The South-East Development Commission (SEDC) has expressed concern that individual prosperity is undermining regional development in the South-east region of Nigeria. According to SEDC, while people from the region are willing to trust one another socially, they are reluctant to pool resources for joint business ventures. This attitude, SEDC warns, could hinder regional development and economic growth in the region. The commission made this statement through its Executive Director (Projects), Hon. Toby Okechukwu.
Hon. Toby Okechukwu made the statement at the 10th anniversary of De Pinnacle International Social Club in Abuja, with the theme, ‘Regional Development, Public-Private Partnership and the Role of Institutions like SEDC in Shaping the Future of South-East Nigeria.’ Okechukwu noted that people from the South-east region traditionally demonstrate unity during social activities such as ceremonies, festivals, and marriages. However, this unity has not been reflected in their business relationships, as individual prosperity seems to be prioritized over collective investments.
Okechukwu challenged entrepreneurs and business owners from the South-east region to move beyond individual prosperity and focus on collective investments that can build enduring institutions and transform the regional economy. He urged South-east entrepreneurs to build businesses that can survive their founders, rather than enterprises that collapse after the death or withdrawal of their owners. According to Okechukwu, regional development cannot be achieved through individual prosperity alone but requires organized prosperity.
The executive director emphasized the importance of strong corporate governance, partnership, succession planning, independent boards, and proper financial structures in building sustainable businesses. He noted that the capital market provides opportunities for companies to institutionalize ownership across generations. Okechukwu cited the contribution of the late Sir Louis Odumegwu Ojukwu to Nigeria’s capital market and expressed disappointment that relatively few South-east businesses have taken advantage of the opportunities offered by the capital market.
Okechukwu used the Dangote Refinery as an example of how a major business can be transformed into an institution capable of mobilizing capital beyond its founder. He stressed that the South-east region needs to shift its focus from trading to manufacturing, as trading only creates profit, while manufacturing creates value chains and jobs. According to Okechukwu, this shift in focus is crucial for the region's economic growth and development.
The SEDC Executive Director also highlighted the role of SEDC in promoting regional development in the South-east region. He noted that SEDC is committed to working with stakeholders to create a conducive business environment that encourages public-private partnerships and investments in manufacturing. Okechukwu expressed hope that the South-east region can achieve its full potential through collective efforts and a focus on building sustainable businesses.
In conclusion, Okechukwu emphasized that regional development in the South-east region requires a shift from individual prosperity to organized prosperity. He encouraged entrepreneurs and business owners to prioritize collective investments and build businesses that can outlive their founders. By doing so, the region can achieve sustainable economic growth and development, and SEDC is committed to playing a role in this process.
Key points
- SEDC warns individual prosperity is undermining regional development in South-east Nigeria.
- South-east entrepreneurs urged to focus on collective investments and build sustainable businesses.
- Region needs to shift focus from trading to manufacturing for economic growth.
