The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigerian Content Development and Monitoring Board (NCDMB) have partnered to enhance women’s participation in the oil, gas, and mining industries.
This commitment was reached between Orji Ogbonnaya Orji the executive secretary of NEITI, and Felix Omoshola Ogbe the executive secretary of the NCDMB, during a meeting on strengthening partnership between the two Agencies.
Orji expressed concern over the recent NEITI reports, which showed a decline in women’s representation in the oil and gas industry, despite global Extractive Industries Transparency Initiative 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.
“In 2022, out of 6,728 employees in the oil and gas industry, only 1,144, or 17%, were women. 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.”
Orji called for closer collaboration between NEITI and the NCDMB to address this widening gap in gender representation, especially in the mining and steel sectors, where women’s participation is a global priority.
At the meeting, Felix Omotshola Ogbe, the executive secretary of the Nigeria Content Development Monitoring Board, expressed delight at the opportunity to partner with NEITI to promote gender inclusivity.
Ogbe 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. 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.
Ogbe outlined the eligibility criteria for access to the fund, which include 51% women shareholding in the company, a minimum of 50% of management positions held by women, companies with female CEOs, and at least 40% female representation in management.
The $40 million Intervention Fund will also support start-ups and established companies, enabling their growth across various industry sectors, including manufacturing, oil services, environmental management, leasing, logistics, catering, and training. The support will help women-led companies play a more active role across the oil and gas value chain.
NEITI’s recent reports disclosed that the NCDMB recorded $613.12 million in levy collections in 2022, an 819.45% increase over the 2021 figure of $66.68 million. Although the 2023 levy figure was lower by 76.3% ($146 million), it underscores the agency’s ongoing commitment to transparency, accountability, and job creation within Nigeria’s borders. The NCDMB’s performance highlights its crucial role in retaining substantial economic benefits within the nation.
The renewed partnership between NEITI and the NCDMB is expected to yield positive outcomes, not only in boosting female entrepreneurship and employment in the extractive sector but also in contributing to a more inclusive and sustainable industry for Nigeria’s future a statement signed by Obiageli Onuorah, Ag. Director/head communications & stakeholder management informed.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
