Idowu: Nigeria needs to be prepared for the next frontier of oil & gas

Nigeria, as a key player in the oil and gas sector, is being urged to brace itself for the next wave of industry development. Tunji Idowu, the Executive Director and Managing Trustee at the Partnership Initiatives in the Niger Delta, stressed the importance of technology adoption and Environmental, Social, and Governance (ESG) initiatives in moving the sector forward. In an interview with CNBC Africa at the 13th Practical Nigerian Content Forum, Idowu highlighted the pivotal role of the Petroleum Industry Act (PIA) in revolutionizing host community development. According to him, while Nigeria has made strides in legislative improvements with the enactment of the PIA, there is still a need to focus on enhancing ESG practices to ensure sustainable growth. He emphasized that having the right technology is crucial, but without the social license to operate, progress can be hampered. Idowu pointed out that the PIA offers a platform for community development, labeling it as the most significant opportunity for progress. However, he underscored the importance of capacity-building within community trusts to maximize the Act's potential impact. Idowu discussed the establishment of the Pioneer Stakeholder Platform, a collaborative initiative involving various stakeholders to address community issues and propel development. The platform, supported by the Ford Foundation, has been instrumental in identifying models for improvement and fostering sustainable projects that can contribute to economic growth and address youth unemployment in the region. This collaborative effort, combined with the initiatives of organizations like the Nigerian Content Development and Monitoring Board (NCDMB) and the Niger Delta Development Commission (NDDC), as well as governmental monitoring and evaluation mechanisms, presents a unique opportunity for transformative change in the Niger Delta. Idowu emphasized the importance of integration and efficiency in leveraging available resources to drive regional development and ensure stability. He acknowledged the progress made in reducing militancy in the region through enhanced engagement between the private and public sectors. Idowu credited organizations like PIND for their contributions to peace-building efforts in the Niger Delta, emphasizing the value of partnerships in addressing complex societal challenges. He highlighted the role of data-driven strategies and the Partners for Peace Network in mitigating conflict drivers and promoting sustainable peace initiatives across the region. Idowu also emphasized the need to strengthen grievance mechanisms and enhance capacity-building to effectively address conflicts and maintain the region's newfound peace. The interview underscored the importance of continued collaboration, scale-up of successful initiatives, and integration of efforts at both grassroots and regional levels to drive holistic development in the Niger Delta.