By Obinna Uballa
Economic experts and development stakeholders have hailed the new N1.5 billion loan scheme jointly launched by the Niger Delta Development Commission (NDDC) and the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), describing it as a potential game changer for small and medium-scale enterprises (SMEs) in the region.
The initiative, launched in Port Harcourt, Rivers State on Thursday, is designed to improve livelihoods, tackle poverty, and drive inclusive economic growth across the Niger Delta by expanding access to affordable financing for local entrepreneurs.
Speaking during the launch, the NDDC Director of Commercial, Industrial and Trade Development, Mrs. Lyna Okara, said the scheme was a deliberate effort to empower small businesses and help them scale sustainably.
“This partnership represents a new dawn for enterprise development in the Niger Delta,” Okara said. “For years, we’ve experimented with various empowerment programmes, but with the establishment of NDCCITMA, we now have a more effective model that gives real entrepreneurs access to capital to grow.”
Okara, who also chairs the NDDC–NDCCITMA Implementation Committee, noted that the initiative was part of the Commission’s broader strategy to make the Niger Delta more competitive and self-reliant.
She urged beneficiaries to deploy the funds responsibly to ensure the programme’s sustainability.
“Whatever you receive is meant to multiply your business and create jobs. Use it wisely so others can benefit from future rounds,” she advised.
Chairman of NDCCITMA, Mr. Idaeregogo Ogan, explained that the N1.5bn disbursement marked the first phase of the project, targeting entrepreneurs across four categories — nano, micro, small, and medium enterprises.
According to him, nano businesses will receive N200,000 each; micro enterprises, N3 million; small businesses, N7 million; and medium enterprises, between N20 million and N50 million – all at a single-digit interest rate of nine per cent per annum (about 0.6 per cent monthly).
“We are not just handing out money,” Ogan stressed. “We’ve profiled and trained all beneficiaries to ensure they understand proper business management and record keeping. These are viable enterprises ready to grow, not political handouts.”
He further disclosed that another N2 billion would be disbursed by December to the next batch of qualified beneficiaries, adding that the initiative aims to lift over 2,000 Niger Deltans out of poverty in the first phase alone.
“This is about rewriting the Niger Delta story – from dependency to productivity, from agitation to innovation. Through this scheme, we’re laying the foundation for an economy built on enterprise and shared prosperity,” Ogan said.
