NCDMB, Nexim Bank sign US$40m MoU to help women entrepreneurs in oil sector

Chinazor Megbolu

The Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank (NEXIM Bank) has corroborated to sign a US$40 million in a bid to help women entrepreneurs in the nigerian oil and gas sector.

The qualified women entrepreneurs, with the investment, are poised to benefit from the US$40 million Intervention Fund.

The two collaborators are contributing US$20 million each to the fund.

The Executive Secretary NCDMB, Engr. Simbi Wabote and the Managing Director of Nexim Bank, Mr. Abubakar Bello signed the memorandum of understanding on the administration of the Fund in Yenagoa, Bayelsa State.

They explained the target beneficiaries are firms where women hold majority shareholding of 51 per cent or where at least 50 per cent of management are women or where the Chief Executive Officers and at least 40 per cent of management are women.

“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 said.

Wabote further noted 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 5 years and the applicable interest rate would be 5 per cent all-in per annum, fixed throughout the period of the loan.

Wabote also stated 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.

Meanwhile, Bello hinted the partnership with NCDMB fits into the bank’s framework for supporting inclusion as well as its strategy to grow the service industry in the country and take it to the point of export to the west African region and other oil and gas producing countries.

The Chairperson, Diversity Sectoral Working Group, Nigerian Content Consultative Forum, Mrs. Alero Onosede, in her remarks applauded the Board for providing practical enablers to support diversity in the oil and gas sector.

She promised that women in the sector would take advantage of the fund to boost capacity in the sector so as to grow the nation’s economy.