• Elumele advocates Integration of policies
By CYPRIAN AJAH, Enugu
THE fall in oil price in the global market is biting hard on Nigerian economy, especially, states governments that depend on the federal allocation. The tough condition is not only being felt by the government, it also affects the living standard of Nigerians who look up to the government to salvage the situation. In an approach to curb this situation, the Enugu State Governor, Right Honourable Ifeanyi Ugwuanyi, organized an investment summit tagged ‘Oganiru 2016’with a theme “Beyond Oil: Fostering Inclusive Economic Growth and Sustainable Development”. Oganiru is an Igbo word which means progress. The event was held last week at the Michael Okpara Square, Independence Layout, Enugu. Cyprian Ajah was at the event where he captured the views of the prospective investors.
The much publicized maiden Enugu Investment Summit kicked off last week in Enugu, the capital of Enugu State with prospective investors from Europe, Asia and some African countries in attendance. The event unveiled the available resources deposited in Enugu State and they are waiting for investors to harness them. If the views of the participants that attended the summit and the intention of the state government were something to go by, Enugu State stands the chance of becoming the hub of commercial activities in the south East in the nearest future. The three-day summit witnessed intellectual discuss among captains of industries and business moguls. The theme ‘Beyond Oil: Fostering Inclusive Economic Growth and Sustainable Development’, according to the governor was meant by the state to look beyond oil revenue and establish a trade partnership or total privatization of moribund companies in Enugu for speedy development of the state. The state government also announced its readiness to hand over the operations of identified state owned companies and corporations for proper management and productivity. Declaring the summit open Governor Ugwuanyi said “Enugu State is open and ready for business” calling on prospective investors to leverage on the conducive environment, security and infrastructure in Enugu state and tap into the numerous investment opportunities present in the state. The Governor remarked “Oganiru is expected to be a bi annual event and it is a bold initiative towards realizing our collective dream of repositioning Enugu state to meet the economic challenges of the 21st century. This first edition of the summit is specifically designed to showcase the enormous economic potentials of the state to both local and foreign investors”.
He said the theme of the event amply reflects the compelling need for deliberate policy shifts that would enable us as a nation, to recover quickly from the crushing effects of the current developments in the oil market (upon which we had depended for so long) and open up new and even more profitable and sustainable pedestals for rapid economic development.
“Being mindful of this undisputable fact, I had, in my inaugural address, made a firm promise to do whatever would be necessary and within our means, to turn the present economic challenges facing the nation into huge blessings for Enugu State. I did in fact state that, if former President Franklin Roosevelt could lead America out of the great depression, and if President Barack Obama could lead Americans out of the economic melt-down, we can do the same for Enugu State,” he said.
According to him, upon assumption of office last year, it was discovered that unlike their predecessors who enjoyed access to excess crude funds, they had less to work with hence the resort to demand for bailouts from the federal government.
“It was therefore instantly clear to us that we needed to think outside the box if we must survive just like our founding fathers in the old Eastern region that developed and relied on palm and other agricultural produce to build key infrastructure and other social amenities in the region. We knew that we only needed to view the current situation as another great opportunity to look inwards and harness those potentials which free oil money had blinded us from exploiting all the while,” Ogwuanyi said.
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He said the summit, which is the first in the history of the state, was conceived by the committee with the aim of showcasing to investors around the world, the massive but virtually untapped economic potential that abound in Enugu State. “I am indeed proud that this historic event is happening under my watch as the governor of the state and with less than five months to the silver jubilee of the state.
The summit, according to him offers an opportunity for investors from all over the world to come to the state and observe the potential canvassed in very clear details.
