NEWS AGENCY OF NIGERIA
Economy/Business

BRIPAN, Federal High Court partner on business insolvency

120 total views today

By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with the Federal High Court to streamline processes within the insolvency division and enhance the administration of business recovery in the country.

BRIPAN President, Mr Chimezie Ihekweazu, disclosed this in a communiqué made available to the News Agency of Nigeria (NAN) on Saturday in Lagos.

NAN reports that BRIPAN is a professional body involved in business recovery and insolvency, promoting best practices and managing financially distressed individuals and businesses.

Ihekweazu, who is also a Senior Advocate of Nigeria (SAN), said the collaboration aims to simplify insolvency proceedings and processes.

The insolvency division refers to a section within a legal or financial institution that manages the legal processes associated with companies or individuals unable to repay their debts, potentially resulting in liquidation or restructuring.

Ihekweazu stated that the partnership meeting was held with the Head of the newly established Insolvency Division, Mimidoo Abako Esq., and the Deputy Chief Registrar of the Lagos Division, Mr Godwin Long.

He described the initiative as a significant milestone in legal sector collaboration.

Ihekweazu stressed the importance of competent personnel with expertise in various insolvency options to ensure the effective operation of the division.

He proposed the establishment of a dedicated registry to monitor insolvency matters and facilitate close coordination with the Corporate Affairs Commission (CAC).

“This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings,” he said.

Ihekweazu also advocated for strong technological support and the decentralisation of the insolvency unit’s operations to ensure consistency across all divisions of the court.

Mr Amala Umeike Esq., a BRIPAN team member and Chairman of the Joint Committee with the CAC for reviewing the Insolvency Regulations 2022, commended the initiative.

Umeike noted that the improved structures would not only streamline insolvency cases at the Federal High Court but also increase revenue generation for the institution.

The Vice President of BRIPAN, Mr Albert Folorunsho, called for the formation of a technical joint committee or consultancy group to oversee the phased implementation of the division.

Mr Godwin Long reaffirmed his team’s commitment and pledged unwavering support for the collaborative effort.

According to him, the meeting marked the beginning of a more efficient and coordinated approach to insolvency matters.

He assured that both BRIPAN and the Federal High Court remained committed to establishing a robust legal framework for the future. (NAN)

Edited by Chinyere Joel-Nwokeoma

Economy/Business

Business experts outline start-up success tips

160 total views today

By Rukayat Moisemhe

Experts have emphasised the importance of team alignment, a high-performance culture, employee engagement, and effective leadership in attracting funding and ensuring business sustainability for entrepreneurs and start-ups.

They made the call at the American Business Council (ABC) Business-for-Business (B4B) Revenue Acceleration Programme on Friday in Lagos.

Mrs Edememe Oladiji-Wusu, Executive Director, Semper Discens Ltd., noted that the growth of Africa rested on the shoulders of entrepreneurs.

She stated the importance of team alignment with an organisation’s goals and the need to reinforce the vision over.

Oladiji-Wusu said that when vision, execution, and culture aligned, business growth becomes an intentional act.

According to her, teams that are aligned, that bring their heads, hearts, and hands to work make scaling possible.

She emphasised the need to foster synergy between sales, marketing, and operations while ensuring that every team member understood that their individual contribution connected to the organisation’s vision.

Oladiji-Wusu said the event aimed at building Small and Medium Enterprises (SMEs) would help drive their alignment process to enhance the scalability of organisations.

“Alignment is not automatic and as leaders, you must actively reinforce it to ensure people see how their role connects to the bigger picture to drive engagement.

“It is important to note that clear communication, goal cascading, and leadership reinforcement are key to staying in sync.

“When you are able to get your team aligned, your customers will be getting the same quality of service, whether or not you are in the organisation.

“Regardless of who the customers are facing, they are getting the same high quality service, because there has been alignment, there is vision clarity, and it is reinforced over and over again,” she said.

Napa Onwusah, Founder, B4B Partners, stressed the importance of ensuring that early stage businesses effectively scale their revenue operation in competitive markets in line with organisational visions and goals.

Onwusah noted that what investors were looking to see in any start-up was traction and ability to scale locally and internationally.

She said once traction and scalability was established companies and venture capitalists would be eager to invest.

She urged entrepreneurs and startups to understand the basics of revenue, the different parts from product to sales and how to motivate and keep a sustainable sales engine.

She advised that business owners in scaling their businesses, also set up and scale their sales engines, stating that a very solid sales engine translates to better revenue generation.

