Yemisi Izuora
The Nigerian Content Development and Monitoring Board (NCDMB), has floated a $40 million Women in Oil and Gas Intervention Fund in partnership with the Nigerian Export-Import Bank (NEXIM).
The Executive Secretary of the Board, Mr. Felix Omoshola Ogbe, said the fund aims to empower women-led businesses and increase gender diversity in the nation’s oil and gas sector.
Ogbe announced the establishment of the fund at a meeting on strengthening partnership between the NCDMB and the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji.
Ogbe outlined the eligibility criteria for accessing the fund, including 51 per cent women shareholding in the company; a minimum of 50 per cent of management positions held by women; companies with female CEOs and at least 40 per cent female representation in management.
The intervention fund will also support start-ups and established companies, enabling their growth across various sectors, including manufacturing, oil services, environmental management, leasing, logistics, catering, and training.
The support will help women-led companies play a more active role across the oil and gas value chain, the statement said.
The NEITI said the Women in Oil and Gas Intervention Fund specifically targets businesses where women hold a minimum of 51 per cent ownership and occupy significant roles within management.
NEITI’s recent reports said the NCDMB recorded $613.12 million in levy collections in 2022, an 819.45 per cent increase over the 2021 figure of $66.68 million. Although the 2023 levy figure was lower by 76.3 per cent ($146 million), it underscored the agency’s ongoing commitment to transparency, accountability, and job creation within Nigeria’s borders.