Former Aviation Minister Chief Osita Chidioka has challenged governors in the South-East to collaborate with private sector leaders to regain Onitsha’s historic status as a premier commercial center. Speaking at the inauguration of Sir Chinedu Nwogu as the 16th President of the Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA), Chidioka highlighted that the region suffers from a lack of local bank headquarters.
Chidioka argued that while the South-East contributes substantially to national bank deposits, businesses in the area face limited credit access. He suggested that state authorities offer tax incentives to entice financial institutions to establish home bases within the region. According to him, hosting these headquarters would foster investment and streamline capital access for local enterprises.
Addressing security and economic growth, Chidioka emphasized the need for a dual approach involving robust law enforcement and social initiatives like education. He also pushed for businesses to formalize their operations to improve the region’s overall economic standing and tax contributions. ONICCIMA is expected to play a central role in helping entrepreneurs reach these goals.
In his opening remarks, Sir Chinedu Nwogu identified infrastructure deficiencies, electricity shortages, and insecurity as primary barriers to growth. He committed his administration to engaging with government officials to advocate for policies that lower the costs of doing business. Nwogu plans to promote Onitsha globally through trade fairs and summits to draw investment into sectors such as manufacturing, technology, and real estate.