Onwusah noted that the programme partnership with the American Business Council was a very important step to support the operations of businesses and startups in the countries.

“A lot of founders come from the tech background, so they do not have an understanding of sales engines, sales systems or even revenue mechanics.

“For startups, the first thing you need to do is to make sure that you are either being mentored or educated about some of the things people have done before you, so you are not trying to reinvent the wheel.

“The second thing is working with partners like ABC that can provide you with the support you need, either through accelerators or through training or information and lastly, you must implement the knowledge you’re getting,” she said.(NAN)

Edited by Vivian Ihechu

Economy/Business

ACCI pledges to boost women’s role in business

126 total views today

By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI), has reaffirmed its commitment to boost women’s participation in business and trade for economic growth.

Its Director-General, Mr Agabaidu Jideani, disclosed this at a virtual meeting to commemorate the International Women’s Day (IWD) 2025 in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the event was organised by the chamber’s Women in Business Trade Group (WIB-TG).

The theme of the meeting was “Invest in Women: Unleashing Economic Potential for a Sustainable Future”.

Jideani said ACCI decided to celebrate the IWD through virtual meeting with relevant stakeholders to demonstrate the importance of women in the country.

He reaffirmed the chamber’s dedication to advocating for policies that support women-led enterprises.

Jideani said that women were at the heart of economic transformation, innovation and development.

According to him, many women still face barriers to accessing opportunities, capital and leadership roles, in spite of their undeniable economic contributions.

“That is why today’s event is crucial; it is a platform to empower, educate and engage women in business, trade and entrepreneurship,” he said.

Similarly, Mrs Nonye Ayeni, Director-General of Nigeria Export Promotion Council (NEPC), said the council has engaged women in various training programmes, to support and enhance their business.

According to her, such programmes include market access initiatives and certification opportunities under the SheTrade Hub, aimed at strengthening female participation in global trade.

Ayeni was represented by Mrs Evelyn Obidike, Director, Product Development Department of the NEPC.

Also, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), Mr Charles Odii, said the agency had initiated various initiatives to ensure that women entrepreneurs thrive.

The Vice President Legal of ACCI, Mrs Aisha Abdullahi emphasised creating opportunities and building a more inclusive economic landscape to improve women’s participation in decision-making.

“Investing in women is not just an economic imperative; it is a necessity for building a sustainable and prosperous future,” she said.

NAN reports that the participants emphasised on the need for stronger public-private partnerships to enhance financial accessibility, market integration and capacity building programmes for women in business. (NAN)

Edited by Maureen Ojinaka/Oluwafunke Ishola

Economy/Business

Experts list ways to sustain family business

148 total views today

By Rukayat Moisemhe

Business experts have emphasised the importance of stewardship in sustaining family businesses across generations.

They spoke at the Lagos Business School (LBS) International Family Business Conference on Thursday in Lagos.

The experts also highlighted the need to build resilient governance structures, foster intergenerational collaboration, and prepare future leaders to uphold and expand family business vision.

Mr Aigboje Aig-Imoukhuede, Co-Founder, Tengen Family Office, stressed the importance of balancing family values with business growth to ensure a lasting legacy.

Aig-Imoukhuede, also former Managing Director, Access Bank Plc, said family-owned businesses accounted for 60 to 80 per cent of private businesses worldwide.

He, however, noted that in Africa, family business rarely survive one generation due to weak succession planning and governance frameworks.

Aig-Imoukhuede said the concept of stewardship, a leadership philosophy, placed family members as enterprise caretakers focused on preserving growth for future generations.

According to him, stewardships nurtures successors, preserving them for strategic, tactical, and operational responsibilities, while preserving family relationships.

He said the culture of stewardship flourished where family cohesion was high, with a commitment to long-term value creation.

“The challenges in stewardship and legacy building include the burden of legacy, managing growing responsibilities and interpersonal conflicts, among others.

“In addressing this, there must be well laid out communication strategies, open dialogue practices, establishing clear roles and responsibilities.

“A conflict and dispute resolution mechanism must be in place with expectations properly managed,” he said.

Prof. Yinka David-West, Dean, LBS, said family businesses were not just enterprises, but living legacies as backbones of economies, custodians of tradition, and innovation pioneers.

David-West noted that sustaining a family business across generations was one of the most significant leadership challenges.

She said while many first-generation businesses thrived, fewer survived into the second, and only a fraction make it to the third.

