By ……NCDMB Launches ₦16bn Fund to Boost Women’s Participation in Oil and Gas…
The Federal Government is implementing gender-friendly policies to promote women’s inclusion in the oil and gas industry, according to the Minister of State for Petroleum Resources, Timipre Sylva. Speaking at the 2022 Nigerian Women in Oil and Gas Conference in Lagos, Sylva emphasized the government’s commitment to increasing women’s participation in the sector.
In line with this, the Nigerian Content Development and Monitoring Board (NCDMB) has introduced a ₦16 billion ($40 million) fund to support women in the industry. NCDMB Executive Secretary, Simbi Wabote, announced that the Board is partnering with the Nigerian Export-Import (NEXIM) Bank to manage this Women in Energy Fund.
“This fund complements the $300 million Nigerian Content Intervention Fund, which offers long-term, low-interest loans for both men and women through the Bank of Industry (BOI),” Wabote explained.
The conference, themed Leveraging Opportunities for Women in the Oil and Gas Industry, aims to build on the success of its 2019 maiden edition, which focused on mainstreaming women in the sector.
Margery Chuba-Okadigbo, Chairman of NNPC Ltd’s Board of Directors, stressed the importance of women’s involvement in strategic positions for economic growth. “With the passage of the Petroleum Industry Act (PIA), now is the perfect time to promote women’s inclusion,” she said.
Sylva added that women are already making strides in the sector, but more efforts are needed to galvanize broader participation. “There are provisions in the Nigerian Oil and Gas Industry Content (NOGIC) Act and the PIA to encourage this,” he said.
Despite women comprising 48% of the global workforce, they only account for 22% of the oil and gas sector. The government aims to change this by improving access to funding, contract awards, and research opportunities for women.
Sylva highlighted the critical role women play in the sector’s growth. “Harnessing women’s natural strengths, intuition, and expertise is essential,” he noted. However, challenges remain, as gender diversity tends to decrease with seniority. “Women make up 50% of non-technical roles at entry level but only 15% in technical or field roles, and this figure drops further at executive levels,” he said, referencing a recent Global Energy Talent Index Report.
He urged women in the sector to collaborate and support one another to overcome these challenges and drive greater inclusion.
