The Niger Delta Development Commission (NDDC) has introduced a ₦30 billion fund to boost businesses

The Niger Delta Development Commission (NDDC) has introduced a ₦30 billion fund to boost businesses across the nine Niger Delta states. The announcement was made last Thursday in Port Harcourt during the launch of the Niger Delta Chamber of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), which will collaborate with the South-South Chamber of Commerce under the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).

Samuel Ogbuku, managing director of the NDDC, emphasized the need for the initiative, noting the struggles faced by small and nano businesses due to challenging economic conditions. "Our goal is to unite entrepreneurs in the region and showcase their potential," Ogbuku said.

The NDDC aims to reshape perceptions of the Niger Delta, which has been associated with militancy and underdevelopment, by highlighting the region's talent and thriving businesses, particularly in IT. The ₦30 billion fund, included in the approved 2024 budget, will be administered by NDCCITMA and the Bank of Industry (BoI) rather than the NDDC directly. "Transparency is key, and no loans or grants will be given without NDCCITMA verification," Ogbuku stated.

Ogbuku also encouraged International Oil Companies (IOCs) to adopt this model to ensure verified businesses receive support. He expressed enthusiasm for future projects, including a potential Niger Delta Trade Fair to promote local businesses.

Victor Etim Antai, NDDC's Executive Director (Projects), shared similar views, acknowledging the struggles of SMEs in the region and emphasizing the need for strategic support. NDCCITMA aims to be a reliable source of business assistance.

NDCCITMA Chairman Idaere Ogan highlighted the importance of structured support for regional businesses and partnerships with national agencies for economic growth. Emi Membere-Otaji, national vice president of NACCIMA, voiced support for the initiative, describing NDCCITMA as an independent entity representing a forward-thinking approach to business support.

Tony Okocha, the Rivers State representative on the NDDC board, noted the initiative's broader economic implications, saying, "This project will uplift businesses in Nigeria and the Niger Delta."

Following the launch, presentations and discussions were held to formulate strategies for business growth in the oil-rich Niger Delta states, marking a significant milestone for regional entrepreneurship.