the Nigerian National Petroleum Corporation (NNPC) into a commercially-driven entity.
“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.
Shettima emphasised the importance of local content development, citing Nigeria’s Local Content Act of 2010, which boosted local participation in the oil and gas sector from 5% to nearly 30 per cent.
He highlighted projects like the Dangote Refinery, describing it as a testament to the potential of indigenous innovation.
Addressing regional challenges, he called for greater collaboration among African nations, stating, “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.”
Côte d’Ivoire’s Vice President, Tremoko Meyliet Kone, welcomed Shettima and other dignitaries, stressing the benefits of collaboration in the energy and extractive sectors.
He emphasised that cooperation could foster job creation, resource maximization, and sustainable development while cautioning against environmental degradation.
Côte d’Ivoire’s Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa Coulibaly, described the conference as a platform for shared learning and innovation.
He expressed optimism that the gathering would yield actionable solutions to challenges facing the extractive industries.
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The Ambassador of Norway to Côte d’Ivoire, Madam Ingrid Mollestad, commended the event as a testament to the region’s dedication to sustainable development.
“This gathering allows nations and professionals to partner, innovate, and champion sustainable practices in a sector vital to the global economy,” she noted.
As Africa holds 40 per cent of the world’s gold, 10% of its oil, and abundant critical minerals like cobalt and lithium, Shettima urged African leaders to rise to the challenge, stating, “Our potential remains untapped. Let us rise to this moment, not as isolated nations but as a unified region.”
The SIREXE Conference concluded with a shared commitment to strengthening transparency, fostering innovation, and enhancing regional cooperation to secure Africa’s position in the global energy landscape.