Igbo businessmen and entrepreneurs under the South East Business and investment Summit Group (SEBIS) have said the forthcoming South-east investment summit has set a target of $1 billion infrastructure investment in the south east region between 2025 to 2029.
Speaking during a media engagement in Abuja, the Executive Secretary of SEBIS, Dr. Ifedi Okwenna said the summit with the theme ‘remaking the South East as an Economic powerhouse’ will drive innovation, job creation and economic growth.
He said the Summit will provide avenue for participant to engage with top business leaders, promoters, investors, innovators from across the globe.
He recalled that Eastern Nigeria, which comprises the present South East and part of South South Nigeria, was between 1958-1967 said to be the fastest growing economy.
According to him, the region was growing at above 9 per cent, outperforming countries like Singapore, Bangladesh and Taiwan.
But he stressed that today the story is no longer the same, with the economic indices of South-east having since nose-dived comparatively due to many fundamental challenges including the almost three years civil war which ravaged and devastated the eastern landscape.
According to Okwenna, the people of South-east have human and material capital, but the capital is no longer fully working for them, as the people find it more attractive to invest in other parts of the country because they feel that the environment is more enabling and that skills are better developed.
“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, Nigeria.
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“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.
To this end, SEBIS stated that it was set to organise the summit as an ingenious, credible solution to driving and promoting business, investment and development east of the Niger.
The group added that the programme would be a public/private sector structured initiative, a partnership driven programme and an annual reunion meeting of government/policy leaders, investors and businesses from diverse sectors.
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