She stated that the difference between those that endured and faced was stewardship—the art of nurturing wealth, wisdom, succession, and a lasting legacy.

“That is why this year’s theme: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” is so critical.

“The LBS mission is to illuminate the principles of stewardship as the foundation for enduring success.

“We are committed to equipping next-generation leaders with the mindset and skills to lead with heritage and innovation.

“This event would also bridge gap between tradition and transformation, ensuring family businesses remain competitive, cohesive, and future-ready,” she said.

The Founder, Coscharis Motors, Dr Cosmas Maduka, noted that if everything a person lived for dies when the individual dies, such person has not lived successfully.

Maduka said the child with the most burning desire for the business with the proper structure in place should be one to take the baton of leadership in family business succession.

Mrs Adeolu Idowu, Partner, Aluko and Oyebode, urged business owners to employ the services of business advisors to provide evaluation on risk and family governance in the business.

Dr Chiedu Nwuke, Founder, Periwinkle Residences Ltd., noted that the most important focus must be on brand creation and passing the vision of the brand across generations.(NAN)

Edited by Chinyere Joel-Nwokeoma

Economy/Business

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

194 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the proposed tax reform bill will significantly reduce financial burden and create a growth-enabling environment for small business owners.

The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by the agency on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event was, “Understanding the Tax Reform Bills:Benefits and How MSMEs can maximise Tax”.

Odii said that the bill, when passed into law, would eliminate multiple taxations and exempt businesses earning below N100 million annually from key taxes.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs)in Nigeria, and the first step towards ensuring their success is sensitisation.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes,” he said.

According to Odii, the reform is designed to encourage business formalisation and expansion without the fear of excessive taxation.

He also commended the House of Representatives for passing the bill and urged the Senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” he said.

The President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr Abdulrashid Yerima, also lauded the proposed reforms.

Yerima said that the bill addressed key challenges faced by MSMEs, particularly multiple taxation and arbitrary levies by regulatory agencies.

“Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments.

“The chairman of the Tax Reform Committee has clarified that many of these burdens will be eliminated once the bill becomes law,” Yerima said.

He further emphasised the need for proper implementation to ensure that non-state actors and unauthorised tax collectors did not continue to impose levies on small businesses.

He said that the reform would promote economic growth by allowing small businesses to reinvest their earnings, scale operations, and create more employment opportunities.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, emphasised the necessity of overhauling the tax system to foster economic growth and alleviate the tax burden on small businesses.

Oyedele reiterated the challenges faced by small business owners, including multiple taxation and exploitation by revenue officers.

He said that many entrepreneurs lacked the resources to navigate complex tax demands, making them vulnerable to undue pressures.

“To address these issues, the committee proposed significant reforms, such as eliminating Value-Added Tax and withholding tax for businesses with annual turnovers below N100 million.

“Additionally, salaries up to N100,000 per month would be exempted from Pay-As-You-Earn (PAYE) tax.

” These measures aim to reduce the administrative burden on small enterprises, allowing them to focus on growth and innovation,”he said.

Oyedele underscored the importance of data-driven policy-making, referencing collaborations with organisations like the Faith Institute to gather credible data on the challenges faced by small businesses.

He said that the strength of a nation was reflected in how it treated its most vulnerable citizens.

He advocated for reforms that provide small businesses with the space to thrive without undue tax pressures.

“These reforms are designed, not merely to generate revenue, but to create a more equitable and supportive environment for small businesses, thereby laying a sustainable foundation for Nigeria’s economic growth and development,” he said.

Earlier, Mrs Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, said that collaboration between policymakers and business stakeholders was important in shaping Nigeria’s tax policies.

Omubo-Pepple said that tax reforms played a critical role in driving economic growth while ensuring the sustainability of MSMEs.

“As we navigate the tax reforms, it is essential that we foster open dialogue between policymakers and business stakeholders.

“The impact of these reforms will be felt across industries, and this session provides a unique platform to engage, share insights, and collectively address key concerns,” she said.

The meeting, attended by key MSME stakeholders and representatives of the Federal Government, also provided a platform for business owners to ask questions and gain clarity on the provisions of the reform bill. (NAN)

Edited by Kadiri Abdulrahman

Economy/Business

FCT-IRS seals 3 business premises over unpaid taxes

208 total views today

By Nana Musa

The Federal Capital Territory Internal Revenue Services (FCT-IRS) on Friday, sealed the business premises of Phase3 Telecom and Cilantro Restaurant in Abuja, for failing to pay their tax obligations.

