The Nsukka Chamber of Commerce, Industry, Mines, and Agriculture(NSCCIMA) has said that time has come to transform Nsukka Economic Zone into a commercial/industrial hub in Enugu State, giving the state two centres of economic activities
To achieve this goal, NSCCIMA has proposed the establishment of N1 billion Enterprise Development Programme Fund(EDPF) for stimulation of economic growth in the Nsukka Economic Zone.
President of NSCCIMA, Sam Otoboeze made the proposal in his address at the statewide townhall and stakeholders engagement of the Presidential Enabling Business Environment Council(PEBEC) held in Enugu.
He described Nsukka Economic Zone as “one of the commercially viable and strategically positioned growth corridors in Nigeria” hence the urgent need for “catalytic intervention” to develop the huge economic potentials of the zone.
“With the intellectual advantage of the University of Nigeria, Nsukka, extensive agricultural resources and a vibrant hoith population, Nsukka possesses enormous potential for agro-industrialisation, SME expansion, food processing, innovation-driven enterprises, and export-oriented production,” he said.
According to him, the proposed intervention fund, which should be managed by NSCCIMA, would be used to support SMEs, youth entrepreneurship, women-led enterprises, agro-processing cooperatives, and enterprise incubation initiatives within the Nsukka Economic Zone.
Otoboeze stated that a conservative projection indicates that within the first 12 months, the Fund would be able to support between 1,200 and 1,500 SMEs and small traders, and empower over 1,000 youth and women enterprises.
Within the same period, the Fund would also generate between 2,500 and 3,500 direct jobs, stimulate 7,000 to 10,000 indirect economic opportunities, strengthen agro-processing and rural production value chains, and enhance youth economic engagement and community stability.
The NSCCIMA President said that under a year the Fund would “catalyse between N2.8 billion and N5 billion in measurable economic activities within the regional economy”.
On a five-year forecast, he said that the proposed intervention fund “is conservatively projected to generate between N15 billion and N30 billion in cumulative economic activities”. This, according to him, would come about through expanded enterprise turnover, agro-processing value addition, market growth, employment generation and private sector reinvestment”.
Otoboeze stressed the huge economic benefits inherent in stimulating growth of the Nsukka Economic Zone, saying that “the opportunities are immediate and scalable”.
He pointed out that the popular Ose Nsukka (Nsukka pepper) alone “has the potential to evolve into a globally recognised agro-export brand through coordinated investment in cultivation, processing, packaging and certification”.
“Similar opportunities exist in honey production, cassava processing, cashew value-chain development, and integrated agro-processing clusters capable of generating thousands of jobs while significantly expanding rural productivity and enterprise growth,” Otoboeze said.
He regretted that notwithstanding the existence of the huge economic opportunities, many SMEs, petty traders and small-scale entrepreneurs across Enugu State “continue to experience significant operational pressures”.
According to him, the drawbacks were as a result of “rising business costs, limited access to financing and the practical adjustment challenges associated with evolving tax and regulatory frameworks”.
The NSCCIMA President commended Governor Peter Mbah for the deliberate policy initiatives of his administration, which has improved the investment climate of Enugu State as well as “laying the foundation for inclusive economic growth and long-term enterprise sustainability across the state”.
He stated that “Enugu State today possesses the strategic fundamentals required to emerge as one of Nigeria’s leading destinations for enterprise, investment and agro-industrial development”.
“With its entrepreneural population, expanding infrastructure, strong educational institutions, and vast agricultural potential, the state is naturally positioned for rapid industrialisation and enterprise growth,” Otoboeze said.
He, therefore, stated that economic expansion of Enugu should be pursued vigorously, noting that stimulation of growth in the Nsukka Economic Zone would significantly strengthen the internally generated revenue(IGR) base of the state.
“The proposed EDPF should therefore be viewed not merely as a support intervention, but as a strategic economic investment capable of accelerating enterprise development, deepening rural productivity and expanding the long-term revenue capacity of Enugu State,” the NSCCIMA President said.
