SEBIS Highlights Investment Challenges in South Eastern Nigeria Ahead of Upcoming Summit
The South East Business and Investment Summit Group (SEBIS) has pinpointed several critical barriers hindering investment in the South Eastern states of Nigeria. Among these are limited government support, restricted access to finance, high interest rates, a lack of financial literacy, and the absence of sustainable business structures.
In a statement leading up to the December 2024 summit, SEBIS Executive Secretary Dr. Ifedi Okwenna elaborated on these issues, noting that combined with perceptions of growing insecurity and an unfavorable business environment, they have deterred potential investors. Once a thriving economic hub, the South East now finds itself lagging behind other regions in Nigeria.
Dr. Okwenna emphasized the long-term effects of the nearly three-year civil war, which devastated the region and prompted an exodus of human and capital resources. He also criticized the disjointed operations of the region’s five subnational governments, which have failed to collaborate effectively on economic development initiatives.
“Though the South East outperforms the rest of Nigeria in critical human development indicators—such as having the lowest poverty rates and higher per capita GDP—its economic performance has not matched its potential,” Okwenna stated.
He highlighted that South Easterners, traditionally dominant in trade and commerce, are increasingly seeking investment opportunities outside the region due to more favorable business environments, better infrastructure, and enhanced skill development options.
“Onitsha and Aba were once West Africa’s largest markets, attracting buyers from across the region. Unfortunately, the South East may have lost this edge, as many find it more attractive to invest outside the region,” he noted.
The upcoming summit, scheduled to take place in Enugu, aims to gather over 1,000 business leaders, investors, and innovators from around the world, with an additional 10,000 participants joining virtually. Dr. Okwenna described the event as a pivotal opportunity for reshaping the business landscape and investment climate in the South East.
“This will be the most important business meeting in the South East and a key driver for corporate and economic transformation in the region,” he asserted, underscoring the significance of collaboration and strategic planning in overcoming the challenges facing South Eastern Nigeria.