Abuja Chamber of Commerce Joins Forces with SEBIS for $1 billion Investment Initiative

Dr. Ifenna Okwenna, the Director General of SEBIS, unveiled the summit’s theme, “Remaking South East as an Economic Powerhouse,” during a recent meeting with Chief Emeka Obegolu, SAN, PhD, President of the Abuja Chamber of Commerce. The summit, scheduled for later this year, aims to catalyze economic growth by bringing together government leaders, investors, and business professionals.

Historically, South East Nigeria was known for its vibrant economic activities, particularly between 1958 and 1967, when the region boasted an impressive annual growth rate of over 9%. However, decades of challenges—including the civil war and economic fragmentation—have hindered its recovery. Today, the five states of the South East operate largely as independent economies, complicating efforts to establish cohesive economic strategies.

“The South East is home to a resilient population of traders and entrepreneurs who have traditionally thrived in commerce,” Dr. Okwenna stated. He highlighted the legacy of bustling markets in cities like Onitsha and Aba, which once stood as the largest trading hubs in West Africa. Unfortunately, the region has seen a decline in foreign direct investment as opportunities have shifted to other areas perceived as more favorable for business.

In response to this economic downturn, SEBIS aims to reverse the trend by promoting public-private partnerships and enhancing collaboration among the states. The summit is envisioned as a reunion for various stakeholders to explore innovative solutions and stimulate investment in the region.

“This year’s summit will focus on critical issues such as food insecurity and underdevelopment, which are affecting our communities,” Dr. Okwenna noted. He pointed to key sectors for investment, particularly agriculture and industry, emphasizing the importance of agricultural mechanization and value-added production. The South East Feed the Future program, among other initiatives, seeks to tackle hunger and foster sustainable agribusiness practices.

The summit anticipates attracting over 1,000 physical attendees and an additional 10,000 participants online. It will feature a range of activities, including business conferences, panel discussions, and networking events—all designed to facilitate meaningful collaboration and drive economic revitalization in South East Nigeria.

By capitalizing on its abundant human capital and natural resources, SEBIS aims to craft a unified brand for the South East that resonates with investors both locally and internationally. Through this summit, stakeholders hope to lay the groundwork for sustainable growth and enhance economic resilience in the region.

Receiving the high powered delegation of SEBIS on his office in Abuja, Chief Obegolu underscored the Abuja Chamber of Commerce and Industry’s commitment to this initiative, stating their readiness to collaborate with any organization dedicated to fostering industrial and economic growth across Nigeria. “We are eager to partner with SEBIS and other stakeholders to ensure that the South East reaches its full potential as a center of commerce and innovation,” he affirmed.

As the summit approaches, anticipation grows around its potential to redefine the economic landscape of South East Nigeria, positioning the region once again as a key player in the nation’s economy.