Igbo Businessmen Lament Waning Economic Indices, Plan South-east Investment Summit

•Blame lack of govt support, limited access to finance, high interest rate

Emmanuel Addeh in Abuja

Igbo businessmen and entrepreneurs under the South East Business and investment Summit Group (SEBIS) yesterday took stock of the waning economic indices of the region, stressing that it was time to revamp investment opportunities in south-east.

Speaking during a media engagement in Abuja, the Executive Secretary of SEBIS, Dr. Ifedi Okwenna, flanked by his lieutenants, recalled that Eastern Nigeria, which comprises the present South East and part of South South Nigeria, was between 1958-1967 said to be the fastest growing economy.

According to him, the region was growing at above 9 per cent , outperforming countries like Singapore, Bangladesh and Taiwan.

But he stressed that today the story is no longer the same, with the economic indices of South-east having since nose-dived comparatively due to many fundamental challenges including the almost three years civil war which ravaged and devastated the eastern landscape.

He also listed the increased migration of human and capital resources out of Southeast as after effect of the civil war and the operation of five subnational groups which work independent of one another.

Though the region outperforms the rest of the country in the critical human development indicators, including having lowest poverty rate, multidimensional poverty inclusive, lower out-of-school children, higher per capita GDP,  South-east’s economic performance, he said remains poor when compared with its endowments and its past performance.

According to Okwenna, the people of South-east have human and material capital, but the capital is no longer fully working for them, as the people find it more attractive to invest in other parts of the country because they feel that the environment is more enabling and that skills are better developed.

“Low business innovations and technology penetrations, low capital inflow and absence of institutions are increasingly contributing to driving businesses, investments and wealth out of South East, Nigeria.

“As it stands today, capital repatriation and remittances from Nigeria diasporas are mainly not invested in the South East States. In addition to this, South East zone is currently not getting appreciable Foreign Direct Investment (FDI) because of her position in the ease of doing business index.

“South East and South Easterners own greatest percentage of Micro, Small And Medium Enterprises (MSMEs) in Nigeria. Large number of the 20 per cent of these MSME’s that manage to sustain their operations beyond the first five-year period are owned by the South Easterners and that is why they play a crucial role in Nigeria’s economy.

“They drive innovation, job creation and economic growth. However, lack of government support, limited access to finance, high interest rates, and absence of financial education and lack of sustainability structure, remain the major impediments to their sustained growth and expansion,” the organisation stated.

Besides, the group said that the security index in recent time seemed not to be encouraging, though South East insecurity indicators were no where near to situations in the North East, North West and even part of North Central Nigeria.

However, Okwenna sagged that  it still a decline from what it used to be some few years ago when it was adjudged the safest and most secured part of Nigeria.

The current situation, he argued,  should not be allowed to continue when the region is endowed with enterprising, deeply knowledgeable and creative people, available to be utilised for the good of the region.

To this end, SEBIS stated that it was set to organise the summit as an ingenious, credible solution to driving and promoting business, investment and development east of the Niger.

The group added that the programme would be 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.

It stated that it will help promote business and investment and stimulate the economy of South East and Nigeria to re-establish partnership and cooperation among governments of the South East States, the development partners and the private sector to promote growth in trade, commerce and investment in the zone;

According to SEBIS, it will further utilise the enterprising, deeply knowledgeable and creative entrepreneurs of the South East extraction to evolve robust region-wide Private Public Partnership schemes to build wealth in South East, enhance productivity, create job, alleviate poverty, reduce insecurity and develop the eastern hinterland;

Among others, Okwenna stressed that the summit will ultimately attract increase in investment at home by South Easterners and increased remittances into South East States by those in the Diaspora and participating investors.

“Our mission is to develop a partnership of strategic stakeholders from diverse sectors and backgrounds to promote businesses and investments that will stimulate the economy of the South East, Nigeria,” the group said.

Besides , it explained that the 2024 summit will come up at Amadeo Event Centre in Enugu from 11 -13 December, 2024, with the  theme: Remaking the South East as Economic Powerhouse”.

It listed  President Bola Tinubu, Dr. Jakaya Mrisho Kikwete, former President of Tanzania, the Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iwela as some of the key speakers at the event.