By Francis Igata

With a proposed investment summit scheduled to hold next month, the Enugu State government appears set to launch an economic blueprint which Governor Ifeanyi Ugwuanyi describes as a “one-stop-shop” for all manner of business opportunities in the area. Tagged “Oganiru Enugu State World Investment Summit,” the programme, according to government, is expected to attract prospective investors to exploit the abundant resources in the state. The move comes at a time when governments at various levels in the country try to find alternative sources of income independent of the dwindling crude oil revenues.

The summit

Ugwuanyi

Designed to be a “work-the-talk summit,” government insists that prospective investor-participants at the summit will be required to sign the necessary documents in order to commence activities in their chosen sectors of the state’s economy.

The planned investment summit followed advice from the Economic Advisory Committee, inaugurated last year with a charge to chart an economic blueprint that will attract prospective investors for job creation, improved living standard and boost the state’s Internally Generated Revenue, (IGR).

Briefing reporters at the Government House, the Director General, Enugu State World Investment Summit, Ike Chioke, an investment banker, explained further that the summit will target a number of sectors, including solid minerals, power generation and distribution, agriculture and processing, tourism and hospitality, health tourism development, transportation, including aviation and railway, ICT, media, entertainment, manufacturing, industrial park, real estate, tertiary education, among other areas of investment.

Also as part of measures to generate more revenues for the state, Ugwuanyi on assumption of office last year took steps to revamp the fortunes of 17 ailing industries and also reconstituted the state’s Council on Privatization and Commercialization. The Deputy Governor, Mrs. Cecilia Ezeilo, heads the Enugu State Council on Commercialization and Privatization while Chioke also doubles as head of the Enugu State Technical Committee on Privatization and Commercialization.   Ugwuanyi has since mandated the two bodies to reposition the economic outlook of the state in a manner to attract investors. According to the Governor, members of the committees

must swing into action immediately and effectively spearhead the drive for credible and suitable investors to turn around the fortunes of the affected enterprises and companies. Ugwuanyi believes that the council and the committee have vital roles to play in the economic revival and the stability of the state in a moment of economic hardship and “give fresh impetus to the current efforts by the government to attract direct foreign and local investments to the state as part of its commitment to turn the state into a major hub for economic activities in the country.”

In fact, recent developments in the state as well as the current efforts at economic revitalization and general development of the state point towards an execution of the Governor’s earlier pledge to fulfil his campaign promises  targeted at improving the living standard of people. Delivering his inaugural speech on May 29 last year at the Michel Okpara Square, Ugwuanyi said that he was committed to tackling the prevalent state of economic quagmire including a reported domestic debt burden of over N60 billion.

According to Ugwuanyi, “if former President Franklin Roosevelt could lead America out of depression and if President Barak Obama could lead the Americans out of the economic melt-down, I believe that we too can turn the present economic challenges of Enugu State into huge blessings. Since it is knowledge-driven economies and not oil-driven economies that rule the world, I believe that this is another great opportunity for Enugu State and indeed Nigeria to look inwards and harness those potentials which free oil money has blinded us from exploiting. It is an opportunity to live to our full potentials and discard the feeding bottle federalism syndrome.”

Summit’ll expose Enugu to international community

Reacting to the forthcoming summit, a resident of Enugu, Mrs Nkechi Igwe, told Saturday  Vanguard that the programme will expose the state to the international business community. According to her, “we are blessed with coal which can be used as an alternative source of power supply that is at the heart of any socio-economic development. If we have an investment in the coal-for-power area, then 70 per cent of our problems are solved.

We equally have limestone deposits, crude oil, discovered at Uzo-Uwani local government area. Enugu State is now a free trade zone which opens the state as an investment destination given the international airport, the 9th Mile Corner among others. If all the ailing industries can be revived, a chunk of the teeming unemployed youth will have access to jobs. Statistics from Nollywood showed that Enugu State is the second best location for movies aside Lagos State.

If we sign up with investors to build a film village in the state, it will turn around the economy, create jobs and boost IGR. We cannot wait to feel the import of the summit.”