“THE PIONEERING ROLE OF DR. VICTOR OKEZIE IKPEAZU IN SME’S PROMOTION AND DEVELOPMENT IN NIGERIA GIVEN GREATER MOMENTUM BY THE SOUTH EAST REGIONAL STAKEHOLDERS FORUM ON EASE OF DOING BUSINESS IN NIGERIA”

COMMENTARY BY TEMPLE UGWUZOR, A PUBLIC AFFAIRS ANALYST.

The Presidential Enabling Business Environment Council (PEBEC) is a Presidential initiative under the Chairmanship of the Vice President, His Excellency, Professor Yemi Osinbanjo SAN, GCON with the core mandate of fashioning out strategic approach of building and enabling business environment using MSMEs as a “Case Study” of Taking Ease of Doing Business to all Nigerians.

The Governor of Abia State, Dr. Victor Okezie Ikpeazu because of his passion for MSMEs development, and knowing too well the urgent need to embrace the new Presidential initiative, if MSMEs are to play the pivotal role of ensuring meaningful and sustainable growth in the economic development of developing countries.

To this end, all the stakeholders in the development of MSMEs, that is Government, private sector and banking system, must co-operate to ensure that the subsector is given the necessary fillip to play its role effectively.

Therefore in line with his Economic Transformation Agenda which is anchored on MSMEs as a development initiative, Dr. Victor Okezie Ikpeazu opted to host the maiden “South East Regional Stakeholders” forum on Ease of Doing Business in Nigeria, with the “Theme, Ease of Doing Business Reforms Implications for SMEs”.
It is crystal clear from the deliberation and papers presented at the occasion by the Deputy Governor of Abia State, Sir Udo Oko Chukwu, the Senior Special Assistant to the President on Industry, Trade and Investment and Secretary to the Presidential Enabling Business Environment Council (PEBEC), Dr. Jumoke Oduwole, Representatives of the various Government in the South East, the private sector, and most importantly, the keynote address of Dr. Victor Okezie Ikpeazu, the Executive Governor of Abia State that the time was apt for Government at the different levels of Governance more especially the federal government to step up efforts at providing an enabling environment such as macro-economic stability, adequate infrastructural facilities, security of lives and properties, removal of critical bottlenecks and Bureaucratic constraints to doing business in Nigeria, as well as seeking broader financial options for MSMEs development.

Furthermore, the Entrepreneurs on their part must cultivate the right attitude that would engender partnerships and pooling of resources. The overriding factor is to improve on the country’s rankings on the World Banks EODB (Ease of Doing Business Rankings) which is currently at a dismal level of 145. This is understandable because there is a strong correlation between a country’s “Ease of Doing Business Ranking” and its economic prosperity.

With this in mind, Dr. Victor Okezie Ikpeazu has built an ultra modern edifice for the Abia State Investment House. It is a “One-stop-shop” with state of art equipment and full digitization of all processes to provide first hand and adequate information for those willing to do business in Abia State. The purpose is to provide improved and adequate public service delivery as well as the creation of an enabling business environment for businesses to thrive.

The focal point of the Government of Abia State under Dr. Victor Okezie Ikpeazu remains removing bottlenecks and fostering transparency, accessibility, efficiency and affordability of quality service.

The overall objective of the Governor is to make Abia State the most preferred investment destination in Nigeria. For instance, Aba has been recognized as the headquarters or capital of MSMEs in Nigeria, notably Aba where you have large number of SMEs in their clusters, and this was echoed by Prof. Yemi Osinbanjo who was then Acting President during his state visit to Abia State.

In this regard, Abia State government is partnering with federal government to provide steady power supply at Ariaria International Market area of Aba with 10,000 shops already connected, attracted federal government support for MSMEs at Aba leading to Executive Order prioritizing procurement of Aba made brands and facilitated direct sales valued at over N1.3billion from NAVY, NYSC, Army, IDP Camp, etc for Aba brands; ongoing construction of Umukalika leather and garment cluster as well as the ground breaking ceremony of Industrial Park/Clusters at Ovom, Obingwa LGA and Training of 30 shoe makers in China on automated shoes production. This has undoubtedly, given boost to MSMEs development in Abia State.

The overall interest of the Governor is to promote efficiency and competitiveness in the sub-sector. By these initiatives, it is understandable that the Governor is determined to unleash the potentials of the private sector by building a private sector that is strong and resilient to global competitiveness and can contribute meaningfully to the sustainable growth of the state’s economy.
To fully consolidate his effort on the Ease of Doing Business in Abia State, the Governor’s Economic Reform Agenda in providing an enabling environment for business growth could be looked at from the following perspectives;
1. Proper macro-economic policy to ensure macro-economic stability of the economy of the state to withstand the effect of business cycles and global economic changes.
2. Economic security i.e through the provision of adequate security for lives and properties. It also includes provision of jobs and capacity building for those willing and able to work. This will supposedly help to reduce crimes in the society. The launch of the Abia State Security Fund recently by the Governor demonstrates the political will and commitment of his administration to deal decisively with the issue of security in the state.
3. Proper legislative provision i.e. by making laws that are investment friendly by the State Assembly. This shows a synergy between the Executive and Legislative in the state.
4. Proper Tax Regime and Reforms: To attract investment and enhance the Ease of Doing Business in the state. The ultimate aim is to boost Internally Generated Revenue (IGR) and lay a good foundation for sustainable economic development.
5. Massive Infrastructural Development all over the three (3) Senatorial Zones in the state through the provision of roads, water, electricity, communication and improved healthcare delivery systems as well as construction, rehabilitation and furnishing of primary and secondary schools in the state. Notably in Aba, the economic hub of Abia, South East/South South the Governor has embarked on massive road construction, reconstruction and rehabilitation to boost commerce and restore the past story of Aba as the “Japan of Africa”.
6. Economic Reforms and Agenda that would engender and engineer collaborative initiative between the Government and the private sector. In this regard, the Governor has established a dedicated Ministry for Micro Small Medium Enterprises (MSMEs) Development to address the peculiar needs of the sub-sector.
7. Prudent Fiscal Management: With the meagre resources at his disposal the Governor has put many projects on ground, for example, 42 road projects have been completed and 72 other projects are on-going.

This explains why the Second Term Bid of the Governor in office as the Governor of Abia State is important to enable him consolidate the laudable achievements he has made within a record time irrespective of many challenges and distractions.
Finally, the pioneering role of the Governor as mentioned inter-alia will in no small measure motivate other states in the South East Region to replicate his achievements and Pan African posture on development to build a strong and Resilient Economic Bloc. Statistics show we have both the human and material resources to change our narratives politically, economically and socially.

This is the time of our Economic Renaissance as we see in the “Asian Tiger Nations”. The wind of globalization which is a non-reversible trend makes this Economic Integration very imperative.

I can see a new horizon in the Business Environment in Nigeria, and more especially in the South East Region. I can also see the emergence of a new breed of knowledgeable Entrepreneurs with the capacity to manage enterprises in the market economy.

Finally, I can see young men and women full of energy and zeal to explore and exploit opportunities to make Nigeria great. This is the vision of Dr. Victor Okezie Ikpeazu not only for Abia State but the whole nation.

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