South East Nigeria, comprising the greater part of Nigeria’s old Eastern Region was between 1958-1967 adjudged to be the fastest growing economy in the world, growing at above 9 percent APR within that period. Today the story is no longer the same. The economic indices of South East may have since nose-dived comparatively due to many fundamental challenges including the almost three years fratricidal civil war which ravaged and devastated the eastern landscape, the increased migration of human and capital resources out of South East as after effects of the civil war, and the absence of a clear regional agenda where five sub-national governments operate independently.

The people of South East Nigeria are predominantly traders, merchants and businessmen. In major cities of Nigeria and Africa as a whole, the people dominate and control trade and commerce, and have established themselves as import and export merchants.

Onitsha and Aba markets in the region were once the largest markets and commercial powerhouses of West Africa based on geographical size and volume of goods, attracting visitors from all over Nigeria, the ECOWAS countries of West Africa, and as far as Central Africa. Sadly, the region may have lost this preeminent rating to other regions, due to this itinerant nature. The people of South East have huge human and material capital, but that capital is mostly alien to the region. This is because South Easterners find it more attractive to invest in other parts of the country where the business environment enables their businesses to be more profitable. For instance, places like Lagos, Port Harcourt, Kano and the FCT are strategically located, have better-connected transportation networks, and a thriving business ecosystem that makes them magnets for global investments than the South East.

The region used to be leader in innovation and technology advancement, but what seems like a reversal has led to low business innovations and technology penetrations. Low capital inflow and absence of strong institutions have also contributed to driving businesses, investments and wealth out of South East.

Although a significant percentage of Nigerians in the diaspora are from the South East, capital repatriation and remittances are mainly not invested in the South East States, as most of the remitted funds are for consumption and sustenance, while the remaining is mostly used to build country homes in the villages, which generate no short or long-term income, revenue or profit. Thus, the South East region is currently not getting appreciable foreign direct investment (FDI) because of absence of positive actions to drive investments into the Region.