WIEN Flags Underuse of NCDMB’s $40m Women in Energy Fund

The Women in Energy Network has raised concern that the $40 million intervention fund created to support women in Nigeria’s energy industry is not being fully utilised, citing limited access to bankable contracts.

The fund was launched in November 2025 by the Nigerian Content Development and Monitoring Board in partnership with the Nigeria Export-Import Bank. It is designed to increase women’s participation in oil, gas and mining by supporting companies led by women.

Eligibility rules include businesses with female chief executives, at least 51 per cent female ownership and significant female participation in management, with a minimum 40 per cent at management level.

WIEN President Eyono Fatayi-Williams said underuse of the facility is not because women-owned firms lack capacity. She said the bigger challenge is structural barriers that keep qualified companies from contract streams that can meet financing conditions.

The group presented the concern during a policy engagement with the Special Adviser to the President on Energy, Olu Verheijen, and called for reforms to improve women’s access across workforce participation, leadership and enterprise ownership.

WIEN also cited sector figures it said show persistent imbalance. According to the group, women make up 18.2 per cent of Nigeria’s energy workforce and 25.6 per cent of leadership positions. It added that of more than 35,000 companies active on the JQS platform, fewer than two per cent are women-owned.

The organisation linked the issue to a future pipeline challenge, noting that women account for only 17 per cent of current STEM enrolment. It said this could further constrain technical participation if policy and contracting gaps remain unresolved.

The intervention fund followed concern over declining female representation in extractive industries. Data referenced from NEITI showed that in 2022, women were 1,144 out of 6,728 oil and gas employees, about 17 per cent. In 2023, total industry employment rose to 8,694, with women at 1,391.

In her response, Verheijen acknowledged the concerns and said government is committed to policies that prevent structural exclusion and give women fair room to grow in the oil and gas economy.