The South-East Development Commission (SEDC) has called on entrepreneurs and business leaders in the region to move beyond individual prosperity and embrace collective investments capable of driving sustainable economic development.
The commission said excessive focus on individual wealth creation, coupled with reluctance among business owners to pool resources, could undermine efforts to build a stronger and more competitive South-East economy.
The Executive Director, Projects of SEDC, Hon. Toby Okechukwu, made the call during the 10th anniversary celebration of De Pinnacle International Social Club in Abuja, themed, “Regional Development, Public-Private Partnership and the Role of Institutions like SEDC in Shaping the Future of South-East Nigeria.”
Okechukwu, in a statement issued Monday, noted that people from the region often demonstrate strong unity during social activities, including festivals, marriages and title ceremonies, but said the same level of cooperation had not been sufficiently reflected in business partnerships.
He urged entrepreneurs to build businesses capable of surviving their founders through strong corporate governance, succession planning, independent boards and sound financial structures.
Quoting the Igbo proverb, “Otu osisi anaghi eme ohia” — meaning one tree does not make a forest — Okechukwu said regional development required organised prosperity and collective economic action.
He also encouraged South-East business owners to shift greater attention from trading to manufacturing, noting that manufacturing could create wider value chains and employment opportunities.
Okechukwu cited the Dangote Refinery as an example of a business that had developed beyond its founder, while recalling the historical contributions of prominent South-East entrepreneurs, including the late Sir Louis Odumegwu Ojukwu, to Nigeria’s business and capital markets.
On the role of SEDC, he said government alone could not develop the region, just as the private sector could not achieve the objective in isolation.
He explained that the commission was working to provide an institutional platform for stronger public-private partnerships, with a vision of making the South-East a preferred investment destination in Africa by 2035.
Okechukwu identified the South-East Investment Company (SEIC) as one of the platforms being developed to aggregate capital and de-risk large scale projects. He also highlighted initiatives in agriculture and sports, including the Agro Development pilot at Nomeh in Nkanu East, Enugu State, and SEGRID, the commission’s grassroots sports infrastructure initiative.
He further announced a $50 million Venture Capital Programme aimed at providing equity investment to promising businesses and ideas rather than relying primarily on grants or handouts.
The SEDC official urged members of De Pinnacle International Social Club and other South-East entrepreneurs to take advantage of such opportunities and work together to build businesses and institutions capable of creating lasting economic impact across the region.
By Enitan Mudashiru | MUK TV News
