As
the saying goes; “a road once traveled, can always be traveled again”. In the
first Republic, under the leadership of Drs. Akanu Ibiam and Michael Okpara,
the then Eastern Region was economically self-sustaining, building upon the
foundation laid by the colonial masters.
For
the region to get back to the successes of the first republic, it must strive
to be a player in the current global economic dispensation, where trade borders
are seamless, technology is cheap, and venture capitalists – both local and
foreign – are aplenty.
To
be able to know where you are going, you have to know where you are coming
from, how to get there, and what you need to get to your destination. In the
case of the Igbos of Southeastern Nigeria, it is obvious where they are coming
from, economically.
Where Are Igbos Coming from?
Today,
the region is badly in need of good governance, reliable infrastructure, rail
system and seaports, steady water and power supply, agricultural and
manufacturing industries, security, improved educational infrastructures and
modernized academic curriculum, agricultural, bio-medical and scientific
research facilities, a stable government across the region, and
business-friendly laws.
Where Are Igbos Going?
In
terms economic development, Igbos would want, and do desire, to be at par with
countries like Taiwan, Hong Kong, Israel, and Singapore, just to name a few. The four factors of production – resources,
labor, capital, and entrepreneurial spirit - are in abundant supply in the
region. What is lacking is a vision and a mission to better harness these
factors, a strategy or plan to implement that mission to achieve that vision.
The big question is: does Igbos have the stomach and determination to embark on
this arduous task of economic development? If the will is not there, the way
will not be there either.
What do Igbos Need to Get There?
First,
you have to know what you have to be able to identify what you need. In terms
of natural resources, the region is abundantly blessed. Underground in the five
Southeastern states of Nigeria and parts of Edo and Delta states lay the
following natural resources and their uses:
1.
Salt: is used universally as a seasoning
2.
Gold:
monetary exchange, investment, jewelry, medicine, food & drink (vitamin E),
industry, electronics, coloring
3.
Lead: used for automobiles, mostly as electrodes in the lead-acid
battery, It is used in solder for electronics
4.
Zinc: The metal is most commonly used as an anti-corrosion agent,
as a white pigment in paints, and as a catalyst in the
manufacture of rubber.
5.
Gypsum: used as a
finish for walls and ceilings, like cement blocks in building construction,
fertilizer & soil conditioner, surgical plaster ingredient, a major source
of dietary calcium, mushroom cultivation, dough conditioner,
shampoos and conditioners.
6.
Coal: power generation as fuel or for
cooking, chemical fertilizers and other chemical products.
7.
Limestone: main raw material in cement
and mortar manufacture, for road construction, in glass making, used in paper,
plastics, toothpaste, paint, tiles as either cheap fillers or white pigment, in
sculptures, petroleum reservoirs.
8.
Phosphate: Inorganic phosphates are mined to obtain phosphorus for use in agriculture and industry.
9.
Lignite: brown coal for power
generation in coal plants
10. Marcasite:
used to make or coat jewelry
11. Iron-ore:
main source of metallic and steel iron,
12. Clay:
for medical (anti-diarrheal) and agricultural uses, as building materials
All of these natural resources could be
developed to any stage desired for either local use or exported to generate
revenues; what is lacking is strong commitment by the people and governments,
and the requisite vehicle to drive a development plan.
Southeastern Nigeria Development
Corporation (SENDC)
The
first step would be for the southeastern governors, industrialists, and
academicians locally and in Diaspora to commit to the following:
1.
Agree on a
proposal to set up and fund a Southeastern development trust corporation.
2.
For the state
governments and legislators to agree on a certain percentage of the states’
monthly federal allocation as contribution for regional economic development
3.
For
industrialists to, equally, agree to contribute a certain percentage of their net
profits to this development fund.
4.
Academics to
commit to drawing up a technical education master plan, and the establishing of
vocational training departments/schools in state universities to be funded by
indigent banks and other financial institutions.
5.
For all
stakeholders to agree on setting up a well-represented corporation to draw up
and implement an economic development plan for Igboland, something akin to NDDC.
6.
A broad-based and
effective public relations/publicity campaign structure that will be
responsible for promoting the benefits of doing business in Igboland
Attracting Investors
As
the saying goes: “if you build it, they will come”; apart from a quick return
on their investments, investors look for ease of entry into any market, unencumbered
movement of capital (funds), uninterrupted access to internet technology,
accurate and on-time information, and ease of exit. The existence of cheap
modern technology has made it possible for any government, region or community
to put in place the technological resources required for efficient and
effective conduct of business in any part of Nigeria. Governments of the Southeastern
zone must ensure the following:
1.
Removal or relaxation of restrictive international
business laws, and replacing them with business-friendly ones which would include
tax breaks for certain class of investors, generous lease agreements,
build-operate-transfer (BOT) joint-venture agreements, ease of purchase/financing/sale
of business entities, ease of issuance of investment and/or partnership
licenses.
2.
A safe and secure
environment devoid of fear of armed robbery, kidnapping, financial fraud,
economic sabotage, disruptions and intimidation by community groups and
powerful political figures
3.
Steady power and
water supply, efficient telecommunication and internet services; independent
power-generating and switching capacity
4.
Good rural and
urban inter-connecting roads and bridges, airport/airline, seaports, and rail
systems for timely, effective and cost-efficient movement of raw materials,
finished goods and labor force.
5.
Assurances of
commitment to prudent fiscal management, and transparency in dealings with
investors.
6.
Establishment of
a business ethics watchdog responsible for resolution of problems with host
communities.
In
Igboland today, there is abundance of venture capitalists and investor, locally
and in Diaspora; New business and investment consulting experts; abundance of
cheap but educated labor force, and a highly trained technical and vocational
workforce within the zone. Equally not lacking is a requisite entrepreneurial
zeal – the willingness and commitment to take a risk at success – among the
people of the zone.
These
days, governments are incapable of doing everything alone; governments and the
governed frequently come together to create a third vehicle – public/private
partnerships - for the development of a community, state, region, or nation.
For Igbos to get to where they want to be, we must take the bull by the horn,
set a developmental goal and timetable for our land, and make the necessary
sacrifices required to achieve that goal. It takes planning, time, and
commitment from everyone.
Mr.
Felix Oti (B.Sc. Econs)
Principal
Partner: Oti & Associates, PC.
Felix.oti@gmail.com; (682-221-9323)
(Income Tax, Personal Finances,
Business Development Strategies)
Member:
National Association of Business Economics (USA); American Economists
Association; National Economics Association (USA)
