Okonjo-Iweala Advocates Collaborative Approach to Address Socio-Economic Challenges in South-East

Owerri, South-East, Nigeria – In a powerful address at the South-East Summit on Security and Economy, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), called upon stakeholders in the South-East region to unite and jointly combat the multifaceted challenges facing the area. The two-day summit, themed “South East Beyond 2023, Time for a Reset,” commenced in Owerri and drew prominent figures including the five South-East governors, religious leaders, and traditional rulers.

Highlighting the pressing need for solidarity, Okonjo-Iweala stressed that the South-East region has become fragmented, resulting in a loss of mutual support. She declared, “If our big problem is ourselves, it means that the solution also lies in our hands.”

The WTO chief underlined critical steps for the region’s progress, emphasizing the importance of boosting internally generated revenue while keeping borrowing in check and improving capital expenditures. She called on government leaders at various levels to scrutinize their allocations and questioned, “Can we generate more revenue internally and how do we do it, while motivating our productive sectors?”

Dr. Okonjo-Iweala urged the region to capitalize on opportunities in the electricity sector privatization by exploring solar and gas solutions to enhance power supply. Additionally, she proposed the establishment of a South-East investment forum, primarily for Igbo businesspeople, to identify and rectify barriers hindering greater investment in the region.

Diversification and attracting investments in pharmaceuticals, fertilizers, labor-intensive industries, and digital technology were also recommended by Okonjo-Iweala as avenues for growth. She highlighted the advantages of digital trade for micro, small, and medium enterprises, online education, health, and accounting services.

Furthermore, she urged the region to leverage its diaspora resources for strengthening the healthcare sector. Okonjo-Iweala proposed the creation of a South-East diaspora bond or fund to secure loans for financing development priorities.

In response, Igwe Alfred Achebe, the Obi of Onitsha, representing South-East Traditional Rulers, commended the governors for organizing the summit. He stressed the importance of setting a common agenda shared by all stakeholders beyond partisan interests. Additionally, he advocated a focus on strategic economic development, regional security, and a revival of Igbo values.

Former Senate President and Chairman of the summit, Anyim Pius Anyim, clarified that the event aimed to convey a clear message to diaspora and Nigerians. He emphasized that it was not about issuing directives to the governors but creating a platform for sharing innovative ideas and fostering collaboration.

Anyim called for a reevaluation of developmental priorities, emphasizing the need to revitalize the entrepreneurship sector and align the educational system with regional needs. He pointed out that the neglect of industrial corridors had led to a surge in unemployment, potentially contributing to rising crime rates.

Sen. Chris Anyanwu, Chairperson of the Organising Committee, expressed gratitude to all delegates and attendees. She stressed that the summit’s objective was to set an agenda for the South-East’s rapid economic transformation, social cohesion, and enhanced security.

The South-East Summit on Security and Economy, with its focus on unity, collaboration, and visionary planning, is poised to play a pivotal role in reshaping the future of this region beyond 2023.