The Nigerian Content Development and Monitoring Board (NCDMB) has announced a $40m intervention fund to promote women’s participation in the operations of Nigeria’s oil, gas, and mining industries.
The unveiling of the fund was announced during a meeting in Abuja between the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, and his counterpart in NCDMB, Dr. Felix Omoshola Ogbe to strengthen their partnership and build closer relationship to promote more kg women’s involvement in the operations of the extractive industries in the country. oil, gas, and mining industries.
During the meeting, Dr. Orji expressed concern over the recent NEITI reports, which showed a significant 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 in the oil and gas industries,” Dr. Orji observed.
“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, with women accounting for only 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,” Orji lamented
He called for closer collaboration between NEITI and the NCDMB to address the widening gap in gender representation, especially in the mining and steel sectors, where women’s participation is a global priority.
On his part, the Executive Secretary of NCDMB, Dr Felix Omotshola Ogbe welcomed the opportunity to work collaboratively with NEITI to promote gender inclusivity in the extractive industries.
He said the NCDMB’s decision to float a $40 million Women in Oil and Gas Intervention Fund, in partnership with the Nigerian Export-Import Bank (NEXIM) was to empower women-led businesses and increase gender diversity in Nigeria’s oil and gas sector.
Specifically, he said the Fund was targeted at businesses and companies with female CEOs, in addition to women holding a minimum of 51% ownership and occupy significant roles in the running of the business, 40% of which must be at a management level.
The $40 million Intervention Fund, he pointed out, would 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.
Also, he said the support would help women-led companies play more active roles across the oil and gas value chain.
A review of the NCDMB’s performance as contained in recent NEITI’s reports showed the agency realised $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), NEITI said it underscored the Board’s ongoing commitment to transparency, accountability, and job creation within the Nigerian economy.
“The NCDMB’s performance highlights its crucial role in retaining substantial economic benefits within the nation,” NEITI said, adding that the renewed partnership between NEITI and the NCDMB was 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.