The Niger Delta Development Commission (NDDC) has deposited N30 billion in the Bank of Industry to support the growth of small and medium enterprises (SMEs) across the nine states of the Niger Delta region. The announcement was made by NDDC Managing Director, Chief Samuel Ogbuku, during a sensitization event in Akure on the establishment of the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA).
Representing Ogbuku, Mr. Otito Atikase, the Ondo State representative in NDDC, highlighted that the funds serve as NDDC’s counterpart contribution for disbursement to entrepreneurs, nano-business owners, and other beneficiaries who have struggled to secure loans from traditional financial institutions.
Key Points from the Announcement:
- Economic Empowerment: The initiative seeks to empower businesses in the Niger Delta through loans and other forms of support, addressing challenges that have hindered economic growth in the region.
- Support for SMEs: The NDDC will work closely with NDCCITMA to ensure that the initiative captures as many entrepreneurs as possible, with a focus on driving sustainable business practices and development across the region.
- Strategic Collaborations: The program will complement ongoing projects such as HOPE and IFAD, aiming to provide a comprehensive economic pathway for entrepreneurs. NDCCITMA will serve as a bridge between NDDC and the business community to ensure that growth opportunities reach the grassroots level.
- Focus on Nano and Micro Businesses: Mr. Victor Antai, NDDC’s Executive Director of Projects, expressed concern over the near non-existence of nano and micro businesses. He emphasized that this initiative would stimulate economic growth at the grassroots level and encouraged business groups to seek counsel and take advantage of the opportunities NDCCITMA provides.
Remarks from Stakeholders:
daere Ogan, Chairman of NDCCITMA, affirmed that the chambers are committed to working with development partners to boost trade, manufacturing, and skills development, starting from nano businesses to large enterprises.
Akintunde Greatsheyi, President of the National Association of Small Scale Industrialists, and Adetutu Adejuyigbe from the Women Chamber of Commerce, commended the initiative, stating that it will address the challenges faced by SMEs in the region.
This strategic intervention by the NDDC aims to stimulate economic growth, create job opportunities, and foster entrepreneurship in the Niger Delta.
