NDDC, NDCCITMA release ₦1.5bn soft loans for 1,500 businesses in Niger Delta

By Davies Iheamnachor, Port Harcourt

The Niger Delta Development Commission (NDDC), successful concern with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has released ₦1.5 cardinal arsenic brushed loans to 1,500 nano, micro, small, and medium-scale enterprises (MSMEs) crossed the Niger Delta region.

The initiative, known arsenic the Investment Partnerships Scheme, forms portion of the broader “Economic Development Initiative” jointly implemented by the NDDC and NDCCITMA successful the 9 oil-producing states of the region.

Speaking during the flag-off of the archetypal signifier of the strategy successful Port Harcourt, the Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, commended the NDDC for partnering with the Chamber to beforehand wealthiness instauration and determination economical growth.

Gogo-Ogan explained that the loans travel with a one-year repayment plan, including a three-month moratorium, and pull an involvement complaint of 9 percent per annum. He said the installation is structured to assistance tiny businesses thrive and lend to grassroots development.

“We are precise grateful to our strategical partner, the Niger Delta Development Commission, led by its Managing Director, Dr. Samuel Ogbuku, for initiating this programme,” Gogo-Ogan said.

“It is designed to scope retired to the poorest of the mediocre — the micro and tiny concern operators. Sustainable improvement begins from the bottommost up, and erstwhile you empower tiny enterprises, the system grows organically.”

He further explained that the indebtedness categories include:

Nano businesses: ₦200,000 each

Micro businesses: ₦3 cardinal each

Small businesses: ₦7 cardinal each

Medium businesses: ₦20 cardinal to ₦50 cardinal each

“The involvement complaint is conscionable 9 percent, which translates to astir 0.6 percent monthly. Today we are disbursing ₦1.5 billion. By December, different ₦2 cardinal volition spell retired successful the 2nd batch. We profiled each beneficiaries and worked with consultants to guarantee owed diligence,” helium added.

Gogo-Ogan said fiscal inclusion for section entrepreneurs was important for addressing unemployment, reducing poverty, and stabilizing the region’s economy.

“We judge the interaction volition beryllium tremendous — starring to occupation instauration and poorness reduction. In time, these interventions volition besides assistance code younker restiveness and superior flight,” helium said.

Also speaking, the Director of Commercial and Industrial Development astatine the NDDC, Mrs. Lina Okara, said the inaugural aligns with the Commission’s broader mandate to beforehand sustainable economical improvement successful the Niger Delta.

She advised beneficiaries to use the funds responsibly to guarantee the semipermanent occurrence of their businesses.

“Beneficiaries should beryllium accountable and prudent with these funds,” Okara said. “This is an accidental to fortify your concern and empower others successful the process. Use the funds wisely, arsenic your occurrence volition unfastened the doorway for much radical to benefit.”

The ₦1.5 cardinal brushed indebtedness inaugural marks a caller signifier successful NDDC’s efforts to enactment tiny and medium-scale enterprises successful the Niger Delta. With a 2nd signifier expected successful December 2025, the strategy aims to deepen entrepreneurship, make jobs, and stimulate inclusive economical maturation crossed the region.

The station NDDC, NDCCITMA merchandise ₦1.5bn brushed loans for 1,500 businesses successful Niger Delta appeared archetypal connected Vanguard News.