The Futility of the Extractive Industry Transparency Initiative

The Extractive Industry Transparency Initiative (EITI) was launched in 2002 to improve transparency and accountability in countries rich in oil, gas and mineral (extractive resources). This seminar paper examines the role of the Extractive Industry Transparency Initiative (EITI) with a view to ascertaining whether it is an exercise in futility. The paper is particularly significant for its theoretical review of the role of the Extractive Industry Transparency Initiative (EITI) in promoting transparency and accountability in the oil, gas and mining industry. In answering the question posed by this seminar paper, the meaning, evolution, role, focus, beneficiaries and benefits of the Extractive Industry Transparency Initiative (EITI) has been highlighted in order to determine whether the initiative is in deed an exercise in futility. Data used in the paper is gotten principally from the official website of the Extractive Industry Transparency Initiative (EITI) and interaction with persons working in the oil companies and some host communities where oil and gas exploration occur. Findings from data collected show that the Extractive Industry Transparency Initiative (EITI) is more of a theoretical framework than a practical phenomenon