The Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary, Dr. Felix Omoshola Ogbe has announced that the Board has 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 Nigeria?s oil and gas sector.

Ogbe made the disclosure during a meeting on strengthening partnership between the NCDMB and Nigeria Extractive Industries Transparency Initiative (NEITI), Executive Secretary, Dr. Orji Ogbonnaya Orji.

This was contained in a statement by NEITI yesterday.

It said the Women in Oil and Gas Intervention Fund specifically targets businesses where women hold a minimum of 51% ownership and occupy significant roles within management.

Ogbe, according to the statement, outlined the eligibility criteria for access to the fund which include 51% women shareholding in the company; minimum of 50% of management positions held by women; companies with female CEOs and at least 40% female representation in management.

The $40 million Intervention Fund will also support both start-ups and established companies, enabling their growth across various industry 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.

NEITI?s recent reports disclosed that the NCDMB recorded $613.12 million in levy collections in 2022, an 819.45% increase over the 2021 figure of $66.68 million.

Although the 2023 levy figure was lower by 76.3% ($146million), it underscores the agency?s ongoing commitment to transparency, accountability, and job creation within Nigeria?s borders.

The NCDMB?s performance highlights its crucial role in retaining substantial economic benefits within the nation.

The renewed partnership between NEITI and the NCDMB is expected to yield positive outcomes, not only in boosting female entrepreneurship and employment in the extractive sector but also in contributing to a more inclusive and sustainable industry for Nigeria?s future.

NCDMB and NEITI have agreed to forge closer partnership to enhance women?s participation in the oil, gas, and mining industries.

Orji expressed concern over the recent NEITI reports, which show a decline in women?s representation in the oil and gas industry, despite global Extractive Industries Transparency Initiative standards advocating for gender inclusivity.

?When I reviewed the data in the recently released 2022 and 2023 oil and gas industry reports, it was concerning to see the downward trend in women?s representation,? Dr. Orji noted.

?In 2022, out of 6,728 employees in the oil and gas industry, only 1,144, or 17%, were women. In 2023, the total number of employees increased to 8,694 while women accounted for 1,391.

?Although there seems to be an increased number of workers employed in 2023, the percentage of women employed, compared to the total number of employees in the sector declined to 16%.

?This trend underscores a persistent and gradual gender imbalance in Nigeria?s extractive industries,? he said.

Orji called for closer collaboration between NEITI and the NCDMB to address this widening gap in gender representation, especially in the mining and steel sectors, where women?s participation is a global priority. (The Nation)

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