South East Economic Summit: The catalyst for economic rejuvenation
South East Nigeria is unarguably the most neglected region in Nigeria today. That is why the strident cry of marginalisation gets louder by the day. Interestingly, despite the outcry, more obnoxious policies are foisted on the region instead of abating. Much of the protestations have to do with deliberate policies of successive governments to under-develop the area. Strangely, the Igbo who populate the region are the most traveled and industrious of all nationalities in the country. Their wanderlust nature is such that they are scattered all over the country and the Diaspora. They usually constitute the second largest group after the host communities; not just in numbers but also in terms of investments. Most times, the Igbo leave their homestead undeveloped or underdeveloped while contributing in no small measures to create cities out of forests in other areas. This itinerant spirit has cost them a lot, as more often than not, they are victims of unjustified demolitions of their structures by envious governments and host communities.
South East Economic Summit: The catalyst for economic rejuvenation ties, who feel threatened by their upsurge and never-say-die spirit. The Igbo are also blessed with highly intelligent and cerebral sons and daughters that are doing great in their chosen endeavours. This discourse cannot begin to name names because the list is endless. However, considering the region’s unharnessed potentials and subjugation that have given punch to the resurgent quest for geo-political restructuring, a new thinking has emerged, which most likely, is going to turn sorrow to joy. Now the region has woken up to the realisation that only sustained economic development can berth it on solid grounds hence the new drive to move away from marginalisation to maximisation. The prospect of this happening more than anything else is responsible for the dawning reality that only industrialisation of the east can take it to where it needs to be for, as the Igbo say, “Onye ajuru aju anaghi aju onwe ya” (nobody that is rejected rejects himself). But what exactly are we actually maximizing, and by whom? Bold answers were provided at the recently convened three-day South East Economic Summit in Enugu, chaired by Prof Anya O. Anya, former chairman, Nigeria Economic Summit Group (NESG).
The good news about the summit, themed: Repositioning the South East Region for Rapid Economic Development; is that it was organised by the South East Governors Forum (SEGF). The implication of this is that recommendations at the end of the summit may not end the way of others before it. The governors seem determined now more than ever before to ensure that the proper things are done and they were there, Chief Ifeanyi Ugwuanyi (Enugu); Dr. Okezie Ikpeazu (Abia) and Engr. Dave Umahi (Ebonyi), the SEGF chairman. Governor Willie Obiano of Anambra State was obviously busy with his reelection campaign and could not make it, even as Imo State Governor, Rochas Okorocha, was also engaged in other state matters and unavoidably absent. This did not remove the shine from the summit nor dampen the enthusiasm of discussants, as top officials of all five South East states were present and each state provided its economic profile. Moreover, the Director-General of the South-East Governors Forum, Prof Simon Uchenna Ortuanya, was all over the place to ensure that the summit was hitch-free. He was excited by the large turnout to the summit, which he said was being held to crystalise ideas that could propel the region to rapid development.
Prominent Igbo sons and daughters were there in their numbers and one was overawed by the personalities of the summiteers. The Deputy Senate President, Ike Ekweramadu, was also there. So were former minister of power, Prof Bart Nnaji, Chairman, South East Region Economic Development Company (SEREDEC); President-General of Ohanaeze Ndigbo, Chief Nnia Nwodo, Mazi Sam Ohuabunwa, among several eminent sons and daughters of the South East Region. The summit drew great minds in various fields a lot of whom presented papers, which identified not just the potentials of the region but also its strength and weaknesses and pointed out the way forward. The SEREDEC chairman, Prof Nnaji, thanked Gov. Uwuanyi for hosting a lot of summits in Enugu towards a better South East. He also thanked Senator Ekweremadu for his support, as the region strives to develop the private sector. He added that the summit was geared towards finding a way for the private sector to continue to do specific things without working with government to take the region forward. He suggested about South East transportation, power infrastructure and regional hospital but lamented that so many Nigerians join the labour market, looking for nonexistent jobs every year. He reasoned that the point was how the South East could create more jobs, hence the need to find a way to nurture commerce.
He also spoke on providing reliable power supply in the South East. Nwodo, the Ohanaeze Ndigbo president, expressed confidence that after the summit, a blueprint to develop the South East would emerge. Ekweremadu commended the governors for the unity among them and urged them to initiate legal processes, to enable implementation of decisions reached at the summit. He promised support of the National Assembly in making laws that would give them legal teeth. Chairman of the SEGF, Gov. Umahi, explained that though the governors did their things separately in relation to comparative advantage, they felt the need to stop complaining as a people but rather think of what to do together as a region. He opined that God deposited so much potential in the region and the people would get it right with hard work and trust, tapping from lessons of the summit.
