The Nigerian Content Development and Monitoring Board (NCDMB) recently executed a US$20 million Managed Fund Agreement with the Nigerian Export–Import Bank (NEXIM) that is designated as the Women in Oil & Gas Intervention Fund. The Scheme is an interventionist offshoot from the Nigerian Content Development Fund (NCDF), which is designed to promote building and deepening indigenous capacities and capabilities of women entrepreneurs/industrialists to fully participate in the Nigerian Oil and Gas Industry.
The NCDMB Women in Oil & Gas Industry Fund will support the activities of predominantly women-owned, dominated and/or managed companies operating in the oil and gas industry through short-to-medium/long term financing. The Fund will be applied to support the scope of activities below.
The partnership between NCDMB and NEXIM under the scheme is in accordance with the mandates of both organisations toward the promotion and development of Service-related companies to effectively compete domestically and internationally, especially against the backdrop of the African Continental Free Trade Agreement (AfCFTA).
The synergy is also in the realization of the growing influence and dominance of Nigeria’s Service sector with an annual contribution in excess of 50% to the GDP.
Objectives of the Scheme
The NCDMB Women in Oil & Gas Scheme is designed to achieve the following strategic objectives:
- Boost indigenous participation of women in the oil and gas industry, build local capacity and competencies.
- Promote the growth and development of Nigerian Content in the provision of services to the Nigerian Oil and Gas Industry.
- Address persistent funding challenges that have constrained capacity and growth of local service providers in Oil & Gas-related activities.
- Facilitate and support start-up companies in participation and provision of services to the upstream oil and gas sector. This category need not have subsisting or previous contracts in the oil and gas industry.
- Enhance productivity and women-related job creation in the Oil and Gas Industry
- Enhance skill acquisition and competences of women in oil and gas-related activities as well as improve their rating to undertake export of services in the sector.
Eligible Apllicant / Qualification
Only duly registered Nigerian Oil Service Providers/contractors shall be eligible under this Scheme. Such eligible company shall also be:
- Duly registered/incorporated companies in Nigeria.
- Commercially viable and have contract relationship with IOC/major NOC, except for Start-up companies.
- Minimum of 51% ownership by women OR Entities where at least 50% of Management positions are occupied by women OR Entities where the CEO and minimum of 40% ownership are women
Eligible transactions qualifying for funding support under this Scheme shall comprise the following:
- Manufacturing (equipment, components, accessories)
- Oil Service Contracts (Oilfield and Office Supplies, Security, etc.)
- Environment management.
Eligible loans under this Scheme include the following:
- Working Capital
- Invoice Discounting Facility (IDF)
- Term Loan/Asset Finance.
- Lease Finance Facility (LFF)
All applications shall be web-based (online) through a dedicated portal created by NEXIM for the scheme. Applications under this Scheme with full documentary requirements shall be processed to disbursement within 21 working days.
All applications shall be accompanied by the underlisted Certified True Copies (CTC) of the following documents;
- Incorporation documents
- Contract/Payment Invoice
- Proforma Invoice, where applicable
- Copy of latest Audited Accounts/ Financial Statements
- Financial Summary Sheet (as per template)
- Completed Questionnaire/Checklist
- Registration of Invoices/Movable Assets with National Collateral Registry
- Assignment of contract(s)
- Domiciliation of Proceeds/Assignment of receivables
- ISPO from Receiving Bank(s)
- Assignment of receivables
- Personal Guarantee of the Directors
- Association Guarantee
- Insurance cover with NCDMB/NEXIM noted as loss payees