Group Seeks Solutions To Drive Investment, Economic Devt

Ismail Abdulaziz
Oct, Tue, 2024

General News

Group seeks solutions to drive investment, economic devt

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By Lucy Ogalue

The South-East Business and Investment Summit Group (SEBIS) has sought for a credible solution to reawaken industrialisation in the zone.

They also sought for the exploration of the South East Zone as an economic powerhouse to drive business, investment and economic development.

The group’s Executive Secretary, Dr Ifedi Okwenna, made the call on Monday while briefing newsmen in Abuja.

Ifedi decried low business innovations and technology penetrations, low capital inflow and absence of institutions in the zone.

He stated that this has significantly contributed to dwindling businesses, investments and wealth in the region.

He recalled that Eastern Nigeria, which comprised the South East and part of South South, was between 1958 and 1967, the fastest growing economy.

He said it was at above nine per cent Annual Percentage Rate, outperforming countries like Singapore, Bangladesh and Taiwan.

The executive secretary said the economic indices of the South East had since nose-dived comparatively due to many fundamental challenges.

He said this included the three years civil war which ravaged the eastern landscape and increased migration of human and capital resources.

“In major cities of Nigeria and Africa as a whole, they dominate and control trade and commerce. They are the import and export merchants.

“Onitsha and Aba markets in the region were once the largest markets and commercial powerhouses of West Africa.

“(This is) based on geographical size and volume of goods, attracting visitors from parts of West Africa, Central Africa as well as all parts of Nigeria.

“Sadly, the zone may have lost this preeminent rating to other zones, due to the itinerant nature of the South East people.

“The people of South East have human and material capital, but that capital is no longer fully working for them.

“This is because the people find it more attractive to invest in other parts of the country because of enabling environment, infrastructure and skills,” he said.

Ifedi said capital repatriation and remittances from Nigeria diasporas were mainly not invested in the South East States.

According to him, it is not getting appreciable Foreign Direct Investment because of her position in the ease of doing business index.

He said:”many Micro, Small and Medium Enterprises (MSMEs) that managed to sustain their operations beyond the first five-year period were owned by the South Easterners.

“(They) play crucial roles in Nigeria’s economy, driving innovation, job creation and economic growth. ”

Ifedi, however, decried the lack of government support, limited access to finance, high interest rates and absence of financial education.

He added that lack of sustainability structure had remained major impediments to their sustained growth and expansion.

The executive secretary said the group was organising the 2024 South East Business and Investment Summit to tackle these challenges.

He said the summit with the theme “Remaking the South East as Economic Powerhouse” would hold in Enugu from Dec. 11 to Dec. 13.

Ifedi said the summit would feature policy leaders, top government officials, investors, diplomats and entrepreneurs.

He said it would serve as a source of inspiration for transformation of corporate business investment activities.

“The Premium Business Conference Session will run concurrently with the Women in Business Conference and Youth Entrepreneurship Summit.

“These are aimed at carrying all segments of South East Nigeria in the new reality of remaking the zone,” he said.

SEBIS is a public/private sector structured initiative; a partnership driven programme and an annual reunion meeting of government/policy leaders, investors and businesses from diverse sectors.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

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