The Nigerian Content Development Monitoring Board (NCDMB), in partnership with the Nigerian Export-Import (NEXIM) Bank, has earmarked a $40 million intervention fund for women in the oil and gas industry.
Speaking at the Oil and Gas Trainers Association of Nigeria (OGTAN) second Annual General Meeting/Lecture Series, NCDMB’s Executive Secretary, Simbi Wabote said the fund will provide chances for women, adding that it will address critical challenges in the industry through them.
His words: “These interventions are done in partnership with the Bank of Industry. Others are facilitated by the Nigerian Export-Import Bank. One of the challenges to the participation of women in oil and gas could be the non-availability of funds. It was in the bid to address this challenge that the board established the Nigerian Content Intervention Fund.
“Furthermore, to provide the same chance for women in the oil and gas industry, the board partnered with NEXIM bank to establish a $20million fund that was matched with an additional $20million by NEXIM bank to provide better funds, bringing the funds available to women in oil and gas industry to $40million.”
Why does this matter…
Empowering women to become major players in the sector will not only drive the workforce in the oil and gas industry but also has the potential to increase the country’s Gross Domestic Product (GDP), which grew by 3.4% year-to-year in 2021 with an estimated value of N72. 39 trillion in real terms, representing an uptick from the 1.92% contraction recorded in the previous year.
According to the United Nations (UN), women’s economic empowerment includes their ability to participate equally in existing markets; their access to and control over productive resources, access to decent work, control over their own time, lives, and bodies; and increased voice, agency and meaningful participation in economic decision-making.
