Ogoni launches ₦200m revolving fund to boost local businesses

By Davies Iheamnachor

PORT HARCOURT — The Ogoni Entrepreneurship Summit (OES) has commenced the empowerment of businesses within Ogoniland with the launch of a ₦200 million Ogoni Revolving Fund Scheme (ORFS) for 2026.

The summit also inaugurated the ₦200 million Ogoni Entrepreneurship Grant Scheme (OEGS), a private sector–driven initiative targeted at strengthening the local economy by empowering nano, micro, small, and medium-scale enterprises across the ethnic nationality.

The development was disclosed in a statement jointly signed by members of the OES Grant Selection Committee: Sir (Dr.) Leesi Gborogbosi, Chairman; Engr. Tudor Miikor, Secretary; Dr. Elvis Ikoma, Head of Finance; and Mr. Ndume Green, Head of Media.

Addressing journalists on behalf of the committee, Green explained that the scheme is solely funded by the convener of the summit, Chief Lesi Maol, and is structured as an interest-free, repayable revolving fund aimed at supporting existing businesses in Ogoniland.

According to him, repayments by beneficiaries will enable other entrepreneurs to access the fund, thereby ensuring sustainability and shared economic growth.

“The Ogoni Revolving Fund Scheme is designed to unlock entrepreneurial potential by supporting entrepreneurs, existing businesses, and micro-enterprises across Ogoniland. Its objective is to stimulate sustainable economic growth, create jobs, and promote dignified livelihoods through enterprise,” Green said.

He added that beyond financial support, the scheme provides structured guidance to strengthen local production, encourage innovation, and build resilient businesses, while being anchored on transparency, accountability, inclusiveness, and merit-based selection.

“The initiative reflects Chief Lesi Maol’s belief that sustainable development is driven by deliberate investment in people, skills, and productive capacity,” he stated.

Green further disclosed that the programme has received over 500 applications from businesses across Ogoniland, out of which 111 applicants have been shortlisted for the next phase.

“Following the closure of the application portal on January 9, 2026, more than 500 applications were assessed, with 111 applicants shortlisted to advance to a mandatory training programme scheduled for Saturday, February 14, 2026,” he said.

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