The Niger Delta Development Commission and the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture have launched a N1.5bn loan scheme for small and medium-scale enterprises across the region.
The initiative, flagged off in Port Harcourt, Rivers State, is aimed at improving livelihoods, tackling poverty, and driving economic growth in the Niger Delta.
Speaking at the event, the NDDC Director of Commercial, Industrial and Trade Development, Mrs. Lyna Okara, said the loan scheme would give small businesses access to capital to expand their operations and become more sustainable.
Okara, who also chairs the NDDC–NDCCITMA Implementation Committee, said the partnership was part of the commission’s renewed effort to make the Niger Delta economically competitive.
“Over the years, NDDC has taken different steps to get to this point. We have attempted several schemes to ensure everyone in the region has access to grow their businesses, but it has been a challenge,” she said.
“With the establishment of NDCCITMA two years ago, we have found a more effective model. Through this partnership, people can now access small loans to grow their businesses, and we are confident that in a few years, the Niger Delta will become a region to be reckoned with in Nigeria.”
She commended the NDDC management and board for their commitment to economic empowerment, urging beneficiaries to use the loans prudently.
“Whatever funding you receive is meant to multiply your business. Use it wisely so others can also benefit from future rounds of this programme,” she advised.
Chairman of the NDCCITMA, Mr Idaeregogo Ogan, said the initiative was designed to reach even the poorest entrepreneurs in the region, noting that the N1.5bn disbursement marked the first phase of the project.
Ogan explained that the loan package covered four categories of beneficiaries — nano, micro, small, and medium enterprises — with the least amount pegged at N200,000 and the highest between N20m and N50m.
“We have the nano businesses getting N200,000 each; micro, N3m; small, N7m; and medium, between N20m and N50m — all at a single-digit interest rate of nine per cent per annum, which is about 0.6 per cent monthly,” he said.
“Today, we are rolling out N1.5bn. By December, another N2bn will be disbursed to the next batch of beneficiaries.”
He added that applicants had been carefully profiled and trained to ensure proper use of the funds.
“We are not just handing out money. We’ve profiled the businesses, trained the owners, and ensured they understand basic bookkeeping. These are viable enterprises ready to grow, not political handouts,” he said.
Ogan expressed optimism that the initiative would lift more than 2,000 people out of poverty and transform the economic outlook of the Niger Delta.
“Through this scheme, we will bring over 2,000 people in the Niger Delta out of poverty. It’s time to tell a new story about our region — one of enterprise, self-reliance, and shared prosperity,” he stated.