Mr Festus Tsavsar, acting Director, Legal Services, FCT-IRS, told journalists after the exercise in Abuja, that Phase3 Telecom, located at No 4, Yedseram Street, Maitama, was sealed over unpaid tax obligations.

Tsavsar, who is also the Head of the Enforcement Team, added two of Cilantro business premises were sealed for not filing its annual returns.

One of the premises is Cilantro Village, located inside Sarius Palmetum and Botanical Garden, Babangida Boulevard, Maitama, Abuja, while the other premises is located at Wuse Zone 5.

He explained that the action became necessary after several notices had been served on the defaulting taxpayers, but they refused to pay.

He said that Phase3 Telecom was owing the FCTA huge tax liabilities for three years

He added that the FCT-IRS had sent demand notices to the company several times, for more than three years, yet the company refused to pay.

“We invited them for a meeting, they came, wrote several undertakings but refused to pay the tax liabilities,” said.

For Cilantro, the director said that the company refused to file its tax returns for more than three years despite being served with several notices.

“We have written to them several times and they refused to file their returns; we invited them for a meeting, and they refused to honour the invitation,” he added.

Tsavsar said that to enforce compliance, the FCT-IRS had no choice other than to approach the court for a Court Order to seal off the business premises of defaulting taxpayers.

He assured the affected businesses that the premises would be unsealed once they settle all their tax obligations.

He said that the revenue services had carried out massive sensitisation campaigns, enlightening taxpayers about their tax obligation and encouraging them to pay voluntarily.

According to him, the revenue service will be going after every defaulting taxpayer and closed down business premises that refused to settle their tax obligation.

“We are, therefore, calling on tax defaulters to do the needful or risk the wrath of the law.”

The News Agency of Nigeria (NAN) recalls that the FCT-IRS had given employers of labour Jan. 31 to file their employees’ annual returns for 2024.

The revenue service also gave individuals until the end of March to file their returns. (NAN)

Edited by Philip Yatai

Economy/Business

LBS champions initiative to sustain family business ecosystem

142 total views today

By Rukayat Moisemhe

The Lagos Business School (LBS) has unveiled an initiative aimed at addressing challenges to  family businesses.

The aim is to engender lasting business legacies and increase the country’s Gross Domestic Product (GDP).

Dr Okey Nwuke, Director, LBS Family Business Initiative, made this known on Wednesday at a press briefing in Lagos to announce the LBS Family Business Conference.

Nwuke said the journey from a family business to an enduring family institution was a transformative process focused on legacy-building and shaping a brighter future.

He emphasised the need to preserve the legacy of family business, ensure that long-term businesses would be well managed,  and prepare the next generation for leadership roles.

The director said that while the importance of family business could not be over-emphasised, efforts to sustain the family business ecosystem was essential for its survival.

Nwuke stated that the family business conference scheduled for March 27 in Lagos would provide essential tools for long-term success in family businesses.

He said that key aspects such as succession planning, governance structures, financial stewardship and technological integration within family enterprises would be addressed.

“Under 30 per cent of family businesses live beyond their founders, and most of the issues that affect family businesses are usually swept under the table.

“At the LBS, through the family business initiative, family members, business successors and everyone important to the ecosystem are brought together to listen to each other, share experiences and bring out better outcomes.

“The theme of the LBS 2025 International Family Business Conference is: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” he said.

Nwuke said the keynote address at the event would be delivered by  Mr Aigboje Aig-Imoukhuede, Co-founder, Tengen Family Office.

According to him. other discussants include the Director of Punch Nigeria Ltd., Mrs Omowunmi Tunde-Obe; the Founder of Coscharis Motors, Dr Cosmas Maduka; and the Managing Director of Coleman Wires, Mr George Onafowokan.

The Chairman of LBS Family Business Advisory Committee, Mr Rasheed Sarumi, said that LBS was committed to institutionalising the yearly activity to discuss family business and family governance in Nigeria.

This, he said, was important to ensure that family  businesses would be run properly with the right succession plan to  contribute much to GDP, employment and reduction of poverty.

Oreoluwa Adeyinka, Senior Programme Manager of the initiative, emphasised the importance of successful family businesses to the Nigerian economy.

She added that the initiative would help to develop governance structure to drive longevity of family businesses. (NAN)

Edited by Ijeoma Popoola

Metro

FCT residents laud Wike for opening Karmo District Market

433 total views today

By Joshua Olomu

Residents of the Federal Capital Territory (FCT) have commended Minister of the FCT, Nyesome Wike  for opening the newly constructed Karmo District Market for business.

