NCDMB, UN Women Move to Expand Access to $40m Oil and Gas Fund for Women
By Our Correspondent – The Nigerian Content Development and Monitoring Board (NCDMB) and UN Women are exploring collaborative measures to increase women’s participation in Nigeria’s oil and gas industry, with particular emphasis on expanding access to a $40 million financing facility for women-owned and women-led businesses.
The proposed partnership seeks to address the low uptake of the fund, established to provide financial support for women entrepreneurs in the oil and gas sector, despite its competitive lending terms.
The initiative was discussed on Thursday when the Country Representative of UN Women to Nigeria and the Economic Community of West African States (ECOWAS), Ms Beatrice Eyong, led a delegation to the NCDMB liaison office in Abuja.
The delegation was received by the Board’s General Manager of Corporate Communications, Dr Obinna Ezeobi, who represented the Executive Secretary, Engr Felix Omatsola Ogbe.
Established in April 2021, the financing scheme comprises an initial $20 million commitment by NCDMB, matched by another $20 million from the Nigerian Export-Import Bank (NEXIM), bringing the total facility to $40 million. The fund offers women-owned and women-led businesses access to financing at an interest rate of five per cent.
However, the level of participation has remained below expectations, prompting discussions on how to identify and address barriers preventing more women from accessing the facility.
During the meeting, both organisations explored capacity-building programmes for NCDMB personnel to strengthen gender mainstreaming in project planning, budgeting and implementation.
Other areas of proposed collaboration include vendor development initiatives to prepare women-led businesses for opportunities in the oil and gas industry, improved awareness of available financing options and affirmative procurement measures to increase the participation of women-owned companies across the sector’s value chain.
Eyong commended NCDMB for its existing gender inclusion initiatives but called for a study to establish why eligible women entrepreneurs have not fully benefited from the financing scheme.
She identified possible obstacles, including documentation requirements, business registration, tax compliance and inadequate awareness of the facility.
The UN Women representative also highlighted the organisation’s ongoing interventions in women’s economic empowerment, leadership development and the elimination of gender-based violence.
In his response, Ezeobi welcomed the proposed collaboration, assuring the delegation of NCDMB’s readiness to work with UN Women to strengthen opportunities for women in the oil and gas industry.
He highlighted the Board’s existing interventions, including the establishment of the dedicated financing scheme with NEXIM Bank and the creation of a Diversity Sectoral Working Group within the Nigerian Content Consultative Forum (NCCF).
The working group provides a platform for integrating women’s concerns into local content policies and industry decision-making processes.
Ezeobi also noted that NCDMB supports professional associations of women across the energy industry value chain, providing opportunities for networking, career development, business connections and professional growth.
He added that the Board had invested in capacity-building programmes for women entrepreneurs and business leaders, with training covering business sustainability, corporate governance and strategic management.
According to him, NCDMB is also promoting women’s participation in technical occupations while encouraging young girls to pursue careers in science, technology, engineering and mathematics (STEM).
Despite these interventions, Ezeobi acknowledged that women remain underrepresented in the industry due to challenges such as limited access to technical education, financing and commercial opportunities, as well as persistent perceptions of oil and gas as a predominantly male sector.
He reaffirmed the Board’s commitment to collaborating with UN Women to tackle these barriers and strengthen gender inclusion across Nigeria’s oil and gas industry.
The proposed partnership is expected to provide an opportunity for both organisations to move beyond existing commitments towards practical interventions that will enable more women-owned businesses to access financing, participate in industry opportunities and compete effectively across the oil and gas value chain.
