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The Niger Delta Development Commission (NDDC) has announced the deposit of N30 billion into the Bank of Industry (BoI) aimed at enhancing the growth of small and medium enterprises (SMEs) across the nine states in the region.
During a sensitisation event on establishing the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) in Akure, Chief Samuel Ogbuku, the Managing Director of NDDC, emphasized that the funds would serve as the commission’s counterpart funding to facilitate disbursements to entrepreneurs and beneficiaries.
Ogbuku, represented by Mr. Otito Atikase, the Ondo State Representative in NDDC, stated that this initiative is designed to provide loans to beneficiaries who might find it challenging to secure funding from traditional financial institutions. He articulated that this effort is driven by a genuine desire to address the persistent challenges faced by businesses in the Niger Delta.
“This initiative will help ensure that development reaches the people of the region through authentic economic empowerment,” Ogbuku said. He added that the NDCCITMA would act as a bridge between NDDC and entrepreneurs, aiding in the sustainability of their businesses.
Ogbuku affirmed the NDDC’s commitment to collaborate with NDCCITMA in creating a pathway to prosperity for the people, complementing existing projects like HOPE and IFAD.
Mr. Victor Antai, the Executive Director of Projects at NDDC, noted that the event aimed to raise awareness about NDCCITMA’s establishment and the opportunities it presents across various economic sectors.
Antai expressed concern over the scarcity of nano and micro businesses, stating that this initiative aims to stimulate grassroots economic growth.
He urged business groups to engage with the development opportunities and seek valuable insights from the chambers.
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Mr. Idaere Ogan, Chairman of NDCCITMA, noted that the chamber’s formation aligns with significant strategic development objectives for the region.
Represented by Chief Solomon Edebiri, Secretary of NDCCITMA, Ogan stated that the initiative encompasses all business sectors in the region and aims to drive grassroots development.
“Our mission is to invigorate trade and initiate development from the nano business level up to larger organizations. We are committed to collaborating with our development partners to tackle the food challenges in the region, enable manufacturing, and build skills and capacity,” Ogan added.
The initiative has received commendations from local business leaders, including Mr. Akintunde Greatsheyi of the National Association of Small Scale Industrialists and Mrs. Adetutu Adejuyigbe from the Women Chamber of Commerce, who both highlighted its potential to address the challenges facing SMEs in the region.