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.

Conditional Cash Transfer: Tinubu Allocates Over ₦24bn to Nearly One Million Families - NSIPA

Assoc. Prof. Badamasi Lawal, the National Coordinator and Chief Executive of the National Social Investment Agency (NSIPA), has reported that President Bola Ahmed Tinubu distributed ₦24.78 billion to 991,261 households across Nigeria's 36 states and the Federal Capital Territory.

In a press statement, Lawal noted that each household received ₦25,000 through financial service providers (FSP). In August, ₦3.83 billion was given to 153,038 households, while ₦20.96 billion was distributed to 838,223 households in September.

The Renewed Hope Conditional Cash Transfer is designed to mitigate economic difficulties faced by vulnerable groups. Lawal emphasized its role in reducing poverty, boosting household finances, and enhancing beneficiaries' health and nutritional outcomes.

The Federal Government's low-interest consumer credit initiative, led by the Nigeria Credit Corporation (CREDICORP), is set to significantly impact Nigeria's digital lending market.

The Federal Government's low-interest consumer credit initiative, led by the Nigeria Credit Corporation (CREDICORP), is set to significantly impact Nigeria's digital lending market. The initiative offers loans at rates ranging from 4% monthly to 22% annually—considerably more favorable compared to the 10% monthly or 120% annual rates often charged by digital lenders.

The scheme initially targeted civil servants, who have received up to ₦3.5 billion so far, but CREDICORP is now expanding the program to the general public. Participating financial institutions include FCMB’s Credit Direct, Wema Bank, Accion Microfinance Bank, Letshego MFB, and Abbey Mortgage Bank. Working-class Nigerians can now apply for loans through Accion MFB, with amounts ranging from ₦50,000 to ₦1 million at 4% interest monthly, and terms between four and 12 months. Abbey Mortgage Bank is offering loans with annual interest rates of 20-22% and tenures up to three years.

Despite some delays and complaints regarding disbursement, with only five institutions currently involved, the program aims to streamline loan processes. With government-backed loans at much lower rates, digital lenders may need to reduce their rates or adjust their business models to stay competitive. 

Edge Financial Services CEO Martin Joseph highlighted that the higher rates charged by digital lenders reflect the risk involved, but lowering rates to compete with government loans could affect their profit margins. Meanwhile, Gbemi Adelekan, Chairman of the Money Lenders Association, mentioned that many digital lenders want to collaborate with CREDICORP but faced limitations due to licensing differences.

President Bola Tinubu launched the scheme's first phase in April, emphasizing its importance for supporting working citizens in accessing credit for essential needs like housing, transportation, education, and healthcare.

The Niger Delta Development Commission (NDDC) announce the second phase of its Holistic Opportunities Programmes for Engagement (HOPE) project

The Niger Delta Development Commission (NDDC) announced that the second phase of its Holistic Opportunities Programmes for Engagement (HOPE) project will focus on empowering youths in the oil-producing region.

NDDC Managing Director, Dr. Samuel Ogbuku, made the announcement during the launch of the second phase in Port Harcourt, Rivers State, on Monday.

Ogbuku explained that the project was developed to address the urgent challenges faced by young people, particularly with regard to employment and the lack of meaningful opportunities.

He said, "The second phase is the implementation stage of eight well-crafted programmes aimed at creating jobs and empowering our youths across sectors such as agriculture and technology.

"To achieve success with Project HOPE, collaboration is key. I invite government bodies, private sector participants, international partners, community leaders, and non-governmental organizations to join us in this important mission."

Ogbuku urged Niger Delta youths to embrace the opportunities with enthusiasm and commitment, emphasizing that "you are the architects of your future and the drivers of regional change."

He also highlighted that past empowerment programs were undermined by political interests, with participants often lacking genuine passion for the training, leading many to sell off the starter packs provided. He added, "With our new approach, we will select participants from our database based on their interests and passion, which we believe will lead to success. We will also monitor their progress to ensure long-term impact."

Victor Antai, the NDDC's Executive Director, Project, described Project HOPE as a symbol of optimism and a driver of transformation.

Nigeria at 64: Tinubu introduces job creation initiative targeting 2.5 million opportunities

 

President Bola Ahmed Tinubu has introduced the Renewed Hope Labour Employment and Empowerment Programme (LEEP), an employment scheme aimed at generating 2.5 million jobs for Nigerians, both directly and indirectly.

The announcement was made during his 64th Independence Day address on Tuesday.

Tinubu stated that the program, set to begin in November 2024, focuses on enhancing worker welfare and safety nationwide.

"Later this month, we will launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP)," he said. "This initiative, by the Federal Ministry of Labour and Employment, aims to create 2.5 million jobs annually while ensuring worker welfare and safety across the country."

Additionally, the president announced a national 30-day Youth Conference to address economic challenges, ensuring youth voices are heard and their recommendations considered by his administration.

He encouraged Nigerians to remain hopeful, assuring that better days lie ahead for the nation.