• Ford, TBWA drew investors to Nnewi

Former Deputy Governor of the Central Bank of Nigeria, CBN, and presidential candidate of the Young Progressive Party, YPP, Prof. Kingsley Moghalu, has called on the federal government to make Nnewi a full manufacturing hub in Nigeria to serve as a panacea for the chase for foreign investment.

Moghalu, who made the call weekend during the Nnewi 2020 Investment Summit contended that Nnewi would hardly become a successful manufacturing hub based on the efforts of the private sector alone hence the need for the federal government to provide the necessary amenities to make businesses thrive in the area.

Muoghalu who was the lead speaker at the event lamented that the federal and state governments in Nigeria are always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.

He said, “Nnewi is the only industrial town in the whole world that is growing without the support of government. A huge manufacturing hub that was started from the scratch by indigenes of the town and has continued to grow without the support of the government.

“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here?

L-R, Hon Chris C. Azubogu, member, Federal House of Representative, representing Nnewi North/Nnewi South/ Ekwusigo Federal Constituecy Mr Kelechi Nwosu, managing director,TBWA /Concept Unit & Fuse Communication, Mr Ike Chioke, group managing director, Afrinvest (West Africa) Limited Dr Jumoke Oduwole, special adviser to the president on Ease o Doing Business, Prof Kingsley Moghalu, former deputy governor, Central Bank of Nigeria, Dr Chukwueloka Umeh,MDCEO, Century Power Generation Limited and Hon Jide Ikeako, MD/CEO, Anambra State I vestment Promotion & Protection Agency during Nnewi Investment Summit 2020 held in Nnewi Anambra State on Friday 7 Febuary 2020.

“Let me tell you, manufacturing sector is the easiest way to grow the economy of a country. It doesn’t matter the number of mineral resources you have. How many mineral resources does China have? You can only survive by manufacturing and exporting your products, and that is why China is surviving today.

“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come. Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” Muoghalu said.

Muoghalu also tasked the Nnewi business community to show maximum interest in politics. He contended that politics influences public policy, and that when the right kind of people are in  political offices with ideas that can drive business and manufacturing, then, businesses would not face as many problems as they were facing presently in Nigeria.

Mr Kelechi Nwosu, the CEO of TBWA, a leading marketing company and co-sponsors of the event in his welcome address said that the summit is an inaugural event put together to rub minds on ways to scale up growth in Nnewi.

Earlier, the member representing Nnewi North, Nnewi South and Ekwusigo Constituency at the national assembly, Hon. Chris Emeka Azubogu, said the dream of the greater Nnewi industrial hub could be achieved when government provide needed infrastructure to drive manufacturing and also reshape policies that would help drive industries.

L-R, Mr Obiora Obiabunmo, senior special assistant to Gov Willie Obiano on Economic Planning, Budget and Development Partners, Chief Uche Nworah, managing director, Anambra Broadcasting Service(ABS) Hon Chris E Azubogu, member, House of Representatives, Dr Nkem Okeke, deputy governor, Anambra State, Mr Ike Chioke, group managing director, Afrinvest ( West Africa) Limited and Dr Chukwueloka Umeh,MD/CEO, Century Power Generation Limited during Nnewi Investment Summit 2020 held in Nnewi Anambra State on Friday 7 Febuary 2020.

According to him, “Government has to work hard to ensure that the policy on energising the economy works in Nnewi. Again, Nnewi business community has to generate power locally; I mean independent power source. When we get reliable, affordable and sustainable energy and support it with what we are getting from the national grid, it will stimulate both economic and industrial growth.”