By Davies Iheamnachor, Port Harcourt
The Niger Delta Development Commission (NDDC), in partnership with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has released ₦1.5 billion as soft loans to 1,500 nano, micro, small, and medium-scale enterprises (MSMEs) across the Niger Delta region.
The initiative, known as the Investment Partnerships Scheme, forms part of the broader “Economic Development Initiative” jointly implemented by the NDDC and NDCCITMA in the nine oil-producing states of the region.
Speaking during the flag-off of the first phase of the scheme in Port Harcourt, the Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, commended the NDDC for partnering with the Chamber to promote wealth creation and regional economic growth.
Gogo-Ogan explained that the loans come with a one-year repayment plan, including a three-month moratorium, and attract an interest rate of 9 percent per annum. He said the facility is structured to help small businesses thrive and contribute to grassroots development.
“We are very grateful to our strategic partner, the Niger Delta Development Commission, led by its Managing Director, Dr. Samuel Ogbuku, for initiating this programme,” Gogo-Ogan said.
“It is designed to reach out to the poorest of the poor — the micro and small business operators. Sustainable development begins from the bottom up, and when you empower small enterprises, the economy grows organically.”
He further explained that the loan categories include:
Nano businesses: ₦200,000 each
Micro businesses: ₦3 million each
Small businesses: ₦7 million each
Medium businesses: ₦20 million to ₦50 million each
“The interest rate is just 9 percent, which translates to about 0.6 percent monthly. Today we are disbursing ₦1.5 billion. By December, another ₦2 billion will go out in the second batch. We profiled all beneficiaries and worked with consultants to ensure due diligence,” he added.
Gogo-Ogan said financial inclusion for local entrepreneurs was crucial for addressing unemployment, reducing poverty, and stabilizing the region’s economy.
“We believe the impact will be enormous — leading to job creation and poverty reduction. In time, these interventions will also help address youth restiveness and capital flight,” he said.
Also speaking, the Director of Commercial and Industrial Development at the NDDC, Mrs. Lina Okara, said the initiative aligns with the Commission’s broader mandate to promote sustainable economic development in the Niger Delta.
She advised beneficiaries to apply the funds responsibly to ensure the long-term success of their businesses.
“Beneficiaries should be accountable and prudent with these funds,” Okara said. “This is an opportunity to strengthen your business and empower others in the process. Use the funds wisely, as your success will open the door for more people to benefit.”
The ₦1.5 billion soft loan initiative marks a new phase in NDDC’s efforts to support small and medium-scale enterprises in the Niger Delta. With a second phase expected in December 2025, the scheme aims to deepen entrepreneurship, create jobs, and stimulate inclusive economic growth across the region.
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