NCDMB to Commence Disbursement of $40m Women in Energy Fund

The Nigerian Content Development and Monitoring Board (NCDMB) says it will soon commence the disbursement of $40m Women in Energy Fund.

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote disclosed that the Energy Fund was set up in partnership with the Nigerian Export-Import Bank (NEXIM Bank) to help women in the oil and gas industry.

The NCDMB boss who was speaking at the Nigerian Women in Oil and Gas Conference in Lagos noted that 15 applications have so far been received while three of the applications have been approved.

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A statement from the NCDMB revealed that the conference was organised by the NCDMB in partnership with the Diversity Sectoral Working Group of the Nigerian Content Consultative Forum (NCCF), which was set up by the NCDMB to advise it on policy directions.

Wabote also announced plans to set a minimum percentage of females that must be included in any human capacity development (HCD) programme or initiative that it will approve for the Nigerian Oil and Gas Industry.

Providing an update on the administration of the Women in Energy Fund, the Managing Director of NEXIM Bank, Mr Abba Bello who was represented by Head Specialised Products, Mr. Mohammed Aumiz, explained that applicants would need to meet set criteria before they can access the fund and that it takes only 22 days for an application to be processed and an offer letter issued if the company met the criteria.

He says “It is a loan and not a grant and applicants have to meet the conditions, so we can achieve the intended purpose”.