The Niger Delta Development Commission (NDDC) has unveiled a ₦1.5 billion soft loan scheme in partnership with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), aimed at empowering 1,500 small and medium-scale businesses across the Niger Delta region.
The initiative, launched in Port Harcourt, is part of the Commission’s broader strategy to stimulate grassroots entrepreneurship, create jobs, and strengthen local economies. It targets nano, micro, small, and medium-scale enterprises (MSMEs) across the nine oil-producing states, providing them access to affordable credit and financial inclusion.
Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, commended the NDDC for what he described as a transformative partnership focused on wealth creation and regional stability. He said the loan scheme would help entrepreneurs expand their businesses, generate employment, and reduce poverty at the community level.
“This programme is designed to reach the poorest of the poor, the micro and small business operators,” Gogo-Ogan said. “Sustainable development begins from the bottom up. When small businesses are empowered, the economy grows naturally and inclusively.”
According to him, the facility comes with a one-year repayment plan, including a three-month moratorium, at a 9 percent annual interest rate. The first ₦1.5 billion disbursement marks the beginning of a larger economic empowerment drive, with another ₦2 billion expected to be released by December.
He revealed that the funding categories are tailored to business size, ranging from ₦200,000 for nano enterprises to as high as ₦50 million for medium-scale businesses. “We profiled all beneficiaries and worked closely with consultants to ensure due diligence,” he said. “The impact of this initiative will be far-reaching, fostering entrepreneurship, reducing unemployment, and curbing youth restiveness.”
Read also:
- N3.6bn Fraud: Appellate court upholds EFCC’s appeal against ex-NDDC boss
- Itsekiri groups warn FG over NDDC board
- Remit all accrued money to NDDC or face the law – Buhari
Gogo-Ogan emphasized that financial inclusion for local entrepreneurs is vital for long-term regional stability, stressing that small businesses are the backbone of the Niger Delta economy.
On her part, the NDDC Director of Commercial and Industrial Development, Mrs. Lina Okara, said the programme aligns with the Commission’s core mandate of promoting sustainable economic growth in the region.
She urged beneficiaries to utilize the funds wisely, noting that accountability and discipline would ensure the success of the initiative. “This is a unique opportunity to build your business and empower others in your community,” Okara said. “Your success will determine how far this empowerment model can go.”
The NDDC–NDCCITMA partnership represents one of the Commission’s most ambitious business empowerment programmes in recent years, reflecting President Bola Ahmed Tinubu’s renewed focus on inclusive economic growth and sustainable development in the Niger Delta.
With over 1,500 entrepreneurs set to benefit in the first phase, the initiative is already being hailed as a bold step toward rebuilding the region’s economy through homegrown enterprise and innovation.
