Last week, Nigeria witnessed yet another transfer of power at the highest level, marking the beginning of a new era with fresh faces entering the political scene. The events leading up to this moment were captivating, with hopes, dreams, agendas, and politicking shaping the outcome on May 29, 2023. The significance of this transition will undoubtedly be recorded in the annals of history and will greatly influence our future as a nation.

Nigeria has a new President. New policies and tough choices will be made and these will directly impact the people. How we choose to view and adjust to this reality will in so many ways determine our future as a people.

As a farewell gift to Nigerians, President Muhammadu devolved powers from the exclusive list to the concurrent. The amended legislation will allow States to take the lead on, among other things, the development of intra-state railways, power generation, and distribution, etc. Although this devolution of power increases States’ responsibilities, it does not provide immediate income streams. However, if we must operate true federalism in Nigeria, it was a step in the right direction.

The new President, H.E Bola Ahmed Tinubu, GCFR is recognized as an astute political leader with an eye for economic development. To ensure Nigeria's success under his administration, we must explore alternative means of funding critical infrastructure projects that can catalyze economic growth. An exemplary project is the dredging of the River Niger and operationalization of the river ports, which alone has the potential to boost the economies of the South-South, South-East, and North Central regions by at least 25% over the next four years.

Coming back to the Southeast, I was recently in a discussion about the urgency for regional economic cooperation of the South-East. In the past, the region has prioritized individual State interests over collective interests. Now, the situation is even more unique; in 5 States, we have 4 different political affiliations. Despite this, now more than ever, the region has to present a united front; it’s the only way we can grow and fast.

For far too long, we have been embroiled in internal disputes, vying for the supremacy of states. We have argued over the “leader” of the Igbo race and have succeeded in becoming more divided than necessary. While we warred, the South-West region successfully organized several initiatives towards promoting their collective prosperity.

The South West States jointly established the Development Agenda for Western Nigeria (DAWN) with a singular brief of charting an integrated economic development plan for the region. In 2017, the Southwest region led by their Governors, published a communique outlining a 25-year master plan for collective development. While the BRACED commission was set up to sync the development efforts of the Oil rich South-South. Similar cases of regional integration can be found in the northern States’ approach towards economic development - the Zero Oil agenda of Northern Nigerian States.

With new leaders at the helm, we have a unique opportunity to learn from past experiences. The South-East region is currently home to the largest concentration of markets in West Africa and possesses a River Port that could significantly boost trade and commerce. The region attracted about 37 million USD in Foreign Direct Investment as of 2022 despite its N22 trillion economy! There is enormous room for significant investment upside if we come together.

It is time for the South-East region to seize the moment and embrace the imperative of regional integration; we urgently need to chart a new course that will deliver socio-economic stability and economic prosperity. With a new era dawning and fresh leadership, we have a unique opportunity to unite and unlock our true potential.

For starters, we should push for the passage of the South East Development Commission bill (passed its 2nd reading at the Senate) and the constitution of its leadership. Beyond that, we should focus on maximizing the powers recently devolved to States - a Regional Rail project, gas pipeline infrastructure, and an independent power project are good starting points. A coordinated approach will surely unlock the South East and spur our collective prosperity.

By implementing a new regional industrial plan that highlights the agro-economy of Ebonyi, the rich natural resources and tourist attractions of Enugu, the vibrant commerce of Abia, the oil and gas potential of Imo, and the trade expertise of Anambra, the region can once again become a thriving economic powerhouse.

There was a country and we can regain that glory.