The EITI is a standard for countries with oil, gas and minerals, it requires all companies extracting oil, gas and minerals to publish what they pay in taxes and royalties and the government also publish what it receives, including other key information about the sector (EITI, 2016). These mineral dependent economies generate at least 8 % of GDP and 40 % of export earnings from the mineral (Auty, 1993). The lack of accountability and efficient management of these resources has led to political unrest, poverty on a larger scale and by extension severe macroeconomic issues thereby impacting negatively on growth and development. The study assessed the wellbeing of countries before and after implementing EITI requirements. It found out that EITI did not help countries diversify their revenue base but its aid them utilize their resources efficiently, as the performance of the manufacturing sector fell with increased mineral rents.
Bodunrin, S. (2019). Benefit of Extractive Industry Transparency Initiative on the Mineral Dependent Economies. Afribary. Retrieved from https://afribary.com/works/benefit-of-extractive-industry-transparency-initiative-on-the-mineral-dependent-economies
Bodunrin, Samuel "Benefit of Extractive Industry Transparency Initiative on the Mineral Dependent Economies" Afribary. Afribary, 30 Apr. 2019, https://afribary.com/works/benefit-of-extractive-industry-transparency-initiative-on-the-mineral-dependent-economies. Accessed 23 Nov. 2024.
Bodunrin, Samuel . "Benefit of Extractive Industry Transparency Initiative on the Mineral Dependent Economies". Afribary, Afribary, 30 Apr. 2019. Web. 23 Nov. 2024. < https://afribary.com/works/benefit-of-extractive-industry-transparency-initiative-on-the-mineral-dependent-economies >.
Bodunrin, Samuel . "Benefit of Extractive Industry Transparency Initiative on the Mineral Dependent Economies" Afribary (2019). Accessed November 23, 2024. https://afribary.com/works/benefit-of-extractive-industry-transparency-initiative-on-the-mineral-dependent-economies