2024 South-East Business, Investment Summit (SEBIS): Matters Arising

by Kingsley Okoye

The South East Business and Investment Summit (SEBIS) has come and gone, leaving in its wake a trail of critical discussions and strategic take aways for the region’s economic growth and development.

The three-day summit covoked in Enugu from Dec 11-13 brought together business leaders, investors, and policymakers to tackle and evolve workable measures on pressing issues affecting the South East’s economic landscape.

From infrastructure deficits and insecurity, to funding and ultimately challenges of SMEs, experts shared insights on obstacles inhibiting economic potential of the region and workable solutions to challenges.

They also advanced practical measures, highlighting experts’ recommendations and required roadmap for transforming the South East to a thriving economic power house.

SEBIS, a public private sector initiative was sponsored by Enyimba Economic City (EEC), in collaboration with South East Chambers of Commerce and Enugu Chamber of Commerce.

Mr. Darl Uzu, Private Sector Lead of EEC, speaking on “Making South East the Manufacturing Floor in Africa: The Audacity of Enyimba Economic City”, said EEC was running on sustainable, environmental-friendly models.

He said EEC had entered partnerships that would create businesses beyond its immediate environment, and impacts that would stretch for years.

“Enyimba Economic City is a special free trade zone with platforms for manufacturing, entertainment, education, health, sports, with world-class infrastructure to support their optimal performances.

“We are working with SMEs in India, China, and other countries, who are desirous of establishing their manufacturing plants in Enyimba Economic City, they are in search of credible Nigerian partners.

“Enyimba is working with the Chambers of Commerce in match-making the companies and SMEs in Nigeria with foreign companies.”

He said EEC was determined to build a modern, international city, saying that it had received global recognition as proud winner of the prestigious New Cities Business Plan Contest of the Chartered Cities Institute in Washington DC in 2019 with a cash prize of 25,000.dollars.

Uzu said EEC project was a big project, while calling for more partners and participation.

The summit with theme, “Remarking the South East as an Economic Power House” was Chaired by Obi of Onitsha,Igwe Nnameka Achebe.

Achebe, a renowned traditional ruler and business leader, brought wealth of experience to the table at the summit.

Under his leadership, the summit centred deliberations on how best to foster economic growth and development in the South East bringing about discussions on key factors affecting ease of doing business by SMEs, including infrastructure, security, access to resources, funding, and friendly government policies.

Speaking at the summit, Director General, Onitsha Business School, Prof. Olusegun Sogbesan, challenged the conventional axiom , that “funding was the primary obstacle to business success.”

He said that funding was not a major challenge in managing business, contrary to the popular notion.

“The most important thing is to conceive the business and to answer all the questions around it.

“You make a case for the business. most of our businesses do not have a case, they have no sustainable issues, and they are not providing lasting solutions, a business should exist to solve some challenges of society.

“There is funding for different types of businesses,those funds are available globally for businesses that are clear about what they intend to contribute to the global economy.

“What we need, therefore, are resources which include the aggregation of different things to run a business,” he said.

Mr. Sam Ohuabunwa, former Chairman of Pfizer and President, Ohanaeze Business Council, said there was need to extensively strengthen the various business measures across the sectors.

Dr. Nkemjika Ajoku, Chief Executive Officer, Investment Managers and Assets Consulting Limited, said EEC had signed agreements with some SMEs in India and other parts of the globe, saying that Nigerian investors could benefit from such agreements.

High point of the summit was deliberations on partnership options for infrastructure provision and sustainable economic management in the region and Nigeria in general.

The Summit issued a communique that listed infrastructure, security, access to resources, funding, and friendly government policies as factors that would improve ease of doing businesses in the South East.