Poor Nations Of The 21st Century - 1329 Words

It was argued that â€Å"poor nations of the 21st century would not be those that lack resources (human and material) ...., but those that cannot account for whatever resources they have†. Hence, â€Å"accountability would continue to remain fundamental to the construction of viable socio–political economy† (Iyoha and Oyerinde, 2012: 361). Even the resource and material scarcity arises â€Å"primarily from failures of governance rather than from a physical shortage of resources or materials† (Andrews-Speed et al., 2012: vii). Hence, the Extractive Industries Transparency Initiative (hereafter the EITI) and many other international financial institutions have advocated that only greater accountability and transparency through disclosure of financial and†¦show more content†¦(2011) to discuss the political economy of the Nigeria petroleum sector. These functions are clearly described in chapter four of this work. Five years into the implementation of the policy, a number of successes have been recorded by the NCDMB including the attraction of over $500m foreign direct investment (FDI), the creation of thousands of new jobs and the full domiciliation of fabrication and construction activities. Moreover, about 87% of the total oil and gas contracts in the industry were claimed to have been won by indigenous oil companies (NCDMB, 2013; Africa Centre for Energy Policy, 2014). Other areas of achievement include the Nigerian content values said to have been captured through the Nigerian Content Compliance Certificate (NCCC) issued to operators/contractors. It was reported that during the periods 2010-2012 out of the $27.029bn contract values awarded $19.157bn were captured as Nigerian content. Furthermore, training expenditure of $110.8million with employment and training man-hours of 4.84million hours were also retained as Nigerian content, signifying the extent of the board’s ability to in fluence the domiciliation of oil and gas activities (NCDMB Annual Performance Report, 2012). The board was also said to be strategizing to enhance the ownership, manning and maintenance of onshore and offshore drilling rigs as well as marine vessels