Some of the residents, especially those living around the Karmo district, including traders, spoke with the News Agency of Nigeria (NAN) on the sideline of the official commissioning of the market on Wednesday in Abuja.

The market was built under Public-Private Partnership by the Abuja Investments Company Limited (AICL), Rural Homes and other partners.

According to the residents, opening the market, which took over seven years of construction, is a commendable feat by the Wike-led FCT administration, as it will boost economic activities in the area.

Mr Francis Adamu, a dealer on fabrics, expressed joy that  finally, the Karmo market was officially inaugurated.

“This means that more developmental activities will spring up here.

“I think we need to thank the FCT minister for working to ensure that the long wait is over, and other  partners, especially the Rural Homes must also be commended,” Adamu said.

A dealer on electronics and furniture, Mr Ike Ekeka,  said: “I have bought a shop here because of the uniqueness of the market  and proximity to my home.

“There is no doubt that Rural Homes and the AICL have built a world class market here in Karmo, and we are especially grateful to ‘Mr Project’, the FCT minister.”

On her part, Mrs Rahab Isa, a resident in the area, said that Karmo was a developing area, adding that the market would surely boost economic activities here.

“We will no longer have to go to other markets in Wuse and Garki and that is why we are happy that the minister is formally opening the market today,” she said.

While commissioning the market, Minister of State for FCT, Dr Mariya Mahmoud, who represented Wike, said  the  project was part of the government’s efforts to promote economic growth in the territory.

“This project is a clear demonstration of our administration’s commitment to fostering economic growth, empowering businesses, and creating a conducive environment for trade and commerce in the city of Abuja.

“Markets are the heartbeat of every community, they are not just centres for buying and selling, they represent the strength of our local economy and the resilience of our people.

“This district market is designed to serve as a hub for business activities, providing traders with modern facilities and ensuring the residents have access to quality of goods and services.

“The integration of this market would undoubtedly boost local commerce, creating employment opportunities for our youth, and enhance the livelihood of our people in line with the renewed hope agenda of  President Bola Tinubu,” she said.

The minister expressed optimism that the market would contribute significantly to revenue generation for the FCT.

“It’s my conviction that the market will contribute significantly to the revenue generation for the FCT and improve the business environment in the district.

“While we celebrate this achievement, I wish to urge all traders and residents to make proper use of this facility by ensuring cleanliness, orderliness, and mutual respect remains our word,” she said.

Sa’adatu Aliyu, Managing Director of Rural Homes said the market is developed on 9.9 hectares of land, with over 2,500 units of well-organised shops for different categories of goods and services.

She said the market sections include the cold room and meat sections of the farmers’ market, with over 150 stalls and over 100 enclosed units.

“We have duplexes here for offices, including banks, clinics and fire service, and all of these make it a complete business hub.

“The shops here are very affordable because before we started this project, we went around Abuja to see how this market is going to tally with other developments, and we have done that consistently over the period.

“We discovered from our findings that our shops are priced lower than other markets, and there are flexible payment plans available,” she said.(NAN)

Edited by Muhyideen Jimoh

Foreign

Nigeria secures $50m loan to boost women-owned businesses

389 total views today

 

By Kamal Tayo Oropo

The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF).

 

This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria.

 

This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

 

The loan, which will be disbursed over a 10-year period, is expected to scale up BoI’s lending to Small and Medium Enterprises (SMEs) in the country, with a focus on women-owned businesses and environmentally sustainable enterprises.

 

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.

 

Olusi said that the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.

 

“Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.

 

The News Agency of Nigeria (NAN) reports that the AGF will also provide tailored guarantees and technical assistance toward special SME products offered by BOI, targeting women, youth and green businesses.

 

This agreement is expected to unlock up to 100 million dollars in financing for SMEs in Nigeria.

 

According to Olusi, the partnership is a significant step towards promoting economic growth and reducing unemployment in Nigeria.

 

He said it also aligned with the Renewed Hope agenda of President Bola Tinubu’s administration.

 

The African Development Bank’s Vice President, Agriculture, Human and Social Development, Dr Beth Dunford, emphasised the bank’s commitment to empowering women entrepreneurs and fostering economic growth in Nigeria.

 

“This strategic partnership is a beacon of hope and progress for African businesses, particularly those led and owned by women,” she said.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

General News

Group seeks solutions to drive investment, economic devt

462 total views today

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

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email