In a significant move to foster economic empowerment and reduce poverty in the oil-rich Niger Delta region, the Niger Delta Development Commission (NDDC), in partnership with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has disbursed cheques totaling N1.5 billion to 1,500 beneficiaries. This initiative targets nano, micro, small, and medium-scale enterprises (MSMEs), providing soft loans at a subsidized interest rate of 9% annually (approximately 0.6% monthly) to stimulate grassroots business growth and job creation.
The flag-off ceremony for the first phase of the “Investment Partnership Scheme” took place in Port Harcourt, the economic hub of Rivers State. Beneficiaries, selected from across the nine Niger Delta states—Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers—received varying amounts based on their business scale: N200,000 for nano-scale entrepreneurs (the “poorest of the poor”), up to N3 million for micro-scale, N7 million for small-scale, and N20 million for medium-scale operations. The funds aim to support diverse sectors, including agriculture, trade, mining, and manufacturing, helping recipients expand operations, acquire equipment, and compete nationally.
Ambassador Idaere Gogo-Ogan, Chairman of NDCCITMA, highlighted the scheme’s poverty-alleviation focus during the event. “Our core mandate is to strive to reduce poverty in the region. We are optimistic that our partnership with a strong institution like NDDC will enable us to reach the poorest of the poor, small-scale businesses, and lift over 2,000 people out of poverty,” he stated. Gogo-Ogan also announced plans for a second phase in December, injecting an additional N2 billion, followed by quarterly disbursements to sustain momentum.
Mrs. Lyna Okara, NDDC’s Director of Commercial and Industrial Development and Chairperson of the Implementation Committee, praised the collaborative effort as a timely intervention. “The flag-off of the investment partnership scheme is an indication that the region is on the path of rapid development,” she remarked, emphasizing NDDC’s mandate to facilitate economic growth and inclusive prosperity in the Niger Delta. Okara noted that NDCCITMA, established by NDDC in 2023, serves as a vital platform for uniting visionary entrepreneurs.
This disbursement forms part of NDDC’s broader Economic Development Initiatives, launched to address unemployment and underdevelopment in the resource-endowed but historically marginalized region. By prioritizing mentorship alongside financial aid— including promotional support to enhance market competitiveness—the program seeks to create a ripple effect, potentially generating thousands of jobs and boosting local supply chains. Early recipients, such as medium-scale business owner Mr. Thompson Isodiki, expressed optimism about scaling their ventures with the injected capital.
The initiative has been hailed as a model for regional economic interventions across Nigeria, with stakeholders calling for similar partnerships in other zones. As the Niger Delta grapples with challenges like environmental degradation from oil exploration and youth restiveness, such targeted investments underscore NDDC’s commitment to sustainable development under Managing Director Dr. Samuel Ogbuku’s leadership.
For more details on eligibility and future phases, visit the official NDDC website or contact NDCCITMA.
