A professor of political economy and management expert, Prof. Pat Utomi, has identified weak and corrupt institutions, as well as inconsistent government policies, as major factors militating against industrial growth in the Southeast.
Utomi spoke in Nnewi, Anambra State, during the investiture of the 12th President of the Nnewi Chamber of Commerce, Industry, Mines and Agriculture (NCCIMA), Pastor Patricia Uchenna Chukwu.
The event had the theme, “Repositioning Nnewi as Africa’s Premier Hub for Commerce, Manufacturing and Enterprise Development.”
Utomi, who was the keynote speaker, also identified the lack of continuity and business sustainability among some old entrepreneurs as another challenge, noting that many failed to introduce their children to their businesses.
“Many old entrepreneurs seem to pass away without sustainability plans. Many worked hard but didn’t introduce their children to their ventures because they didn’t want them to suffer their fate.
“Unfortunately, many of these children travelled and returned home without continuing with their father’s business. How do we institutionalise business ventures with this kind of culture?” he queried.
He advocated industrial policies that would support private initiatives, as well as stronger engagement between policymakers and business owners.
Citing South Korea as an example, Utomi said the country, which was once poorer than Nigeria, had grown to become wealthier than many European countries.
He added that similar examples could be found in Africa, stressing the need for strong commitment from policymakers and entrepreneurs willing to drive change.
Earlier, the new NCCIMA President, Pastor Chukwu, pledged to lead the organisation with integrity, transparency, accountability, inclusiveness and respect for the diverse interests of its members.
She said her administration would work with the leadership and members to address challenges relating to access to finance, infrastructure, taxation, regulation, skills development, technology, market access and the changing demands of the global economy.
Chukwu expressed concern over the decline of Nnewi’s industrial base, noting that several businesses had divested to other parts of the country and abroad.
“I’m pained that many manufacturing companies have left Nnewi. Some have also gone moribund. The few that are left have had to grapple with insecurity and rising cost of energy.
“A town that could hold its head and shoulders high no longer can compete favourably in the global business and economic community. It now limps and has become almost etiolated in its commercial activities.
“Repositioning Nnewi as Africa’s Premier Hub for Commerce, Manufacturing and Enterprise Development is a responsibility for all business owners in Nnewi. It’s a responsibility for the Nnewi Chamber of Commerce, Industry, Mines and Agriculture,” she said.
Chukwu also pledged to promote a culture of innovation and competitiveness and sustain the recently launched Igbo Apprenticeship Programme, popularly known as Igba-Boi, to create greater economic opportunities for the community.
She said her administration would focus on strengthening the voice of the Chamber and its contribution to employment and economic development.
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“We shall also place emphasis on supporting small and medium-sized enterprises, encouraging young entrepreneurs, promoting women in business, facilitating access to relevant information and opportunities, and strengthening partnerships with government and financial institutions, development organisations, universities, research institutions and other chambers of commerce,” she said.
The outgoing NCCIMA President, Chief Sir Moses Ezukwo, described his two-year tenure as a period of service, learning, challenges, collaboration and meaningful progress.
He listed some of his achievements as the establishment of the Board of Trustees, hosting of the Nnewi Economic Summit, the Tax Reforms Programme initiative and the Igbo Apprenticeship Programme, among others.
Ezukwo thanked his executives, board members, committees and other stakeholders for their support and cooperation, urging them to extend the same support to his successor.
“My greatest wish is that the incoming administration will build on the foundation we have laid, introduce new ideas, strengthen existing programmes and take the Chamber to even greater heights,” he said.
The event, which attracted government officials, captains of industry, traditional and religious leaders, among others, featured award presentations and the unveiling of the NCCIMA architectural building.
