Nigerian Export Import Bank (NEXIM Bank), the Fund Manager saddled with the responsibility of effectively managing and disbursing the Nigeria Content Intervention Fund (NCIF), has frowned at the low application turnout of oil and gas women entrepreneurs in accessing the NCDMB $40 million Women in Oil & Gas (and Energy) fund.
The NCIF Women in Energy intervention fund was established by the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Nigerian Export-Import Bank (NEXIM), with equity contributions of $20 million each, to support and alleviate the financial difficulties of women-led businesses in Nigeria’s oil and gas sector.
The fund aims to provide funding for startups and existing companies where women hold significant ownership and top management positions, enabling them to execute contracts with a single-digit interest rate of 8% repayment charge.
Speaking at the “NCDMB Stakeholders Sensitization and Engagement Forum,” the representative of the Nigerian Export-Import Bank and the Head, Specialised Business, of NEXIM, Mr. Muhammed Awami, made a startling revelation that the NCIF Women in Energy intervention Fund is currently underutilized and called on Women contractors to increase their participation level in energy businesses so they can access this fund.
According to the NEXIM representative,” the bank manages two funds for the NCDMB: the Working Capital and Capacity Development Fund, and the Women in Oil and Gas”. He further disclosed that in the case of the Intervention Fund, “the Working Capital Capacity fund is $30 million, and so far, we have disbursed about $42 million, and this is possible from the repayments we have been receiving.”
He said NEXIM Bank remains committed to working closely with the NCDMB “to facilitate access to finance, to derisk projects…and promote projects that align with the Nigerian Content 10-Year Strategic Road Map and the broader objectives of the African Continental Free Trade Agreement.” He commended the Board for its many transformative initiatives.
Earlier in his opening address, the Executive Secretary, Engr. Felix Omatsola Ogbe explained that the Forum would address critical issues and provide greater clarity on the operations and benefits of funding windows created by the Board to boost the capabilities of indigenous oil and gas companies and ramp up in-country value addition.
He said the Board has been “steadfast in promoting and enforcing compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010,” and that compliance has to be practical and mutually beneficial to all stakeholders in the sector.
The event, which was designed to clarify processes for Nigerian Content Development Fund (NCDF) 1% Compliance Certification issuance, demonstrate new features of the upgraded 1% NCDF payment portal, provide a guide on the revised Community Contractors Scheme, and also serve as a customers’ engagement forum was graced by participants from Bank of Industry (BOI), Nigerian Export-Import (NEXIM) Bank, Financial Institution and oil and gas sector’s stakeholders.
