1500 MSME businesses in N-Delta gets N1.5bn soft loans from NDDC, NDCCITMA

Niger Delta Development Commission and the Niger Delta Chamber of Commerce, Industry Trade, Mines and Agriculture, NDCCITMA, have released N1.5 Billion soft loans to 1500 Nano, Micro, small Scale and medium-scale enterprises in the Niger Delta Region. NDCCITMA flagged off the Investment Partnerships Scheme in partnership with Niger Delta Development Commission, NDDC, tagged, “Economic Development Initiative” a scheme being implemented in the nine states of the oil rich Niger Delta Region. Addressing the beneficiaries of the first phase of the scheme, drawn from the nine states of the region, in Port Harcourt, the Chairman of NDCCITMA, Amb. Idaere Gogo-Ogan, commended NDDC for the partnership that is aimed at wealth creation and economic development of the region. Gogo-Ogan said the load which has a one year repayment plan with three months monuterium attracts only 9% percent interest rate, noting that the scheme was arranged to empower small businesses in the region to succeed.
He said “we are indeed very grateful, first of all to our collaborating and essential strategic partner, that is the Niger Delta Development Commission, ably led by its Visionary and transformative Managing Director, Dr Samuel Ogbuku, for setting this programme which basically is to reach out to the poorest of the poor, small businesses, microbusinesses, because we all believe that through robust and sustainable development does not come from the top, it comes from the bottom.  When you aggregate all of these small businesses and you empower them from an institutional level, then of course, you begin to see the gains of real economic prosperity. “We have four categories, the nano businesses, N200,000, Micro businesses 3,000,000 small 7,000,000 and the medium 20,000,000 to 50,000,000. The interest rate is just 9% . If you take it month by month, it is about 0.6% monthly. Today we are giving out a total of N1.5billion. In December, the second batch will go which will be about N2 billion. We profiled the customers. We are working with consultants.”
Gogo-Ogan said consultants were contacted to carry out due diligence on the beneficiaries, adding that financial support for businesses was the missing link in the development of the region. “We believe that the transformative effect will be so enormous that it will lead to job creation, poverty eradication and youth restiveness will be in the past. In two years time all the issue of capital flight, companies leaving our region, militancy will be things of the past,” he said. Meanwhile, Director, Commercial, Industrial Development of NDDC, Mrs Lina Okara, noted that the invitative was part of the Commission mandates. Okara urged the beneficiaries to be accountable and responsible with the funds, noting that it was the gateway to their economic freedom. She said “the beneficiaries should be responsible and accountable. Whatever funding you are getting is to help your business multiply. Use the fund wisely, because it will help others who also need this support.”