S'East economic summit opens in Enugu
PRESIDENT Goodluck Jonathan inaugurated the board of the Debt Management Office (DMO) charging them to chart new policy initiatives in public debt management that will help the Federal Government accomplish its "transformation agenda" while holding the country's public debt profile at sustainable levels.
He also said the board should review the economic and political impact of both domestic and external debt management strategies that will facilitate private sector access to long term capital for the transformation of the economy.
The President said this has become important because of the challenges posed by the current sovereign debt crisis in Europe and the United States U.S. that threatens the global economy and emerging economies like Nigeria.
Meanwhile, the Southeast Economic Summit has begun in Enugu to fashion a rapid path to modern development of the geopolitical zone.
It is being attended by political and business leaders as well as other stakeholders such as Governors Sullivan Chime (Enugu State), Peter Obi (Anambra) Theodore Orji (Abia) and Deputy Governor Jude Agboso (Imo). In attendance also were President General Ohanaeze, Ralph Uwaechue; former Anambra governor, Chukwuemeka Ezeife; Navy Commodore James Aneke (rtd); former Central Bank Governor, Prof. Charles Soludo; former Union Bank Chairman, Dr. Kalu U. Kalu; Ohanaeze chieftain, Dr. Joe Nworgu; Senators Uche Chukwumerije; Enyinnaya Abaribe and Chris Anyanwau and former Managing Director of Champion Newspapers, Bob Ogbuagu among others.
The DMO was set up 12 years ago with responsibilities of approving policies, strategies and procedures which are to be adopted by the office for the achievement of its mandates. They are also to review the economic and political impact of both domestic and external debt management strategies and address the numerous deficiencies in the management of the nation's debt.
Stating that he is aware DMO faces a number of "peculiar constraints", Jonathan challenged the board with Vice President Namadi Sambo as chairman and coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala as vice chairman, "to guide the DMO to develop requisite frameworks for prudence, effective and sustainable mobilisation of the used financial resources required to facilitate the transformation agenda of the government while still maintaining the country's public debt profile at sustainable levels."
In his response, Sambo pledged the board's determination to ensure that the DMO gets all the necessary guidance and support towards attaining its mandate.
Other members of the board include Dr. Olusegun Aganga (Minister of Trade and Investment), Mr. Mohammed Bello Adoke (Attorney General of the Federation and Minister of Justice), Dr. Nwanze Okidegbe (Chief Economic Adviser to the President), Sanusi Lamido Sanusi (Governor of the Central Bank of Nigeria - CBN), Director of Budget (Bright OKogu), Accountant General of the Federation and the Director General of DMO, who doubles as secretary of the board.
At the economic summit, former Senate President, Ken Nnamani, reviewed the journey of Ndigbo since independence, declaring that Igbos are behind their economic and political woes in the country.
Nnamani stated that until the zone would agree and speak with one voice devoid of sentiments as well as reduce the blind quest for money, political and economic development would continue to elude the area as well as place it on the lowest ebb among the six geo-political zones of the country.
Nnamani spoke of the need for the people of the zone to return to basics and lay more emphasis on values that could sustain the economy of the zone so as to make it compete favourably with countries like South Korea and Malaysia.
He spoke as governors of the southeast pledged their readiness to continue to provide the atmosphere that would make investments thrive in the region as well as encourage productive ventures.
Nnamani said the Southeast was blessed with fertile soil and strong will of her people to succeed in any venture, stressing that the quest for material wealth, disharmony and selfishness among her leaders have robbed it of the opportunity to play big in the entity called Nigeria.
He recalled that in the early 1960s, the zone was one of the leading economies of the country, providing the resources that led to the development of the entire region. He however, explained that hard work was thrown to the dust the moment Ndigbo dropped the values they were known apparently for ephemeral benefits.
He said: "We have made ourselves the laughing stock of the rest of the nation by cheapening ourselves for any little opportunity. We can hardly agree on any issue. We attach much emphasis on personal issues. Each person is busy acquiring wealth just for his family and no longer do we think about the common heritage that binds us together; if they say we are playing second fiddle, it is because we want to play second fiddle, because we have left what we are suppose to do to begin to pursue cheap money that can enable us buy the biggest cars on earth. We no longer think about tomorrow or investments that could lift us further".
Nnamani said for the Southeast to move further, it must take pride in education as well as entrench new values and measures that must portray commitment and disabuse the mind from gratification. He said those who must go into politics must have firmness so as to offer politics of service and not see the office as that meant to enrich themselves.
Chairman of the event, Dr. Kalu said the world has witnessed massive development, stressing that there was a wake up call on Nigeria to lead other African countries in the economic development of the continent in which the southeast should not be left behind.
He said the two-day summit with the theme, "Creating a 21st century economy for the Southeast, Nigeria", was apt following the collapse of infrastructure in the zone, which he said has accounted to the level of unemployment and under development of the zone.
He said it was lamentable that the zone, which was the leader in the economic drive of the country had now acquired the toga of a zone known for insecurity, kidnapping, armed robbery among other frightening vices, stressing that there was need for the leaders to look inwards to restore the zone to her rightful position.
"This insecurity is driving away prospective investors and I dare ask where did we learn this? This was not in our culture, we are known for hard work, resilience and the skill of the Igbo man speaks for him anywhere he was found; that is why today's event is very important for us because our people have decided to come together for the first time. I believe there is hope if we can stick to this", he said.
He said the Federal Government under President Jonathan has shown commitment to restore the wobbling economy, stressing that all that the Southeast needed was to articulate their views and key into this so that the zone would return to productive ventures and reduce over reliance on federal allocation.
Chime, who spoke on behalf of the five other governors, said they have agreed to support ventures that could restore the zone to greater productivity, stressing that the Bank of Industry, which recently established an office in Enugu would play a great role in the desires of the zone.
He urged the people to shun negative vices that have placed the zone as a disadvantaged one and come up with initiatives and ideals that would lead to the restoration of the economy of the Southeast, stressing that there were several resources yet to be tapped that could develop the South-East.
Summit planning committee chairman, Chief Chris Obiefuna said it was conceived to act as a catalyst for translating into reality the various ideas and ideals that have been conceptualized in earlier conferences and summits for the economic development of the zone.
He said it would provide the leverage on the institutional frameworks and initiatives already developed by other economic sub-regions and interventionists organisations in the zone as well as call for concrete affirmative actions.
The Guardian