The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture, NDCCITMA, backed by the Niger Delta Development Commission, NDDC, has released cheques worth N1.5 billion to 1,500 people to boost businesses in the Niger Delta region.
Speaking during the flag off of an Investments Partnership Scheme in Port Harcourt, the Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, said the fund represents the first phase of disbursement to empower beneficiaries in the region.
He noted that the nano group of beneficiaries, the poorest of the poor, would receive 200,000 naira each, while the micro, small-scale and medium-scale categories of the scheme would receive N3 million, N7 million, and N20 million, respectively, to boost their investments.
He stated: ” Our core mandate is to strive to reduce poverty in the region. We are optimistic that our partnership with a strong institution like NDDC will enable us to reach the poorest of the poor, small-scale businesses, and lift over 2,000 people in the region out of poverty. We believe that robust development comes not only from the top but also from the bottom. So, when you aggregate all the categories, you can begin to see the gains of genuine economic prosperity.”
Gogo-Ogan added that the beneficiaries will have the advantage of paying a low interest rate of 0.6 per cent, noting that it would enable the Chambers to reach out to more people in the region.
He assured the beneficiaries of the investment scheme that the Chambers of Commerce would adopt a mentorship approach, providing financial support and promotions to their businesses to enable them to compete favourably with other regions in the country.
Also speaking at the occasion, the NDDC Director of Commercial and Industrial Development and Chairman of the Implementation Committee, Mrs. Lyna Okara, commended the leadership of the NDDC for establishing a body that would bring together those with the vision to grow businesses.
She maintained that the flag-off of the investment partnership scheme was timely and an indication that the region was on the path of rapid development. She enjoined the people of the Niger Delta region to take advantage of the scheme to develop and enlarge their businesses.
A Representative of the Small and Medium Scale Enterprises, SMEDAN, Mrs. Olalek Rasheed, urged entrepreneurs to ensure proper documentation to enable them to access the funds. She also advised against diverting the funds to other non-economic activities.