- to stimulate entrepreneurship, economic growth in oil region
- But dev’t. experts doubt chamber to make any difference
Ben Eguzozie, in Port Harcourt
The Niger Delta Development Commission (NDDC) has released N10 billion to its newly created Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), in a bid to stimulate entrepreneurship and economic growth in Nigeria’s oil region.
Samuel Igbuku, managing director of NDDC, while inaugurating the NDCCITMA board of directors in Port Harcourt, said the release of the fund was the first instalment of a total N30 billion promised by the NDDC to invest in the chamber of commerce.
He said NDDC was committed to the growth of commerce and trade in the oil producing region.
“During the flag-off of the sensitisation of NDCCITMA, I mentioned that the commission will be investing N30 billion in the enterprise development scheme, to be managed by NDCCITMA, to support entrepreneurs in our region at the nano, micro, and small-scale levels. Today, we fulfil the promise by releasing N10 billion to the NDCCITMA-designated bank for the immediate commencement of the entrepreneurs’ development programme,” he added.
Ogbuku said he looks forward to partnering with NDCCITMA to drive the growth of the economies of the states and the region as a whole. NDCCITMA and the commission will work out the operational dynamics for the programme.
He announced that NDDC has approved 5,000 businesses to kick-start the development initiative, assuring that the commission was poised to grow the region in commerce and trade through encouraging everyone to be part of the NDCCITMA activities.
The NDDC managing director advised all contractors and vendors in the NDDC to register with the NDCCITMA by July 31, 2025, as doing so will be an added advantage for consideration of possible and continued patronage by the commission.
The Niger Delta region, with an estimated aggregate GDP of $329.5 billion as of 2021, and with vast blue economy potential, including untapped oil & gas deposits, could not be said to be particularly bereft of chamber of commerce to drive economic growth. There are at least 11 chambers of commerce strewn across the 11 NDDC member-states. Each of the oil states has its chamber of chamber of commerce, which is a member of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). The largest of these is the Port Harcourt Chamber of Commerce, by far Nigeria’s second city chamber after the Lagos Chamber of Commerce (LCCI).
However, some development experts say they doubt if the new chamber of commerce with a government toga, will make any measurable difference in the oil region. Yet the experts worry over the sustainability of the newly inaugurated NDCCITMA, as it reeks of NDDC presence, whose second name is financial sleaze, spurious projects and a pipeline for siphoning funds to finance any ruling party’s campaigns.
These experts have therefore, advised that the NDDC should rather opt for partnerships with the existing city chambers in the states, to drive inclusive economic growth.
“The NDCCITMA is coming to add to a plethora of private-sector chambers of commerce in all the Niger Delta states. What difference will the NDCCITMA come to make in an oil producing region that requires huge sustained development. I bet you, the N30bn allocated to the NDCCITMA will end up like most other NDDC’s spurious projects. I, therefore, call on the NDDC management to use that N30 billion to strengthen the 11 city chambers who can drive growth,” said one development expert in Port Harcourt who did not want his name in the media.
However, Victor Antai, NDDC’s executive director projects, believes the birth of NDCCITMA is a new dawn for the Niger Delta region as a platform for business development in the region. He stressed that the NDCCITMA opens the way to rewrite the region’s development agenda through trade, commerce, industry and agriculture will take centre stage.
He added that the NDCCITMA’s board of directors was carefully selected, comprising seasoned professionals who have distinguished themselves in their various fields.
Idaere Ogan, the board chairman of NDCCITMA, said the chamber was ready to work with the NDDC to achieve its vision of transforming the Niger Delta region. “The NDCCITMA is a tool in achieving this transformation. Our purpose is clear: to serve as a catalyst for development across all tiers of the economy, from nano- and micro-businesses to medium-sized enterprises and large industries,” he said.
