SEDC: Individual Prosperity Undermining Regional Development in South-east 

Adedayo Akinwale in Abuja

The South-East Development Commission (SEDC) has lamented that individual prosperity is undermining regional development in the region.

It added that while many people from the region were willing to trust one another socially, they remained reluctant to pool resources for joint business ventures, saying such an attitude could undermine regional development.

The commission also urged members of the South-east business community to strengthen public-private partnerships, invest in manufacturing and create enterprises capable of surviving their founders.

The Executive Director (Projects) of SEDC, Hon. Toby Okechukwu, stated this 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, in a statement issued Monday, said while the people of the region traditionally demonstrate unity during ceremonies, festivals, marriages and other social activities, the same spirit has not sufficiently reflected in their business relationships.

Okechukwu challenged entrepreneurs and business owners from the region to move beyond individual prosperity and embrace collective investments capable of building enduring institutions and transforming the South-east economy.

The executive director urged South-east entrepreneurs to build businesses that would survive their founders, rather than enterprises that collapse after the death or withdrawal of their owners.

He noted: “Our elders say: Otu osisi anaghi eme ohia — one tree does not make a forest,” adding that: “Regional development cannot happen with individual prosperity alone. It needs organised prosperity.

“We are a people who bury our dead together. We celebrate Iri Ji, marriages, and title takings together. De Pinnacle itself is proof of our social cohesion. But are we as cohesive in business?”

“We build empires of one. The founder holds the contacts, cash, and decisions in his head. When he passes, the business becomes a family dispute, then a closure notice. A great business must outlive its founder.”

Okechukwu identified strong corporate governance, partnership, succession planning, independent boards and proper financial structures as critical to building sustainable businesses, noting that the capital market provides opportunities for companies to institutionalise ownership across generations.

He recalled the contribution of the late Sir Louis Odumegwu Ojukwu to Nigeria’s capital market, noting that despite the historical role played by prominent Igbo entrepreneurs in building the Nigerian business environment, relatively few South-east businesses have taken advantage of the opportunities offered by the capital market.

The former lawmaker cited the Dangote Refinery as an example of how a major business could be transformed into an institution capable of mobilising capital beyond its founder, stressing that the South-east needed to shift its focus from trading to manufacturing. “Trading creates profit, manufacturing creates value chains and jobs,” he said.

On the role of SEDC, Okechukwu stressed that the government could not develop the region alone, just as the private sector could not achieve the task in isolation, noting that the commission was established to provide the institutional platform for harmonising public and private sector efforts.

He disclosed that SEDC’s vision is to make the South-east the preferred investment destination in Africa by 2035, adding that the region had sufficient human and financial resources to achieve the objective if its people could organise their capital effectively.

Okechukwu identified the South-East Investment Company (SEIC) as one of the platforms being developed by the commission to aggregate capital and de-risk large-scale projects, while also mentioning the commission’s agriculture and sports initiatives, including the Agro-Development pilot at Nomeh in Nkanu East, Enugu State, and SEGRID, its grassroots sports infrastructure initiative.

He also announced the $50 million Venture Capital Programme, designed to provide equity investment to promising businesses and ideas, rather than relying on handouts, urging members of De Pinnacle to take advantage of such opportunities and begin building enterprises collectively.