Agbo Edo, a forest land which belonged to Edo Nnewi deity was cleared to make way for a new market called Nkwo Nnewi market. The developement of this market propelled the fast development of the local economy.
As a fast developing city and a major industrial and commercial hub in Africa, Nnewi experiences voluminous financial activities, therefore hosts major banks, and other financial institutions. Industries are dotted around the city and adjoining towns. Palm oil, cosmetics, motor, and motorcycle spare parts, books, and stationeries, textiles, electric cables, and so on are produced in commercial quantity in the area. As a result, Nnewi is commonly refers to as the “Japan of Africa". Its main trading centers include, Nkwo Nnewi market (the largest spare parts market in west Africa) and Nwafor market, Eke Amaobi market, Eke Ochie, Eke Ichi Market, Orie otube Market, etc.
The main occupation of Nnewi people is trading and farming, therefore they depend mainly on agriculture and commerce for their daily livelihood. Most Nnewian have mbubo (home gardens) and ubi (out-station gardens) were they usually cultivate their farm products. These crops when they are harvested are usually taken to the market for sale. Most of the prime cash crops include oil palm, raffia palm, groundnut, melon, cotton, cocoa, rubber, maize, et cetera. Food crops such as yam, cassava, cocoyam, breadfruit, and three-leaf yam are also produced in large quantities. The location of Nnewi within the tropical rainforest gives it the ecological basis for production of a wide range of tropical agriculture crops with widespread potential for industrial convention.
Nnewi is home to many major manufacturing industries including Ibeto Group of Companies, Cutix and ADswitch, Uru Industries Ltd, Omata Holdings Ltd, Cento Group of Companies, