Third Annual South East Economic Summit Ends in Enugu

Gov. Peter Obi

Gov. Martin Elechi

Gov. Sullivan Chime

Gov. Theodore Orji

Gov. Rochas Okorocha

The third annual South East Economic Summit with theme “Opening up South East Nigeria for Increased Trade and Investment” has ended in Enugu. The summit which held from the 29th to the 31st of October 2013, was the initiative of the South East Economic Summit Group, in partnership with the Governments of Abia, Anambra, Ebonyi, Enugu and Imo States.
According to a communique signed by Chief Chris Obiefuna Chairman of the summit’s Central Planning Committee, the event appreciated the attendance, participation and invaluable contributions of all participants, particularly His Excellency, Mr. Peter Obi, the Governor of Anambra State and Chairman, South East Governors Forum, who declared the gathering open. Other key stakeholders who participated were His Excellency, Chief Ojo Maduekwe, Nigeria’s High Commissioner to Canada and the entire Canadian delegation; His Excellency, Mazi Mathias Orji-Okafor, Nigeria’s Ambassador to Vietnam; Mr. Uche Orji, Managing Director & CEO, Nigeria Sovereign Investment Authority and Msgr. Prof. Obiora Ike, International Scholar and Catholic Theologian.

Other participants included Comrade Christopher Okpala, National Coordinator, Traders’ Rights Initiative representing the National Association of Market Traders in Nigeria; Representative of the Secretary to the Government of the Federation, SGF, Sen. Anyim Pius Anyim; Representative of the Governor of Abia State, His Excellency, Chief T. A. Orji; Representative of the Governor of Ebonyi State, His Excellency, Chief Martin Elechi; Representative of the Governor of Enugu State, His Excellency, Mr. Sullivan Chime; Representative of the Governor of Imo State, His Excellency, Owelle Rochas Okorocha, and over 500 persons from all walks of life.

Arising from the Summit, the consensus was that in order to open up the South East for increased trade and investment, the economy of the zone must be made to grow, develop and compete internationally. To achieve this the zone needs to address the following:

· Revisit its strategic economic agenda.
· Develop its human and physical capital.
· Improve its business environment.
· Take full advantage of new infrastructural development.
· Create an infrastructural backbone that will attract and engender investment in the zone.

In acknowledging the issues identified in reaching these general consensus stated above, the Summit resolved to: recognize the fact that Infrastructure drives trade and promotes investment and as such concerted efforts should be made by both the Federal Government and State Governments of the zone to improve the infrastructural base of the zone.

The Summit acknowledged the developments aimed at improving power generation and distribution in the country and urged the state governments of the south east zone to ensure that the unfolding developments in the power sector are monitored and adequately supported to enable the people and businesses in the zone take full advantage of the benefits.

As an interim measure, the state governments were urged to seriously explore the adoption of alternative energy sources, such as the concept of converting waste to energy, in order to bridge the gap in energy supply in the zone. This, it observed, can be achieved either directly by state governments or through Public – Private Partnership arrangements.

The Summit commended the efforts of south easterners who have set up thriving industries in the zone, and called on the state governments of the south east zone to support those industries with incentives for them to flourish thereby encouraging other high net worth individuals from the zone to invest in the zone.

The summit noted that the current national ranking/index on the Ease of Doing Business in which all the five states from the zone are poorly ranked is impacting negatively on the economy of the zone and calls on the state governments to see the need to remove the obstacles in the business environment in order to reverse the situation and pave way for accelerated investment in the zone.

It observed that businesses in the South East generally do not access finances commensurate with their business portfolios from banks and other Financial Institutions, and therefore advised that all our businessmen, industrialists and investors should be properly educated on the best procedures and means of accessing funds in order to take advantage of Federal Government financial inclusion policies and financial support facilities from International Donor Agencies.

The summit noted that all over the world Customs Agents operate mainly at borders and entry ports where appropriate duties are collected. The federal government is therefore called upon to address the anomaly created by inland activities of the Customs which hamper free trade across the country, particularly in the South East zone where it is more rampant.

While noting that the issue of multiple taxation, which was raised in the two previous summits, has not been addressed and that the situation is yet to change, it urged State governments in the zone to take this issue very seriously, as it negatively affects domestic trade and discourages foreign investors.

The summit commended President Goodluck Jonathan for improving on the region’s infrastructure by re-modelling and commissioning the Akanu Ibiam International Airport in Enugu, approving the setting up of a free trade zone at the 9th Mile corner, Enugu, approving the construction of an international cargo terminal at the Sam Mbakwe Airport in Owerri, dredging the Onitsha Inland Water Port, and awarding the contract for the construction of the Second Niger Bridge, among others.

The Summit also acknowledged the strategic importance of an efficient road network in promoting trade and investment and therefore restates its call on the Federal Government to rehabilitate major Federal roads in the zone, including the Enugu – Port Harcourt Expressway and the Enugu – Onitsha Expressway. The Summit also calls on the Federal Government to dualize the following road networks in the zone:

· Enugu – Abakaliki Road
· 9th Mile – Obollo Afor – Otupko Road
· Onitsha – Nnewi – Okigwe Road
· Owerri – Aba Road
· Owerri – Umuahia Road
· Aba – Ikot-Ekpene – Uyo Road

Given the high population density of the zone, the Summit agreed that the Canadian monorail concept is ideal for effective intra and inter-city mass transportation. The Summit therefore commends its adoption by the Governments of Enugu and Anambra States and urges other state governments in the zone to adopt the concept so as to facilitate trade and commerce in the zone.

The Summit acknowledged and cherished the strategic importance and benefits of Sovereign Wealth Fund in facilitating international financing and calls on the various state governments in the zone to establish similar sovereign funds to encourage trade and investment through the financial and economic stabilization such fund engenders.

It also observed that, as a matter of urgency, there is a need for institutionalizing a South East Economic Forum under the platform of a Regional Agency for Integrated South East (RAISE). The Agency would serve as a vehicle to develop a comprehensive regional development agenda, facilitate the implementation of recommendations of South East Economic Summit and carry out other economic-related mandates for the zone.

The summit noted that the embarrassing problem of Nigerians abroad, particularly people of the South East, who are involved in unlawful and criminal activities, languishing in foreign jails and tainting Nigeria’s image, has to be faced squarely, and, therefore, strongly supported a motion for a special summit on Migration and its Unintended Consequences – A Focus on the South East.