Table of Contents
- Changing Business Investments in the South-East
- Embracing Multi-Generational Institutions
- The Role of Support Services
- Strengthening the Investment Ecosystem
- Building a Knowledge-Based Economy
- Ensuring Business Continuity
Governor Peter Mbah of Enugu State emphasized the necessity for the people of the South-East to transform their approach to business investments.
Mbah, focusing on the importance of creating businesses that endure across generations, urged the Igbo community to transition from personality-driven business models to structured, multi-generational institutions.
He asserted that the Igbo must adopt a framework that guarantees their businesses will outlive their founders to foster growth and maintain the economy of the southeastern region.
Mbah made these remarks in Enugu during the official inauguration of the Afrinvest (West Africa) Limited branch.
Represented by his Deputy, Ifeanyi Ossai, the governor noted that achieving this goal requires support services that facilitate investment, such as those provided by Afrinvest.
“We, the Igbo people, are recognized for our strong personalities. Everyone aspires to own an Ifeanyi Ossai Nigeria Limited. However, we must evolve to establish systems akin to Guinness or Nigerian Breweries that can outlast their founders,” he stated.
“Businesses cannot flourish where there are no support services that promote investments. The type of services Afrinvest provides—from capital mobilization to business structuring—are fundamental to a sustainable economy,” he added.
Ossai described Afrinvest’s establishment as “timely and transformative,” highlighting that the company's diverse services will enhance Enugu’s investment ecosystem.
He emphasized the importance of assisting local entrepreneurs in transitioning from personality-driven business models to structured, multi-generational institutions.
He also mentioned that there is a need to collaborate with the state’s numerous tertiary institutions to motivate students and young entrepreneurs to create sustainable, knowledge-based enterprises.
“With the number of universities in Enugu, we should be at the forefront of a knowledge-based economy,” he remarked.
In his comments, Afrinvest Group Managing Director (GMD), Dr. Ike Chioke, stated that they had intended to enter Enugu three years ago during the tenure of former governor Ifeanyi Ugwuanyi, but it did not come to fruition.
Chioke pointed out that many successful Igbo-owned businesses fail after the founders pass away due to inadequate governance structures.
“There are standardized methods for ensuring business continuity, securing capital, and hiring the right individuals,” he concluded.
Frequently Asked Questions
Why is it important for Igbo businesses to evolve beyond personality-driven models?
Evolving beyond personality-driven models is crucial for ensuring that businesses can survive their founders, promoting longevity and stability in the economy.
What role do support services play in business sustainability?
Support services are essential as they provide the necessary infrastructure for capital mobilization and business structuring, which are vital for a sustainable economy.
How can local entrepreneurs benefit from collaboration with tertiary institutions?
Collaboration can inspire students and young entrepreneurs to develop sustainable, knowledge-based enterprises, leading to a more robust local economy.
