Ohanaeze Ndigbo Worldwide, South-East Development Commission partner for economic growth in South-East

Mazi Sam Ohuabunwa; Chairman, Council of Igbo Business Leaders; Mr Mark Okoye, MD/CEO, South-East Development Commission and other attendees at the meeting on Monday

Amah-Ugbor Samuel
South-East Bureau Chief

Critical stakeholders in the South-East region have intensified efforts towards economic development and regional integration as the Council of Igbo Business Leaders under Ohanaeze Ndigbo Worldwide and the South-East Development Commission resolved to collaborate in advancing investment, entrepreneurship and sustainable growth across Igbo land.

The stakeholders said the time had come for governments, business leaders and development agencies in the South-East to unite and forge a formidable front capable of transforming the region’s economy, reducing youth unemployment and addressing growing social challenges.

Speaking during a strategic meeting held in Enugu on Monday, Chairman of the Council of Igbo Business Leaders, Sam Ohuabunwa, stressed the need for Igbo investors to deliberately include the South-East in their investment plans.

According to him, the region had suffered years of neglect arising from historical, political, social and economic factors, leading to inadequate infrastructure, unemployment and increased social vices among youths.

Ohuabunwa explained that the Council was established to identify and mentor young Igbo entrepreneurs towards building large-scale enterprises, create a credible and united voice for the business community in the region, and facilitate the development of markets and commercial opportunities across the South-East.

He called for stronger synergy between the Council, the South-East Development Commission and other relevant stakeholders to ensure coordinated economic planning and implementation.

“This is the opportunity we long wished for. I must thank Mr. Mark Okoye for responding quickly to our letter and the board and management for approving this meeting,” he said.

He further commended members of the Council for sacrificing their time to attend the meeting despite short notice and conflicting engagements.

According to him, the Council’s first major assignment was to review its terms of reference, which revealed that the core expectation of Ohanaeze Ndigbo was for the body to work closely with governments and agencies responsible for regional development in order to improve economic opportunities and living conditions for the people of the South-East.

“Our region has suffered so much neglect over a long time, combined with several other historical, political, social and economic factors. Our people have been widely dispersed all over Nigeria, where they have made significant contributions to the social and economic development of those regions,” Ohuabunwa stated.

He noted that the migration of many Igbo entrepreneurs and professionals to other parts of the country had contributed to the apparent neglect of the South-East in terms of industrial and social development.

He warned that the resulting unemployment and frustration among young people had fueled disturbing levels of social unrest and criminal activities in parts of the region.

Ohuabunwa said the Council intended to guide Igbo investors willing to establish businesses in the South-East by providing accurate information on investment opportunities, government policies and areas requiring intervention.

“To enable us to perform this role appropriately, we need to be on the same page with governments and development agencies in our region. We need to understand the investment plans and policies of the state governments and the South-East Development Commission so that we can correctly represent the issues and guide against misinformation or mischief,” he added.

In his remarks, the Managing Director and Chief Executive Officer of the South-East Development Commission, Mark Okoye, appreciated the leadership of the Council and expressed optimism that the partnership would help reposition the South-East economy.

Okoye urged members of the Council to deploy their extensive business networks, experience and influence towards attracting investments and promoting regional economic integration.

He identified critical areas requiring collaboration to include investment mobilisation, diaspora and domestic business networking, development of a South-East venture capital programme, support for small and medium enterprises, capacity building initiatives, as well as policy advisory services.

The SEDC boss maintained that stronger collaboration between the private sector and development institutions would accelerate industrialisation, create jobs for youths and restore investor confidence in the region.

Stakeholders at the meeting expressed optimism that the emerging partnership between the Council of Igbo Business Leaders and the South-East Development Commission would open a new chapter of economic transformation and sustainable development for the South-East region.