By Dr. Ifedi Okwenna
South East Nigeria, comprising the greater part of Nigeria’s old Eastern Region was between 1958-1967 said to be the fastest growing economy, growing at above 9 percent APR within those periods.
Today the story is no longer the same. The economic indices of South East have since nose-dived comparatively due to many fundamental challenges including the almost three years civil war which ravaged and devastated the eastern landscape, the increased migration of human and capital resources out of South East as after effect of the civil war and the operation of five sub-national groups instead of one that it used to be at the time etc.
The people of South East Nigeria are predominantly traders, merchants and businessmen. In major cities of Nigeria and Africa as a whole, the people 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 based on geographical size and volume of goods, attracting visitors from parts of West Africa (ECOWAS), Central Africa as well as all parts of Nigeria. Sadly, the zone may have lost this preeminent rating to other zones, due to this itinerant nature.
The people of South East have human and material capital, but that capital is no longer working for them, as the people find it more attractive to invest in other parts of the country because they feel that environment is more enabling and that skills are better developed and infrastructure and network readiness more easily available, than at home.
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. 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.
The South East is currently operating five independent Subnational economies, without any form of collaboration or linkages and this impaired-on group cohesion, shared-utilities management considerations, and purpose-designed, planning, and comprehensive resource management/economic development planning for the entire region. South East Business and Investment Summit (SEBIS) is a journey in self-rediscovery.
It is a public/private sector structured initiative pioneered by Continental Export Development Nigeria in partnership with the Nigeria Diaspora Groups and clusters of Investment Communities in Europe and America; some City Chambers of Commerce across the South East Zone and other bilateral and multi-lateral Chambers of Commerce.
The partnership driven programme is an annual reunion meeting of government/policy leaders, investors and businesses from diverse sectors, to promote business and investment and stimulate the economy of South East, Nigeria.
It is primed to reestablish partnership and cooperation among governments of the South East States to stimulate growth in trade, commerce and investment in the zone; To utilize 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 and develop the eastern hinterland; It is to 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. SEBIS hosting is expected to rotate across the five South East States on a yearly basis and will be focused on thematic areas of interest which shall become the theme of each year’s Summit.
The theme for this year is – Remaking the South East as Economic Powerhouse. In achieving this, we have to start with strategies to tackle fundamentally the economic and social problems of the moment – the prevailing hunger and impending starvation. Emphasis this year shall be on investment in the more directly productive sectors of the economy – agriculture and industry.
The Summit will be out to give expression to agricultural and industrial policies and to translate them into action. Prominence will be given to agricultural mechanization, development of value-added capacity in cultivation, conservation, processing, logistics etc. Experts will provide answers and pathways to sustainable agribusiness funding and resource mobilization.
A South East Feed the Future Initiatives, may be developed to bring partners together to combat hunger and poverty in the region by boosting agriculture led growth and resilience. Other focused interconnecting areas for the year shall include infrastructure, security management, construction/real estate development and financial services.
SEBIS 2024, will bring together more than 1000 businessmen and women, investors and change makers from across the globe physically. Over 10,000 other participants are expected to join the Summit virtually from across the world. Participants will engage in in-depth discussions on innovative investment strategies, emerging market opportunities and the significant impact of technological advancements in shaping financial practices. It will be a platform for sharing insights, forging strategic alliances and setting agenda for investment trends in South East Nigeria.
Major activities of Summit shall include Premium Business Conference session, Panel discussions, One-on-one Business Meetings, Signing of Memorandum of Understandings and the South East Business Award Gala.
As a partnership driven programme, Governments of the South East Statesare joining the many Nigeria Diaspora Organizations, Federal Ministries, Departments and Agencies, International Agencies and the organized private sector and corporate Nigerians in hosting and organizing the Summit. A number of great sons and daughters of the South East zone have signed and endorsed the summit as Summit Promoters.
The about 100 resource persons participating at the Summit, are drawn from illuminous and thought leaders from across the financial world. Our distinguished Speakers include visionary investors, trailblazing entrepreneurs and experts in business and economic strategy each bringing invaluable insights into the future of investment in the South East Nigeria. Industry leaders and investors from developed economies of Europe, America and Asian Tigers shall be invited to share their experiences.
SEBIS 2024 has promised to be a platform for actioning solutions on challenges and opportunities in South East, the emerging markets scenarios, offering actionable insights for attendees committed to staying ahead in dynamic world of investment. The event is planned to maximize the value for each participant.
Join the platform to create the SOUTH EAST BRAND, leveraging on our socio-economic endowments, exploiting our human capital and taking the best we have, and making it work for our development.
Let’s market the brand, own it and invest in it.
• Dr. Ifedi Okwenna, Executive Secretary, South East Business Investment Summit
