The EITI Board designated Nigeria as EITI compliant in March 2011. Nigeria was accepted as an EITI candidate country in September 2007 and submitted its final validation report to the EITI Board in June 2010.

In 2007, the Nigeria EITI (NEITI) was established by law to promote transparency principles. Per this law, NEITI is governed by the National Stakeholders Working Group (NSWG), which is comprised of government, civil society, and community and industry representatives. The law gives the NSWG the authority to develop policies and standards to be applied by NEITI and provides for audits to start the process. These continuing audits provide information to the NSWG in its role as the governing body for NEITI. The audits produce detailed data on payments of the Petroleum Profits Tax (PPT) and physical volumes of production/throughput. As a part of the process, auditors review company financial statements and PPT returns, along with additional information necessary for reconciliation. ConocoPhillips has participated fully in these audits and will continue to do so.