“It is our expectation that the key outcomes from this summit would include opportunities for joint venture or outright acquisition through public-private-partnership, privatisation and commercialisation of some state-owned enterprises. Indeed as I speak, over 17 potentially lucrative state-owned companies and industries dealing in diverse areas of business and production have already been listed for commercialisation or privatisation,” he said. The Summit Director-General Ike Chioke, noted that the summit will serve as a catalyst to reposition the economy of the state in a manner that the living standard of the people will be uplifted. He added that the summit is a platform through which the government of Enugu State seeks to collaborate with the private sector to promote enterprise and improve economic productivity” Chioke revealed that the Enugu State World Investment Summit targeted solid minerals, power generation/distribution, agriculture/processing, tourism/hospitality, health tourism development, transportation/ aviation/railway, ICT/ media/ entertainment, free trade zone, manufacturing, industrial park, real estate and tertiary education.
On his part, the Minister of Power, Works and Housing, Babatunde Fashola, who was represented by Mr. Ayo Gbeleyi, said while the state was shopping for foreign investors, it was also necessary for the local investors to be carried along, describing them as more “dependable partners at all times.”
He said: “The most important investor for your private-public partnership (PPP) is the home investor. While it is helpful to attract and secure the big multi-billion naira investor, they are usually not many enough to create the inclusion that you need. It is the small businesses that are most important.
“Barbers, pepper grinders, food processors, beer parlors, small food joints, markets and shopping complex, schools, small clinics, dentists, diagnostic centres , petrol stations, pharmacies, etc. “The list is long and they are your most important partners in securing inclusion through a vibrant economy built on public, private, people partnership. They are the wheels that will drive ‘Oganiru’,” he noted.
In a keynote address at the event, the chairman Heir Holdings, Mr. Tony Elumelu called on governments of the South-East geopolitical zone to forge a partnership that will drive the regional economy. He said there was need for governors of the five South-east states to harmonise economic policies in order to attract the much-needed investments to the zone.
“There ought to be medium-term economic focus for eastern Nigeria. The zone must think alike. As we speak, there should be a railway connecting Enugu and other states in the zone.
The zone must be able to take advantage of its comparative advantage over other zones.
The market is there for you to take. With coal in Enugu, and markets in Nnewi, Onitsha, Aba, Abakaliki, you just need to sit together and provide the support that private sector needs,” he stated.
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“The zone must leverage on its competitive advantage. Ghana is now a regional hub because they set the right incentives. We must focus on technical and vocational training. Stop building stadia and invest in more valuable ventures. We must make laws that help give enabling environment like harmonization of taxes against multiple taxation. Wealthy Igbo People should invest in industry and infrastructure, train young people and forget about having fat bank accounts.
“The gathering is not an end but means to an end. Governor Ifeanyi Ugwuanyi of Enugu State should occupy his place in history by rallying his colleagues to achieve the much needed economic integration for the zone. This is the commencement of a new paradigm in economic integration in Nigeria. By the time you get a wider eastern market, you will see other parts of Nigeria keying into this initiative,” he said, while pledging to attract investments to the state.
The investors in their separate remarks assured that they would add value to the Business climate of the state so as to improve the economy of Enugu State, the welfare of Enugu people and Nigerians. On their own part, the Chinese investors had indicated interest in partnering the state in the area of housing, Governor Ugwuanyi confirmed that they have crested their signature in that sector, urging the Irish to do likewise in the agricultural sector.
Among the prospective investors that attended the summit were the Consul General of the Embassy of France in Nigeria, Laurent Polonceaux, a Nigeria director of a French Group known as Proparco, Olivier Follin, the Irish Ambassador to Nigeria, Mr. Sean Hoy as well as director of an Irish organization- Sustainable Food Systems Ireland, Mr. Paschal Dozie former chairman Diamond Bank and a chieftain of MTN, Samuel Onyeishi of Peace Mass Transit, Ugochukwu Chime of ECCIMA.
Also a conglomerate made up of Chinese, Singaporeans and Nigerians known as Fit Consult/Yuanda Group, including Mr. Wang Yijun of Yuanda Group, Chief Loretta Aniagolu, Mr. Wang Xingjun, Mr. Jiang Xin, Mr. Ronnie Tan all of the Yuands among attended the summit.