Re-Engineering the South-Eastern Nigeria Economy

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The Igbos have been trading for over 500 years ago and this has been sustained by an Apprentice Scheme where a master trains his apprentice for

a while in his trade and settles him later. This built the Igbo fortunes of the past, but the wealth of tomorrow must come from Innovative Ideas. Technology has disrupted virtually all spheres of human endeavor including trading. The revenues of Alibaba and Amazon have made brick and mortar traders look like child's play.

We live in an age where competition is stronger than before. From the MS DOS and BASIC which laid the foundation for the Personal Computing Revolution, trends have come and gone. The technologies of today(Cloud Computing which Social Media Companies embrace to process data), Data Analytics, Software As A Service, Internet of Things which has given birth to connected cars, homes, clothes, health tracking technologies and Artificial Intelligence which has seen drones competing with Humans in Logistics, Security, Health and other sectors. Those who play big in these areas will control wealth more than an Oil Sheikh can comprehend.

In the south-east of today there is growing restlessness among the youths for entrepreneurial empowerment but sadly enough no Business Schools like Lagos Business School which is a world class training institute, Technology Incubators and Accelerators where Startups can receive funding and mentorship to create the solutions of tomorrow.

YCombinator, the world's biggest Technology Accelerator has created companies with not less than $50billion in value. Zhongchiang District in Beijing has created companies with value of over a $100billion. The TelAviv tech corridor in Israel has created tech companies worth billions of dollars creating solutions that have made them the darling of Silicon Valley.

The Solution to this is;
1. Build Research Technology Parks:
All the Universities and Polytechnics in the south-east should have Research and Technology Parks where innovations will be commercialized. They will be seedfunded with grants from the university and private sector to kickstart their projects.

2. Establish Technology Accelerators and Incubation Centres:
These should be set up to train youths with Innovations on how to build a viable business model around it.

3. Establishment of Venture Capital Funds:
The Private Sector in the south-east should create Venture Capital Funds which will discover Innovative Startups and invest in them to create the solutions of tomorrow.

4. Establishment of Business Schools:
Business Schools should be established in key cities in the south-east to train the Igbo traders on modern dynamics of business for their competitive advantage.

5. Establishment of High Tech Industrial Parks and Special Economic Zones:
Hightech Industrial Parks which will concentrate on the manufacturing of automobile/automotive, consumer electronics, medical equipments, fashion, semi conductors, power generation equipments and other products which will boost and improve the fortunes of the south-east. They should be built in Special Economic Zones spread across all the south eastern States.

Read 1526 times Last modified on Tuesday, 02 June 2015 08:13
Nnamdi Odumody

He is an entrepreneur who is very passionate about the transformation of Nigeria & Africa through Entrepreneurship and Innovation.

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