NIES 2024: Why women inclusion is key to Nigeria’s energy industry-WIEN
Focusing on gender parity is core to development just as it is also smart economics. As has been proved by the World Bank Group and other multilateral organizations, no country, community, or economy can achieve its potential or meet the challenges of the 21st century without the full and equal participation of women and men.
Improving gender balance has proved to enhance financial performance, improve development outcomes, stimulate innovation, and result in safer work environments. Peterson Institute for International Economics buttresses this in its report of a study into 21,980 public companies in 91 countries which revealed that companies with more women in leadership roles correlates with the increased profitability of these companies.
Similarly, a BCG report demonstrated that companies with diverse management teams achieved 19% higher revenue due to innovation.
This is the position of the group of professional women in Nigeria who play in the energy sector. Operating under the aegis of Women In Energy Network (WIEN), the group believes that improving gender diversity and inclusion in the energy sector has many benefits, such as enhanced decision-making and innovation, improved company reputation, helping attract and retain top talent, expansion of market reach, and, ultimately, boosting financial performance.
WIEN is an association established in 2020 to provide a platform for women who work across the energy industry value chain in Nigeria, to network and build confidence and links to progress their careers or businesses. The Nigerian energy sector has been dominated by male to the detriment of the industry growth.
That more women including eight members of WIEN contributed significantly in the Nigerian International Energy Summit (NIES) 2024 in Abuja last week, indicating that they have all it takes to turn the nation’s energy industry into a beacon of pride.
But regrettably in spite of the immense potentials, there is still gross gender imbalance in the nation’s energy mix.Women currently make up approximately 39% of the global workforce, yet they account for minuscule 16% of the traditional energy sector. In Nigeria, the percentage of female representation in the energy industry still fewer than 20 %, meaning that 80% of the industry remains male-dominated at all levels; from leadership roles in major corporations to jobs in mines and on oil rigs.
Oil and gas account for 40 per cent of the country’s Gross Domestic Product (GDP), 70 per cent of budget revenues and 95 per cent of foreign exchange earnings. Despite the invaluable contribution of the sector to the economy, experts believe that it still has huge potential, and that there is need for deliberate inclusion of women in the sector to unlock the potential.
WIEN, whose members have made robust contributions on the way forward for the Nigeria’s energy sector, said in today’s rapidly evolving energy landscape, it is crucial for businesses to recognise the significance of closing the gender gap.
It argued that it is not merely about meeting diversity quotas; it is about embracing the undeniable benefits that come with a balanced workforce and inclusive culture. Addressing gender diversity is not just a matter of social responsibility but a strategic imperative for success in the energy sector.
WIEN’s Executive Secretary, Mrs Asanimo Omezi, who spoke to Oracle News Today, at the NIES 2024, said the women folk should be fully involved in the ongoing effort to transform the country’s energy sector. The women, she said should be involved from the beginning: problem identification, policy formulation and implementation
She made the position of WIEN very clear saying “we do not think women should play a different role; their role should be collaborative role. It is not a woman thing. We are ensuring that we close the gap, to ensure that women have more visibility. It is not peculiarity of what woman can do.
“ I will want to put it this way: ensuring that women are part of the discussion. I do not want it to look as if we are genderizing everything; what we are saying is let there be diversity and inclusion. We want to be part of the discussion from the onset. We have the capacity to be part of the table, capacity to contribute to discussion and bring out the policies that will ensure we benefit from the energy transition as far as the energy mix is concerned.”
“Players should have diversity. Women should not be left out. It is not that we have something that we are going to do that is ingenious. That is not what we are asking. We are saying that we should be part of everything; from discussion to policy and implementation. Keeping diversity and inclusion at everything done in the energy sector.”
When asked what happens in the absence of diversity and inclusion, the WIEN Executive Secretary responded by saying there shouldn’t be an absence, because the world has woken up to fact that women should be part of the development of the sector along with the male folks.
According to Omezi, somebody quoted McKenzie& Company as saying that companies that have diversity and inclusion as their policy have registered 20% increase in their bottom lines. That means it will be detriment to our growth if we have not woken up to the benefits of having women in the mix. Lack of diversity may be getting more expensive.
