President Muhammadu Buhari yesterday in London unveiled the measures to further curb corruption.
He said Nigeria will soon begin the full implementation of the principles of the Open Contracting Data Standard.
He spoke at the opening of the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain.
According to him, the Federal Government will apply the Open Contracting Data Standard to major projects in the oil, transportation, power, health, education and other sectors.
The Open Contracting Data Standard (OCDS) enables disclosure of data and documents at all stages of the contracting process by defining a common data model.
The publication of OCDS data ensures greater transparency in public contracting, and can support accessible and in-depth analysis of the efficiency, effectiveness, fairness, and integrity of public contracting systems.
Buhari said: “Nigeria is already collating this information through the Extractive Industry Initiative process and will extend it to other sectors.
“Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property. We welcome the proposal by developed countries to work together to improve the access of developing countries to beneficial ownership information for use in public contracting.” the President said.
Buhari also welcomed a proposal to restrict the ability of those involved in corruption to travel, invest and do business overseas.
He aded: “We commit to joining the pilot initiative for automatic exchange of beneficial information. Nigeria commits to deploying public-private information sharing partnerships to bring together governments, law enforcement, regulators and the financial sector to detect, prevent and disrupt money laundering linked to corruption.
“We commit to work together to enhance company disclosure on the payments to governments for the sale of oil, gas and minerals, complementing ongoing work within the EITI.
“Nigeria is already reporting progress through the EITI working groups and will continue to work with interested countries to build a common understanding and strengthen the evidence for transparency in this area.
“We welcome voluntary disclosures through EITI reporting and by some major companies regarding payments to governments for the sale of oil, gas and minerals.
“We will work with others countries, civil society, international organisations to support accelerated implementation of the voluntary provisions of the UN Convention Against Corruption (UNCAC) and we commit to the implementation of the outstanding obligations under the UNCAC.
“We support the establishment of an International Anti-Corruption Coordination Center to be managed by National Crimes Agency of Britain. We will work with NCA in promoting this centre in the African region,” he stated.
He urged the international community to urgently create anti-corruption infrastructure and astrategic action plan to facilitate the speedy recovery and repatriation of stolen funds hidden in secret bank accounts abroad.
President Buhari said new measures against corruption that will be adopted by the summit should also include mechanisms that will assist countries like Nigeria to combat illegal activities such as crude oil theft to which, he said, Nigeria loses about $7 Billion annually.
He said: “When it comes tackling corruption, the international community has unfortunately looked away for too long. We need to step up and tackle this evil together. That is why we have gathered here today.
“Corruption creates a system where resources are shared by a small elite while the majority wallows in poverty. Corruption also undermines the ability of countries to finance development.
“I recall in this regard, the landmark Addis Ababa Action Agenda of the 3rd International Conference on Finance for Development held in January this year.
“A prominent feature of that global framework is the recognition that good governance and measures to combat corruption and curb illicit financial flows will be integral to the effort to attain sustainable development globally by the year 2050.
