Key Points

• NCDMB’s $40 million fund targets female-led oil businesses.
• Women hold just 16% of Nigeria’s oil workforce.
• NEITI and NCDMB push for gender inclusivity.

Nigerian Content Development and Monitoring Board (NCDMB) has introduced a $40 million fund designed to empower women-led businesses and enhance gender diversity within Nigeria’s oil and gas industry.

The initiative, announced by Dr. Felix Omoshola Ogbe, NCDMB’s Executive Secretary, in collaboration with the Nigerian Export-Import Bank (NEXIM), aims to address the longstanding gender imbalance in the sector.

Key Focus Areas of the Fund

The fund specifically targets businesses with at least 51 percent female ownership and significant female leadership. Companies must demonstrate a minimum of 50 percent female representation in management and at least 40 percent female participation across all management levels.

The fund will support both start-ups and established businesses across a range of sectors, including oil services, manufacturing, logistics, leasing, catering, training, and environmental management.  

According to The Nation, this strategic move is part of NCDMB’s broader vision to increase female representation across the entire oil and gas value chain, helping to build a more inclusive and sustainable industry.

Addressing gender disparity amid growing employment

Despite the sector’s expansion, a recent report by the Nigeria Extractive Industries Transparency Initiative (NEITI) highlights a troubling trend. Female representation in the workforce has been on the decline, even as overall employment has risen.   

In 2022, women accounted for just 17 percent of the workforce, and by 2023, their share had fallen to 16 percent, despite an increase in total employment from 6,728 to 8,694. The data underscores the persistent gender disparity in the industry.  

Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, expressed concern over this decline, calling for greater efforts to improve gender inclusivity in the extractive industries, particularly in the mining and steel sectors, which are also global focal points for boosting female participation.  

NCDMB’s commitment to gender equity and industry growth

The new fund represents a significant step forward in NCDMB’s ongoing commitment to supporting women in the oil and gas sector.

The agency has also seen a remarkable increase in its levy collections, which rose by 819 percent from $66.68 million in 2021 to $613.12 million in 2022. Though collections dropped by 76.3 percent in 2023 to $146 million, the NCDMB remains focused on transparency, job creation, and advancing gender equality.  

The renewed partnership between NCDMB and NEITI is poised to address these critical challenges, promoting a more balanced and sustainable future for women in Nigeria’s oil, gas, and mining sectors.