By Juliet Ukanwosu
Pending a successful approval of its application, Angola, the second largest African oil producer, will become the 28th country in Africa to implement the Extractive Industries Transparency Initiative (EITI) Standard.
This development follows the country’s application to formally join the EITI according to a statement obtained from the EITI website.
According to the EITI, Angola expressed notification in September 2020, of intention to join the EITI, and recently followed with a formal application. “We are pleased to confirm that Angola’s formal application has now been received. The application will be reviewed and tabled for decision at the upcoming EITI Board meeting on 16-17 June,” the organization said.
Describing the application as a landmark moment, EITI Executive Director, Mark Robinson, said, “Angola is the second largest producer of oil and gas in Africa, and the Angolan economy is heavily dependent on revenues from the sector.
“Multi-stakeholder dialogue and increased transparency through EITI implementation can support Angola in addressing governance challenges in its extractives sector, to the benefit of Angolan citizens.”
The organization explained that the application from Angola will follow the established process for countries to sign up to the EITI. The organizations Board’s Outreach and Candidature Committee will review the application, and make a recommendation to the EITI Board on whether it should be accepted.
The Angolan Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, stated that The submission of the application is a result of a huge effort by government, civil society and industry. “Joining the EITI will improve transparency and governance of Angola’s rich mineral, oil and gas resources, address corruption risks and contribute to investment promotion,” Azevedo said.
In a previous statement, the EITI has noted that it was opacity in the Angolan oil sector that led to the formation of the EITI in 2003. Almost twenty years later, 56 resource-rich states have globally committed to improving extractive sector transparency by implementing the EITI Standard.