Women should be included in the administration of funding under the PIA, according to the NCDMB

Ken Ibenne

Ken Ibenne

The Nigerian Content Development and Monitoring Board (NCDMB) has advocated for the active participation of women in the management of the Petroleum Industry Act (PIA) 2021’s numerous trusts and funds.

With the PIA 2021 in place, NCDMB Executive Secretary Simbi Wabote said that active inclusion of women in the administration of these funds should be leveraged, noting that the Act establishes the Host Community Development Trust (the Trust) and the Host Community Development Trust Fund for communities.

Wabote said the PIA 2021 also prescribed financial contribution to an environmental remediation fund for the rehabilitation or management of negative environmental impacts of petroleum operations at the Nigeria Women in Oil and Gas Conference 2022, which was themed “Leveraging opportunities for women in the oil and industry.”

These potential, he says, necessitate active participation by our women, noting that efforts to reposition women as formidable participants in crucial fields, such as the oil and gas industry, are already generating excellent results.

Meanwhile, Timipre Sylva, Minister of State for Petroleum Resources, remarked that while women make up 48% of the worldwide workforce, they only make up 22% of the workforce in the oil and gas sector.

In the interest of women operators in the Nigerian oil and gas industry, he noted that the Nigerian government has been purposeful in gender-friendly policies targeted at improving access to funding, award of contracts, and support for research and development.

He pointed out that the Federal Government has launched a $40 million fund to empower women in the oil industry through its NCDMB partnership, which is separate from the Nigerian Content Initiative (NCI) Fund, which is open to both men and women who fit the criteria.

“Recognizing the importance of women in nation building, particularly in the growth and development of the Nigerian Oil and Gas industry,” he says, “the NCDMB has taken a commendable step in establishing the Diversity Sectoral Working Group under the Nigerian Content Consultative Forum (NCCF) as provided in Section 58 of the NOGICD Act.”

He went on to say that the oil and gas industry plays a critical part in the world’s socioeconomic development and will continue to do so despite the growing need for energy transition.

He went on to say that utilizing women’s natural endowment, strength, intuition, knowledge, and competence for the industry’s growth has become a fundamental truth.

In order for the Nigerian Oil and Gas industry to progress as a whole, he said, women in the industry must work together to increase women participation, engender growth, build capacities and capabilities, identify opportunities, mentor and coach, in order to take advantage of the changing landscape.

He claims that gender diversity and inclusion decreases with seniority, and that women only make up a small percentage of executive roles.

According to a recent survey by Global Energy Talent Index Report, “the ratio of women in the industry reduces over time from 36% to 24% between the middle and executive level.”

Nigerian women in energy, according to the NCDMB boss, is a strategic approach to building a robust and sustainable stream of experts and enterprises that can adapt to changing energy needs.

He noted that one of the major barriers to women participating in oil and gas industry activities is a lack of money, and that the Board collaborated with NEXIM Bank to establish a $40 million Women in Energy Fund.

He also mentioned that there is a $300 million Nigerian Content Intervention Fund (NCI Fund) available, which offers long-term funding with low interest rates.

Senator Margery Chuba-Okadigbo, Chairman of the Board of Directors of Nigerian National Petroleum Company Limited (NNPC), said the oil and gas business has traditionally been dominated by men, and that it is one of the most hard for women professionally.

She believes it is critical to promote women’s engagement and involvement in this field.

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