Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has called upon stakeholders in the South-East region to come together and establish collaborative leadership to address the challenges afflicting the region as a unified effort.
Ms. Okonjo-Iweala delivered this message during her keynote address at the South-East Summit on Security and Economy, which commenced in Owerri on Thursday. The overarching theme of the two-day summit is ‘South East Beyond 2023, Time for a Reset’.
Listen to Dr. Ngozi Okonjo-Iweala's speech at the South East Summit on Economy and Security.
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“We no longer have solidarity; instead, we are fragmented as a people, and that has made us forget how to support each other. If our big problem is ourselves, it means that the solution also lies in our hands,” she said.
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The South-East has in recent years, watched as its economic prowess dwindle – masterminded by miscellaneous factors including insecurity and poor leadership by the region’s governors.
The head of the WTO emphasized the importance of the region enhancing its internally generated revenue, minimizing borrowing, and increasing capital expenditures.
“Governors, state legislatures and local government chairs must continuously ask themselves, are we using our FAC allocation wisely, transparently and effectively?” said Ms Okonjo-Iweala. “Can we generate more revenue internally, and how do we do it while motivating our productive sectors and factors? Are we taking on too much debt? Are we even spending the amount borrowed effectively?”
The South-East is known for its entrepreneurship prowess but has suffered from infrastructural decay, a high unemployment rate, and a dwindling economy. Ms Okonjo-Iweala said a key move in revitalizing the region’s economy is stable electricity.
She advised the region to seize the opportunity of privatization in the electricity sector to look towards solar and gas solutions to improve power supply.
“I want to suggest that we convene a South-East investment forum, not for people from outside the region or abroad but for our own Igbo business people. In this forum, we should examine what is blocking greater investment in the South-East region and what we can do to block these leakages,” Ms Okonjo-Iweala explained.
The DG of the WTO stressed the importance of the region diversifying its economic activities and attracting investments in areas such as pharmaceuticals, fertilizers, labor-intensive industries, and digital technology within the supply chain. She further advised stakeholders to leverage the advantages of digital trade, particularly for micro, small, and medium enterprises, as well as in online education, health, and accounting services.
Ms. Okonjo-Iweala also encouraged the region to tap into its diaspora resources to bolster the healthcare sector.
“I am sure the South-East governors, coming together, can do some financial engineering and find a way to float a South-East diaspora bond or fund to capture some loans and tenured to financing some development priorities,” she noted.
The South-East Summit also saw governors outline their plans for the region. Abia State Governor, Alex Otti, unveiled plans to establish the first-ever seaport in the Southeast region.
This proposed seaport will be strategically situated in Owazza, within the borders of Abia State’s Ukwa East Local Government Area. Governor Otti also disclosed that the seaport will incorporate an export processing zone and various business promotion facilities.
The primary objective of this seaport project is to serve as a catalyst for economic growth in the Southeast, fostering trade, attracting investments, and generating employment opportunities. Governor Otti highlighted that the construction of the seaport will require substantial investments in transportation and logistics infrastructure.
The project aims to promote balanced regional development, spreading economic benefits across the South-East. The commencement of the project is scheduled for September 30, 2023.