NEITI, Local Content Board To Partner On Women Empowerment As Board Launches $40m Intervention Fund
Stephanie Odiase
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigerian Content Development and Monitoring Board (NCDMB) have agreed to forge closer partnership to enhance women’s participation in the oil, gas, and mining industries.
This commitment was reached between the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, and the Executive Secretary of the NCDMB, Dr. Felix Omoshola Ogbe, during a meeting on strengthening partnership between the two Agencies.
At the meeting, Dr. 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 (EITI) 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.
He explained that 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,” Dr. Orji said.
Dr. Orji 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.
The Executive Secretary of the NCDMB, Dr. Felix Omotshola Ogbe who welcomed the opportunity to work collaboratively with NEITI to promote gender inclusivity, 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.
According to him, the fund aims to empower women-led businesses and increase gender diversity in Nigeria’s oil and gas sector. “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,” Dr. Ogbe said.
He outlined the eligibility criteria for access to the fund to includes, 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.
Extractive360 reports that 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.
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