The NDDC has introduced a new fund worth N30 billion to help businesses in the Niger Delta region. This fund was announced last Thursday at the launch of the Niger Delta Chamber of Commerce, Industry, Trade, Mines, and Agriculture, NDCCITMA in Port Harcourt.
The NDCCITMA will work together with the South-South Chamber of Commerce under the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA.
The NDDC’s managing director, Samuel Ogbuku, explained that the fund is needed because many small businesses in the region are struggling. He said the fund will bring entrepreneurs together to show what they can do.
The NDDC aims to change the external perception of the Niger Delta, which has often been associated with militancy and underdevelopment. Ogbuku emphasized the region’s wealth of talent and successful entrepreneurs, particularly in information technology.
He revealed that the N30 billion fund, part of the recently approved 2024 budget, will not be directly managed by the NDDC. Instead, it will be administered through the NDCCITMA and the Bank of Industry (BoI).
“Transparency and accountability are crucial; henceforth, no loan or grant will go directly from the NDDC to any business without NDCCITMA’s verification,” he explained.
Ogbuku urged the International Oil Companies (IOCs) to adopt this model, ensuring only verified businesses receive support. He expressed optimism about future initiatives, including a potential Niger Delta Trade Fair to showcase local entrepreneurship.
Adding to Ogbuku’s sentiments, Victor Etim Antai, the NDDC Executive Director (Projects), stated that SMEs in the region are struggling and the initiative will develop strategies to bolster small businesses. The NDCCITMA aims to serve as a credible source for business guidance and support.
Idaere Ogan, the chairman of NDCCITMA, emphasized the need for a structured system to invigorate local businesses, stating that collaboration with national agencies will be crucial for economic development in the region.
Emi Membere-Otaji, the national vice president of NACCIMA, expressed full support for the initiative, highlighting its potential impact on local entrepreneurship.
“The NDCCITMA is not a department of the NDDC but an independent body that represents a visionary approach to business support,” he noted.
Following the launch, presentations and lectures commenced to develop operational strategies for businesses within the nine states of the oil-rich region, marking a pivotal moment for entrepreneurship in the Niger Delta.
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