The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has disbursed N1.5 billion soft loans to 2,000 nano, micro, small and medium-scale enterprises across the Niger Delta region.
Mr Idaere Ogan, Chairman of NDCCITMA, made the remark while inaugurating the first phase of the exercise in Port Harcourt on Thursday, under the initiative titled, “Investments Partnership Scheme.”
He explained that the programme formed part of the chamber’s Economic Development Initiatives, launched in collaboration with the Niger Delta Development Commission (NDDC) to create employment and boost local economy.
Ogan said that the first phase targeted about 2,000 beneficiaries, drawn from across the nine Niger Delta states.
According to him, this scheme will operate in four categories, beginning with nano businesses, each of which will receive N200,000; the first category targets the poorest of the poor.
“Under other categories, micro businesses will receive N3 million in soft loans, small businesses N7 million, and medium-scale enterprises between N20 million and N50 million.
“The interest rate is nine per cent; however, on a month-by-month basis, it stands at about 0.6 per cent,” he added.
Ogan said that the second phase of the scheme would commence in December with N2 billion earmarked for disbursement, followed by quarterly loan distributions to additional businesses and low-income earners across the region.
On the process of selection, he noted that NDCCITMA was working with consultants to profile businesses eligible for the loans.
“This is not a repetition of what occurred in the past where organisations disbursed funds and then went to sleep; no, this is being run strictly as a business venture.
“To support the beneficiaries, we first identify, engage, mentor and train them; we have also provided training in basic bookkeeping and cash flow projection.
“These business operators have undergone a proper incubation period and are now ready to access our low-interest loans to help them grow and expand their enterprises,” he said.
Ogan expressed optimism that the scheme would generate employment, reduce poverty, curb youth restiveness and militancy, and address issues such as capital flight and the relocation of companies from the region.
He commended the Managing Director of NDDC, Dr Samuel Ogbuku, for his visionary and transformative leadership in establishing a programme designed to tackle poverty and foster economic prosperity in the Niger Delta.
“We believe that robust and sustainable development does not flow from the top downwards, but rather from bottom upwards,” he said.
Mrs Lina Okara, Director of Commercial, Industrial and Trade Development at the NDDC, stated that NDCCITMA was established in 2023 by the NDDC to promote rapid development and strengthen the regional economy.
She expressed confidence that the disbursement of low-interest loans to thousands of businesses would make a significant impact on the people of the Niger Delta.
“The partnership between NDCCITMA and NDDC will ensure that, in the coming years, the Niger Delta becomes a region to be reckoned with in terms of development within Nigeria.
“This is the realisation of a vision that was conceived and brought to fruition for the benefit of businesses in the Niger Delta region,” Okara concluded.
