The Niger Delta Development Commission (NDDC) has announced a significant financial initiative, depositing N30 billion in the Bank of Industry to support the growth of small and medium enterprises (SMEs) across the nine states in the Niger Delta region.
Chief Samuel Ogbuku, Managing Director of the NDDC, made this announcement on Friday during a sensitization event in Akure focused on the establishment of the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA). Ogbuku was represented by Mr. Otito Atikase, the Ondo State Representative in the NDDC.
Ogbuku stated that the N30 billion serves as the commission’s counterpart fund for disbursement to entrepreneurs and other beneficiaries, particularly targeting those unable to secure loans from conventional financial institutions. He emphasized that this initiative is part of a sincere effort to address the persistent challenges faced by businesses in the region.
“This initiative will ensure that development reaches the people of the Niger Delta through genuine economic empowerment processes,” he said, highlighting the importance of capturing as many interested individuals as possible.
The establishment of NDCCITMA will facilitate connections between the NDDC and local entrepreneurs, supporting their business sustainability. Ogbuku assured attendees that the commission is dedicated to collaborating with NDCCITMA to create a pathway to prosperity that complements ongoing projects like HOPE and IFAD.
Mr. Victor Antai, Executive Director of Projects at NDDC, also spoke at the event, emphasizing the goal of raising awareness about NDCCITMA and exploring the extensive opportunities available across various economic sectors in the region.