Walking the Talk on South-East Economic Policy Issues
A Paper Presented at the SOUTH-EAST ECONOMIC 6 (SEES 6) SUMMIT in Enugu between 20th and 21st Dec 2021 with the theme: The Realities Of Investing In The South-East: Risk Mitigation Strategies
Introduction
I wish to congratulate SEREDEC and the SEGF for sustaining the annual SEES and want to thank the organisers for the several opportunities I have had to participate. I am hopeful that sustenance of this kind of interaction is a sine qua non for the optimization of the resources available to the region to attain wholesome economic development and growth.
Walking the Talk
Often the greatest challenge to justifying the expenditure of the time and other resources in summits like this one is the ultimate outcome. Most times, ideas are harvested from these “talk shops” and they end up in communiques, with no consequential impact on the citizens. It is my hope that we can identify some actions taken since the inception of these summits in pursuit of Regional economic integration and growth. Perhaps during this summit, we shall be updated of progress made in implementing recommendations and decisions from the past summits: a kind of SCORE CARD.
But for me, the progress is not cheering. Though we seem to have moved from the situation where our Governors could not convene meetings and where the Region seemed to lack leadership to where they now meet fairly regularly, our expectations for increased regional cooperation and unity of purpose are yet to be realised. Areas that I have watched for Regional actions include the following:
1. Infrastructure development especially on Roads and transportation. The South-Eastern Ring Road is yet to see the light of the day. A Railway loop that connects our states I believe has been on the drawing board and at best is in its infancy in implementation.
2. Agriculture: The desire to vastly improve agricultural productivity in the region has not been translated into reality. We still depend on food imports from other regions to feed our people, yet we have such large agricultural potentials. We have seen some states like EBONYI and Anambra show some success in Rice production, but the South-East has much more to offer than rice! What is happening in the other states? Have the right policies to take advantage of our natural endowments been mainstreamed?
3. Joint Development Efforts: I am yet to see meaningful joint development efforts embarked by the States in the Region: Gas pipelines, Electricity projects, Sea Port, etc
4. Security: We long preached joint security for the Region. Here some effort has been made with setting up committees and task forces but it is generally lacklustre. The Ebube Agu Security outfit is still not visible as a regional outfit in line with the South West’s Amotekun. A few days ago, I read that Ohanaeze Ndigbo was giving an ultimatum to our Governors to activate the outfit. This should not be. We do not seem to be walking the talk as SECURITY OF LIVES AND PROPERTY IS THE PRIME REQUIREMENT FOR ANY MEANINGFUL ECONOMIC PERFORMANCE.
5. Reduction in Cost of Governance: This is one area that can boost the performance of the South-East. We need to agree on reducing the duplication of bureaucracy.
Needed Focus on Investment Promotion
I continue to argue that the principal way to grow any economy is to attract investment- domestic and foreign. Investments create businesses, programs and projects. Businesses, programs and projects create JOBS. Jobs create wealth and wealth drives away poverty.
To attract investment, we need to put our focus on the following: ensuring a secure environment and enforcement of law and order, provision of stable macroeconomic environment. Other areas are provision of irresistible incentives and ensuring policy stability.
No economy will grow based only on public sector investment. Key investment is from the private and non- governmental sector. Therefore, the focus must remain in making the South-East the most attractive investment region in Nigeria. And that is where the work must be- Foreign Direct Investment (FDIs), Diaspora and nongovernmental
Ease of doing business ranking must remain a central focus: Recent developments in the Region show that there is so much left to be done. Areas of competitive Advantage that should take our primary focus are: Entrepreneurship- scaling up and increasing capacity/ capability/ accessing capital, industrialisation clusters, modern and mechanised agriculture, commerce-wholesaling and distribution: logistics infrastructure.
Conclusion
It is good to continue to have these summits regularly because if we stop, things may really get worse. But we as a region need to raise our game and show we are ready. The AKURULO Concept being actively promoted by the ADF should receive the attention of the Governments and Igbo Diaspora. Time has come for all to take a decision to establish an economic centre in the South-East- even if it is only one office or one shop. That is the way to take personal responsibilities in job and wealth creation in our Region.
Permit me to conclude by adding that the Region must show greater interest in taking its rightful place in the political activities in Nigeria. Many Nigerians have been audible in stating that the South-East should be given an opportunity to produce the next Nigerian President. The South- East must be United, audible and vigorous in canvassing this position. The Economic and social situation of the South-East will not remain the same if we have a South Easterner become the President of Nigeria.
Thank you for your attention. God bless
Mazi Sam Ohuabunwa OFR, MON, NPOM is Convener, New Nigeria Group (NNG) and a presidential aspirant for the 2023 elections in Nigeria
