NEWS AGENCY OF NIGERIA

Onuigbo urges prudent resource management for South-East Commission

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By Felicia Imohimi

Chief Sam Onuigbo, a former member of the House of Representatives, has urged the management of the newly established South-East Development Commission to prioritise prudent resource management.

He emphasised that this approach is crucial for fulfilling the commission’s mandate of developing the region’s infrastructure.

In an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday, Onuigbo commended President Bola Tinubu for making wise decisions in appointing the commission’s management.

He emphasised that effective resource management would be key to its success.

“I would like to say that it’s a wonderful opportunity for the managers to have been appointed, and we must thank President Bola Tinubu for his wise decisions.

“The President has made it clear, both in words and actions that he wants to see tangible transformation in the country. I have no doubt that the South-East Development Commission will succeed,” Onuigbo said.

He stressed that the commission’s success depended on its leadership’s ability to manage resources in a prudent and judicious manner to achieve its infrastructure development goals.

“What remains is a question of focus, desire, and resolve from the managers to ensure that the commission’s work becomes a reference point for others,” he added.

Onuigbo recalled that a similar initiative led to the creation of the University of Nigeria, Nsukka.

He pointed out that when the law to establish the university was passed in 1955, there were no other universities in the region.

“The Eastern Nigeria Marketing Board was tasked with managing resources effectively, setting aside 500,000 pounds annually, which helped the university open in 1960 as the first full-fledged university in Nigeria.”

He expressed confidence that with focus and dedication, the South-East Development Commission could bring about a significant transformation in the region’s infrastructure, something not seen since the end of the civil war in 1970.

“This commission has a great opportunity to reshape the history of the southeast and work toward regaining its lost glory.

“I expect the commission to focus on key areas of development, particularly infrastructure, such as roads, hospitals, and railway services,” Onuigbo said.

He added that education should also be a priority, stating, “Education is the greatest gift you can give to any group of people.”(NAN)(www.nannews.ng)

Edited by Nick Nicholas/Abiemwense Moru

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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