The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Felix Omoshola Ogbe, has said the board had floated a $40 million Women in Oil and Gas Intervention Fund in partnership with the Nigerian Export-Import Bank (NEXIM).
He 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.
A statement yesterday in Abuja by 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.
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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.
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.