President Muhammadu Buhari has said that Nigeria will soon begin the full implementation of the principles of the Open Contracting Data Standard as his administration intensifies efforts on the ongoing war against corruption.

He said this in London at the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain on Thursday.

President Buhari said that 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.

President Buhari said that his administration is also taking steps to ensure greater transparency of the ownership and control of all companies involved in property purchase and public contracting.

"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.

President Buhari also welcomed a proposal to restrict the ability of those involved in corruption to travel, invest and do business overseas.
"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.