The Niger Delta Development Commission (NDDC) has taken a decisive step towards promoting entrepreneurship and financial inclusion in the oil-rich region with the launch of a N1.5 billion loan scheme for small and medium-scale enterprises.
In partnership with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), the initiative seeks to support business expansion, reduce poverty, and create a new culture of enterprise among residents of the Niger Delta.
At the official unveiling in Port Harcourt, Rivers State, the NDDC Director of Commercial, Industrial and Trade Development, Mrs. Lyna Okara, explained that the programme was designed to end the cycle of unsustainable empowerment projects and replace them with structured economic support.
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“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,” Okara said. “Through this partnership, people can now access small loans to grow their businesses.”
Okara, who also chairs the NDDC–NDCCITMA Implementation Committee, added that the collaboration represents a renewed effort by the Commission to make the region’s economy more competitive and self-sustaining.
The Chairman of NDCCITMA, Mr. Idaeregogo Ogan, noted that the N1.5 billion being disbursed marks the first phase of the project, with another N2 billion scheduled for release in December.
He explained that the facility would reach four categories of beneficiaries, nano, micro, small and medium enterprises, with loans ranging from N200,000 to N50 million at an annual interest rate of nine per cent.
“We have the nano businesses getting N200,000 each; micro, N3m; small, N7m; and medium, between N20m and N50m,” Ogan said. “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 expressed confidence that the initiative would transform the region’s economic landscape, helping over 2,000 people rise above poverty.
“ It’s time to tell a new story about our region — one of enterprise, self-reliance, and shared prosperity,” he added.
