The Nigeria Natural Resource Charter (NNRC) concluded its assessment of the petroleum sector during this quarter. The results of the assessment were represented in the NNRC’s 2017 Benchmarking Exercise Report #BER. Key findings from that assessment were shared with key media partners from Reuters, ThisDay, Guardian, Punch, Bloomberg etc. The preliminary results from the BER fed into the NNRC’s engagement with host communities in the Niger Delta including Ogoni land representatives to address the consider the delay in the implementation of the United Nations Environmental Programme (UNEP) assessment of environmental degradation in Ogoni land. Other interventions included engagements with MDAs and the legislature on the crude sales and reserves management and a dialogue workshop engaging with petroleum sector stakeholders on the previous Benchmarking Exercise Reports.
Precept 4: Taxation and Other Company Payments: Tax regimes and contractual terms should enable the government to realize the full value of its resources consistent with attracting necessary investment, and should be robust to changing circumstances.
Precept 5: Managing Local Impacts: The government should pursue opportunities for local benefits and account for, mitigate and offset the environmental and social costs of resource extraction projects.
Precept 6: State owned enterprises: State owned enterprises should be accountable, with well-defined mandates and an objective of commercial efficiency.