NDDC, Niger Delta Chamber Launch ₦1.5bn Loan Scheme to Boost Small Businesses and Fight Poverty

The Niger Delta Development Commission (NDDC), in collaboration with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has launched a ₦1.5 billion loan scheme aimed at empowering small and medium-scale enterprises (SMEs) across the Niger Delta region.

The initiative, officially flagged off in Port Harcourt, Rivers State, is designed to enhance livelihoods, reduce poverty, and stimulate sustainable economic growth within the region.

Speaking at the event, the NDDC Director of Commercial, Industrial and Trade Development, Mrs. Lyna Okara, said the loan scheme would provide small businesses with much-needed access to capital to expand and thrive. Okara, who also chairs the NDDC–NDCCITMA Implementation Committee, described the partnership as a strategic step toward making the Niger Delta more economically competitive.

“Over the years, NDDC has made several attempts to empower entrepreneurs, but this partnership with NDCCITMA provides a more effective model. Through it, business owners can now access affordable loans to grow their ventures. In a few years, we expect the Niger Delta to emerge as a leading hub of economic activity in Nigeria,” she said.

She applauded the NDDC board and management for prioritising economic empowerment and advised beneficiaries to use the funds responsibly. “Whatever you receive is meant to grow your business. Use it wisely so that others can benefit from future rounds of this programme,” she urged.

Chairman of NDCCITMA, Mr. Idaeregogo Ogan, described the initiative as an inclusive programme designed to reach even the poorest entrepreneurs. He explained that the ₦1.5 billion disbursement marked the first phase, covering four business categories — nano, micro, small, and medium enterprises — with loans ranging from ₦200,000 to between ₦20 million and ₦50 million.

According to him, “Nano businesses will receive ₦200,000 each; micro enterprises, ₦3 million; small businesses, ₦7 million; and medium enterprises, between ₦20 million and ₦50 million — all at a single-digit interest rate of nine percent per annum.”

He added that another ₦2 billion would be released by December for the next batch of beneficiaries. Ogan further noted that applicants were carefully screened and trained in financial management and bookkeeping to ensure effective use of the funds.

“We are not just distributing money. These are viable, profiled businesses that have undergone training. This programme is about empowerment, not politics,” he said.

Expressing optimism about the project’s impact, Ogan stated that the loan scheme is expected to lift over 2,000 people out of poverty and redefine the region’s economic narrative. “It’s time for the Niger Delta to be known for enterprise, self-reliance, and shared prosperity,” he added.