NCDMB, NEXIM Bank empower women in oil & gas with $40m




The Nigerian Content Development Monitoring Board (NCDMB) in partnership with the Nigerian Export-Import Bank (NEXIM) have set aside $40 million for the empowerment of women in the oil and gas industry.

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

The NCDMB is contributing $20 million 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.

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.