The Natural Resource Charter (NRC) is a set of principles intended for use by governments, societies, and the international community to determine how best to manage natural resource wealth for the benefit of current and future generations of citizens. The charter’s 12 precepts cover the different kinds of decisions and policies that are required to successfully govern a petroleum sector.
This report uses the NRC framework developed by a diverse set of internationally renowned experts on natural resource management to conduct detailed and contextual assessments of the country’s oil and gas industry. It analyses the governance of petroleum wealth in Nigeria and identifies crucial changes that have taken place in the sector since the last benchmarking exercise was conducted.
This report covers Precepts 5 and 11, researched by We the People. More specifically, the 2 precepts cover the following;
· Precept 5: 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 11: Role of extractive companies: companies should commit to the highest environmental, social, and human rights standards and to sustainable development.