Qualified women entrepreneurs in the Nigerian Oil and Gas industry can now benefit from the US$40m Women in Oil and Gas Intervention Fund deployed by the Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank.

The NCDMB is contributing US$20m to the pool and it will be matched by the same amount in Naira by NEXIM, to be converted at prevailing official exchange rate.

The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello signed the memorandum of understanding on the administration of the Fund on Tuesday in Yenagoa. 

The target beneficiaries are firms where women hold majority shareholding of 51 percent or where at least 50 percent of management are women or where the Chief Executive Officers and at least 40 percent of management are women.

According to the Executive Secretary, the roll-out date of the fund is July 1, 2021 and the scheme would be availed to both startups and existing companies. The scheme would cover Manufacturing, Oil Service Contracts, Environment management, Leasing, Logistics, Catering and Training.

He confirmed that the maximum amount that can be borrowed by a single obligor is US$500,000 or its Naira equivalent at the official exchange rate prevailing at the time of borrowing.

He added that the tenor shall be up to five years and the applicable interest rate would be five percent all-in per annum, fixed throughout the tenor of the loan.

Wabote also confirmed that the maximum processing time shall be 21 working days from the date the applicant has provided all required documentation and all applications shall be through the web.

In his comments, the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello explained that the partnership with NCDMB fits into the bank’s framework for supporting inclusion as well as its strategy to grow the service industry in Nigeria and take it to the point of export to the West African region and other oil and gas economies. 

Also speaking, the Chairperson of the Diversity Sectoral Working Group, Nigerian Content Consultative Forum, Mrs. Alero Onosede commended the Board for providing practical enablers to support diversity in the oil and gas industry. She assured that women in the oil and gas industry would take advantage of the Fund to increase capacity in the industry and grow the economy.