Iquo Williams, Port Harcourt
In a move to stimulate economic growth and empower entrepreneurs in the Niger Delta region, the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), in partnership with the Niger Delta Development Commission (NDDC), has released N1.5 billion to support 1,500 businesses across the region.
The announcement was made during the official flag-off of the Investment Partnership Scheme in Port Harcourt, capital of River State, Southern Nigeria, where beneficiaries were presented with cheques as part of the first phase of disbursement.
Speaking at the event, the Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, stated that the initiative targets business growth at all levels, from nano enterprises to medium-scale businesses.
According to him, the breakdown of the funding includes:
•N200,000 for nano businesses
•N3 million for micro businesses
•N7 million for small-scale businesses
•N20 million for medium-scale enterprises
“Our core mandate is to reduce poverty in the region, we are optimistic that our partnership with a strong institution like the NDDC will enable us to reach the most vulnerable and build sustainable businesses,” Gogo-Ogan said.
He emphasised the importance of bottom-up development, adding that true prosperity must include those at the grassroots level.
The NDCCITMA Chairman also announced that the funds would come with a low-interest rate of just 0.6 per cent, a move designed to ensure affordability and scalability for recipients.
To ensure sustainable impact, the Chamber will also implement a mentorship-based support system, including business promotion, capacity building, and market access strategies to help local enterprises compete nationally.
Also present at the launch was Mrs. Lyna Okara, NDDC Director of Commercial and Industrial Development and Chairperson of the Implementation Committee, who praised the initiative as a timely intervention for regional development.
“This scheme is not just a financial lifeline, it is a strategic investment in the region’s future, we are setting the stage for industrial revitalisation and inclusive growth, urging beneficiaries to take full advantage of the opportunity,” she noted.
Igniting economic transformation
In her remarks, a representative from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mrs. Olalek Rasheed, urged entrepreneurs to maintain proper financial records and ensure that funds are used strictly for business purposes.
She warned against misappropriation, noting that misuse could undermine the credibility of the programme and limit future opportunities.
The disbursement is the first phase of what organisers described as a long-term, scalable programme aimed at empowering over 2,000 people, reducing unemployment, and igniting economic transformation across the Niger Delta.
The joint effort between NDCCITMA and the NDDC is expected to become a model for regional economic development and inclusive growth across Nigeria.