By SCM Staff Writer I Friday, Oct 17, 2025
PORT HARCOURT Harcourt, Nigeria – The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), in partnership with the Niger Delta Development Commission (NDDC), has launched a significant N1.5 billion (approximately $3.2 million) investment partnership scheme aimed at stimulating grassroots economic activity across the region.
The fund, which represents the first phase of the disbursement, was distributed via cheques to 1,500 beneficiaries to boost businesses ranging from nano-scale to medium-sized enterprises.
Speaking at the flag-off ceremony in Port Harcourt, Ambassador Idaere Gogo-Ogan, Chairman of NDCCITMA, outlined the scheme’s core mission. “Our core mandate is to strive to reduce poverty in the region,” he stated. “We believe that robust development comes not only from the top but also from the bottom.”
The scheme is structured to reach various tiers of businesses, with the “poorest of the poor” or nano group receiving N200,000 each. Larger categories are set to receive substantially more to scale up their investments: N3 million for micro-scale businesses, N7 million for small-scale, and up to N 20 million for medium-scale enterprises.
Ambassador Gogo-Ogan expressed optimism that the collaboration with a “strong institution like NDDC” would help the scheme reach its goal of lifting over 2,000 people out of poverty in the region.
A critical feature designed to ensure accessibility and high participation is the low interest rate.
Beneficiaries will be required to pay a modest 0.6 per cent interest rate on the loans, enabling the Chambers to recirculate and reach more people.
Furthermore, the Chambers of Commerce pledged a mentorship approach, providing financial support and promotional assistance to help beneficiaries’ businesses “compete favourably with other regions in the country.”
Mrs. Lyna Okara, NDDC Director of Commercial and Industrial Development and Chairman of the Implementation Committee, praised the timeliness of the scheme.
She commended the NDDC leadership for establishing a body focused on growing businesses, noting that the flag-off indicated the region was on a “path of rapid development.” She urged the people of the Niger Delta to take full advantage of the opportunity.
Mrs. Olalek Rasheed, a representative of the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), advised the entrepreneurs to ensure proper documentation to secure access to the funds and cautioned strongly against diverting the money to “non-economic activities.”
