Charles Anyiam-Osigwe
The economic discourse surrounding Nigeria’s Southeast has long been characterized by comparisons with the Southwest, often highlighting disparities in corporate dominance, technological innovation, and global integration. While these discussions provide critical insights, they frequently overlook the region’s inherent strengths and potential for transformation. Beyond rhetoric and academic debate, what tangible steps can be taken to reposition the Southeast as an economic powerhouse?
1. Industrializing the Southeast: Moving from Trade to Production
The Southeast’s historical dominance in trade and commerce is undeniable, but the sustainability of this model in a digitalized global economy is questionable. The real economic shift must involve large-scale industrialization—transforming the region from a hub of middlemen to a center of production and manufacturing.
Key Actions:
Expand Aba and Nnewi’s Manufacturing Capabilities: The commercial cities of Aba and Nnewi have long been known for their ingenuity in manufacturing. However, without access to structured venture capital and policy incentives, they remain largely informal. The government must establish special economic zones (SEZs) that provide tax breaks, infrastructural support, and financing for businesses in textiles, automobile parts, and consumer goods production.
Public-Private Partnerships (PPPs) for Industrial Growth: Rather than waiting for government intervention, Southeast business moguls must pool resources to fund large-scale industrial projects. An Industrial Renaissance Fund—jointly financed by diaspora investors and local stakeholders—can provide long-term capital to manufacturing firms.
Strengthen Trade Agreements with ECOWAS and Beyond: The Southeast’s businesses should target West African markets for expansion. By formalizing trade relations with Ghana, Ivory Coast, and Senegal, manufacturers can access a broader consumer base and reduce dependency on the domestic Nigerian economy.
2. Creating a Structured Tech Ecosystem
The narrative that the Southeast has lagged in technology is partly true, but the solution is not merely catching up—it is creating a distinct, tech-driven economic identity.
Key Actions:
Develop Tech Innovation Hubs in Enugu, Owerri, and Aba: These cities should house well-funded incubators and accelerators that provide training, mentorship, and access to international venture capital.
Leverage the Igbo Diaspora in Silicon Valley and Beyond: The Southeast has a vast diaspora presence in global tech firms. Strategic networking initiatives should focus on channeling their expertise and investment back home. A Tech Founders’ Fund, financed by diaspora professionals, could seed innovative startups.
Target High-Paying Remote Work Opportunities: Rather than waiting for Lagos-based startups to trickle into the region, a robust remote work training program should be established. By equipping thousands of Southeast youths with skills in software development, AI, cybersecurity, and digital marketing, the region can tap into the global remote work economy.
3. Nollywood and Creative Industries: Scaling a Billion-Dollar Sector
One of the most overlooked assets of the Southeast is its control of Nollywood, a multi-billion-dollar industry with global appeal. Unlike Afrobeats, where Yoruba artists dominate, Nollywood remains largely driven by Igbo filmmakers, producers, and investors.
Key Actions:
Establish a Nollywood Investment Fund: By structuring investment into film production, the region can ensure that movies are globally competitive, securing distribution deals with Netflix, Amazon, and major film festivals.
Create a Southeast Film Academy: Training the next generation of filmmakers, screenwriters, and actors will solidify Nollywood’s dominance and enhance global recognition.
Develop Cinema Infrastructure in the Region: The absence of major cinema chains in the Southeast limits revenue potential. Encouraging film investors to establish multiplexes in Enugu, Owerri, and Abakaliki will boost the local film economy.
4. Leveraging the Igbo Diaspora for Investment and Workforce Placement
The Southeast boasts one of the strongest diaspora networks in Africa, with billions of dollars in remittances annually. However, much of this capital goes into real estate rather than productive economic sectors.
Key Actions:
Create a Structured Diaspora Investment Channel: A Diaspora Investment Bond, backed by state governments, could finance infrastructure, industrial projects, and tech startups.
Strategic Workforce Placement in Global Firms: Rather than simply celebrating Igbo professionals in the diaspora, there should be deliberate policies to place more Southeast graduates in global companies. The government and private institutions should fund scholarships that guarantee access to high-paying corporate jobs in tech, finance, and consulting.
5. Policy and Governance Reforms to Support Economic Growth
For any economic strategy to succeed, governance must be efficient, transparent, and business-friendly.
Key Actions:
Improve Infrastructure: Reliable electricity, modern roads, and internet access must be prioritized. Without these, industrialization and digital transformation will remain theoretical.
Ease of Doing Business Reforms: Southeast states should simplify business registration, tax policies, and access to land for investors.
Security and Stability: No economic growth is possible without security. Addressing challenges such as rural banditry, kidnapping, and political instability is critical for attracting investors.
Conclusion: A New Economic Blueprint for the Southeast
The Southeast does not need to replicate the Southwest’s model; it needs to refine its strengths while integrating into emerging global trends. The focus should be on industrialization, structured venture capital, tech-driven innovation, Nollywood expansion, and diaspora economic engagement.
Rather than lamenting economic disparities, the region must adopt practical, actionable steps to secure its place in Nigeria’s future economic landscape. The time for rhetoric is over—it is time to build.