Source: Businessday NG
The Niger Delta Development Commission (NDDC) has introduced a significant N30 billion fund to bolster businesses in the nine Niger Delta states. This initiative was revealed last Thursday in Port Harcourt, Rivers State, during the inauguration of the Niger Delta Chamber of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA). NDCCITMA will function in partnership with the South-South Chamber of Commerce, a member of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).
Samuel Ogbuku, NDDC’s managing director, stressed the importance of the initiative in response to the decline of nano and small businesses in the face of harsh economic conditions. He stated, “We created this platform to unite all entrepreneurs in the region under a common front to display our potential.”
The NDDC is determined to shift the narrative around the Niger Delta, which has been marred by associations with militancy and underdevelopment. Ogbuku emphasized the region’s reservoir of talent and thriving entrepreneurs, particularly in the tech sector.
He disclosed that the N30 billion fund, included in the recently approved 2024 budget, will not be managed directly by the NDDC. Instead, it will be supervised by the NDCCITMA and the Bank of Industry (BoI). “Transparency and accountability are essential; no loan or grant will be disbursed from the NDDC to any business without NDCCITMA’s verification,” Ogbuku explained.
He also encouraged International Oil Companies (IOCs) to adopt this model to ensure only vetted businesses receive funding. Ogbuku expressed hope for future ventures, including a possible Niger Delta Trade Fair to highlight regional entrepreneurship.
Victor Etim Antai, NDDC’s Executive Director (Projects), supported Ogbuku’s views, recognizing the struggles faced by SMEs in the area. The initiative aims to create strategies that will strengthen small businesses, while NDCCITMA is set to be a reliable source of business advice and assistance.
Idaere Ogan, chairman of NDCCITMA, stressed the necessity for a well-organized system to revitalize local enterprises, stating that collaboration with national bodies will be key to driving economic progress in the region.
Emi Membere-Otaji, NACCIMA’s national vice president, also endorsed the initiative, praising its potential to support entrepreneurship in the Niger Delta. He clarified that NDCCITMA is an independent entity, not a department of the NDDC, representing a forward-thinking approach to business assistance.
Tony Okocha, Rivers State’s representative on the NDDC board, noted the broader economic implications of the project, remarking, “This initiative is designed to support businesses in Nigeria and the Niger Delta.”
After the launch, various presentations and lectures took place to develop operational plans for businesses within the nine oil-rich states, signifying a turning point for entrepreneurship in the Niger Delta.
