At Pivot Conference, Experts Brainstorm on How to Grow S’East Economy

Kasie Abone in Awka

Experts, business executives, government representatives, and youths of varying ages converged at the Academic Staff Union of Universities (ASUU) Secretariat, Nnamdi Azikiwe University, Awka, recently, to brainstorm and chart ways of growing the economy of Southeast, Nigeria.

The conference featured eminent personalities like the Special Adviser to the Anambra State governor, Ben Chiobi; Technology expert and Managing Director of Anambra State ICT Agency, Chukwuemeka Fred Agbata; CEO of Selecom LTD, Precious Obimdi; and financial expert, Tochukwu Nwokediuko and many other dignitaries.

The experts gave their perspectives on growing the economy of the southeast even amidst the mountains of challenges that the region is currently facing which has seemed to be impacting its growth and development.

The Conference is a brainchild of ‘The Pivot’, an initiative and platform that champions a paradigm shift in the collective societal journey within the context of a developing African landscape through facilitating thought-provoking conversations, encouraging innovative thinking, and promoting collaboration.

As contained in his pre-event statement, Pivot Executive Director, Barr Ifedi Eze, described the group as an assemblage of ‘progressive indigenous professionals who, he said, took up the bull by the horn by way of catalyzing forward-thinking and thought-provoking conversations that are aimed at harnessing the inherent potentials in the southeast geopolitical region, towards optimal productivity, especially among the youthful demography.

“These young professionals are creating a rallying point that would serve as a platform on which innovation would be stimulated, entrepreneurship would be supported and encouraged, and excellence would be rewarded and individual cum corporate growth motivated,” Eze further stated.

Eze lamented that the past half-decade has been a period bedeviled with socioeconomic problems that have impacted negatively on the economic indices of the Eastern region. 

He averred that “Soaring rate of Inflation, youth unemployment, declining standards of living and general economic malaise have been some of the results of the trends. We have been in this strait for so long that a vast majority of our people have begun to take this as the new normal.”

“We at The Pivot have however decided to reinvent the wheel by way of social re-engineering, deliberate human capital development, economic stimulus packages and not forgetting efforts towards a sustainable paradigm shift that would allow our people to start seeing new possibilities on the horizon.”

At the long-awaited Conference experts gave varying views, opinions, and perspectives on exploring and leveraging the vast potentials in the Southeast towards growing the economy of the region and by extension, the country and Africa at large.

Emphasis was laid on partnership, and collaboration as key to optimal productivity in the southeast region. It was also stressed that collaborative business approaches and partnerships have become the new way of growing and sustaining businesses in the country.

For the CEO of Selecom LTD, Precious Obimdi, the Nigerian system is designed to strangle younger entrepreneurs and stop them from thriving in their businesses. He emphasized the importance of entrepreneurship in the Nigerian economy, noting that in the world of business, every moment is a challenge and every challenge an opportunity to invent solutions to help humanity.

According to him, “We have been told several times that we are the future, but the question is When is the future? the future we are meant to believe is now. We do not have the luxury of waiting for a decade to renovate Africa. Believe in yourself, your ideas your dreams, and your ability to make a change. 

On how youths can maximize their vast potential, Obimdi said: “Nigeria is facing problems. We can use them to our advantage through collaboration. There are so many problems within Nigeria, but on a closer look these are not just problems, they are opportunities waiting to be explored and maximized by entrepreneurs in a partnership and collaborative arrangement and not through competition.”

Technology expert and Managing Director, of Anambra State ICT Agency, Chukwuemeka Fred Agbata, said many opportunities abound in the ICT sector, but noted that without innovative spirit, teamwork, and partnership, one may find it hard to succeed in the business.

On the opportunities in the tech sector, Agbata who narrated how he transitioned from a sociology graduate to blogging, working for Punch newspaper as a columnist, and then working for Channels television before fully becoming a tech guru said: “Technology is all about transformation and everyone can be a player in it, you don’t have to be techy, and you can be an investor, a designer or any way in which you can play in this sector.”

He also said; “Tech is the only space that even an SSCE holder can get companies to employ you. This is because no one is looking at your degree but your skills which can set you apart. Without teamwork, you can’t succeed in the tech space. We need to make partnerships very important.”

Special Adviser to Anambra State Governor on Security, Ben Chiobi, harped on the import of life choices and opportunities in Nigeria. According to him, more opportunities for making money abound in Nigeria particularly in the Southeast than in other Western countries.  

“There are more opportunities to make money in Nigeria than overseas. This is an era for entrepreneurs, people who want to be innovative. Do not be afraid of taking risks,” Chiobi said.

He advised the younger generation to shun the Japa syndrome and explore opportunities in the country. He also advised the youth to avail themselves of mentoring, noting that the only way to succeed in the ICT generation is to be disruptive and not be a copycat.

Speaking on “Fostering Youth-led Impact Entrepreneurship As A Catalyst For Growth,” Regional Coordinator, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Engr. Mrs. Chito Onuzulike said SMEs are a crucial component of the economy. She emphasized that mindset, action, and process are the three ingredients of entrepreneurship and are crucial to doing business in the country.

She said Asia countries use their youths because they are the ones driving the economy. She said it is not all about having the right education or going to school but learning something that will be impactful and help society.

Giving insights on why businesses fail in Nigeria, a chartered accountant and st of revealed that over 65 percent of businesses do not survive the first three years after set up in Nigeria.

Nwokediuko said one of the reasons is the poor access to funding and credit facilities. He said other reasons are lack of planning and poor financial literacy on the part of some business owners in the country.

He said most Small and Medium Enterprises (SMEs) have no proper data and business plan hence players in the financial industry find it hard to avail themselves of their credit facilities.

The experienced banker said, that unlike the SMEs, most established companies run on credit facilities because they have proper businplansplan and financial literacy. He said SMEs have weaknesses in their financial management system, a reason he said banks do not help businesses that don’t have proper data.

Speaking further, the banker emphasized the powers of partnership and collaboration, noting that the ability to understand and factor in them will define successful businesses in times to come.

Pastor Jude Obiekwe summarized that challenges in the country are money in the making. “For every problem in the southeast, there is a direct opposite opportunity. The more the problem, the more the opportunity to create wealth; the easier the lesser. Adversity is the cultivator of innovation. You cannot be a champion except you fight battles.”