For the chairman of the summit, Prof Anya, it should not be a one-off thing but ongoing. He recalled that the seed money for the massive investments of the Igbo was the twenty pounds Nigeria gave each account holder after the Nigeria-Biafra civil war regardless of how much the account held. He added that the Igbo succeeded more during the period, because they built on collective empowerment. Mazi Sam Ohuabunwa, Chairman, African Centre for Business Development, spoke on the lost glory of the South East and how it could be recovered. In his beautiful presentation built around the theme of the summit, Ohuabuanwa talked extensively on the need to revamp the agricultural sector and use of agric extension workers, provision of improved seeds and seedlings, competitive pricing, rebuilding farm settlements, agric-based industries, petro-based industries and leather products. He challenged the South East governors to set up industrial estates in each senatorial zone, introduce a bouquet of incentives for investors, kill multiple taxation, remove infrastructural deficit, promote regional integration and abhor corruption, among several other recommendations.
There were other equally outstanding presentations. The Brenthurst Foundation believes that ‘anaghi eji ututu ama njo ahia’, meaning that though the South East might be setting out late, it could still become the economic hub it has set out to be. Its CEO, Dr. Greg Mills, gave a summary report tour of the South East states. Mazi J C Nwankwo presented graphic illustrations on the feasibility and possibility of South East railways while Mr. Bernard Obi, MD/CEO of Roughton UK assured on financing the rail network. Mr. Darl Uzuh exposited on the potentials of proposed ambitious Enyimba Industrial City, promising that following a lot of logistics already in place, construction would start in the first quota of 2018. Dr. Augustine Okoli, Chief Operating Officer, African Health Alliance, South Africa, sold the idea of a South East medical resort while Emeka Ene of Empower Free Zone canvassed creation of free trade zone, describing it as salvation outside the oil industry.
Founder of Greg University, Uturu Dr. Greg Ibe, tasked the region to reestablish technical schools, as technical education is key to development efforts. He also decried multiple-taxation in the region. In fact, almost every speaker bemoaned the negative impact of multiple-taxation on investments in the region, which increases cost of doing business and discourages investors. Again, Prof Nnaji, in his capacity as chairman/ CEO of Geometric Power Ltd., spoke on prospects of reliable power supply in the South East while the MD/CEO of Novantus, Engr. Obi Nwasike, assured on South East gas pipeline.
One very valuable information at the summit which a lot of people might not be aware of was the availability of funding. As is common knowledge, lack of adequate funding has been the major disincentive to investment but government has since put a check on that by making funds available through the Bank of Industry and Bank of Agriculture, at very reasonable interest rates. Union Bank also offers similar package. The BOI representative highlighted key drives of the bank’s package, as including relatively lower interest rate, 10%; focus on mini and micro SMEs; development and promotion of women and youth programmes as well as projects able to stimulate and export earnings, etc. Union Bank intends by its facility to maximise comparative advantages to take the region from where it is to where it wants to be by prioritising job and wealth creation and eradication of poverty.
Dr. (Mrs.) Uju Agomuo of Nzuko Umunna looked at the other side of business opportunities in the region and harped on promoting enabling environment, encouraging right attitude and bringing in the God factor. For Okeke Alfred of NIPC, the council was created in 1995 to project attractive investment image, investment promotion, investment facilitation and policy advocacy and proposed research and development is vital tool to achieving developmental goals. However, Okeke faulted government treatment of investors as contractors. He opined that investment depended on the environment and is always attracted to where things are conducive. He also disclosed that how an investor is treated influences decisions of others. Okeke complained that cost of doing business in Nigeria, and South East in particular was very high due to multiple taxes, a weak governance environment and other negatives. He recommended reforms in three key areas, deepening existing reforms, sub-regional reforms, and sub national reforms.
The three-day conference, which kicked off at The Base held gala and awards night on the first day where Mr. Emma Agu, chief executive officer of Gavinta & Associates, a media consulting firm, gave a talk on the role of media towards realising the developmental goals of the region. Elucidating further on his theme during the presentation of sub-theme reports at the high brow Nike Lake Resort, Agu, former Group managing director-editor-in-chief of Champion Newspapers Limited, said the advocacy desideratum, for creating effective stakeholder buy-in for south-east economic development, required not just conscious investment in the media but that such investments should be based in the south-east geopolitical zone. The subsequent two days held interactive sessions and group discussions at Nike Lake Hotel. Most of the presentations at the summit were done with graphic illustrations and this gave everyone a clear view of what to expect. This helped pump the adrenalin of urgency. Hence a major take-away from the summit is that the South East region is ready now, more than ever before to build and develop a vibrant regional economy, as was the case in the First Republic days of Dr. Michael Okpara.
There is a rapprochement of thoughts and actions among the five states that regional integration is imperative despite each state doing separate things at its own pace. Judging by the calibre of people that attended the summit and their contagious enthusiasm, it will not be long before the South East Region surmounts all odds to become the economic powerhouse of the entire country. The potentials are there; now the will is coming up and there is no stopping a determined people to excel.
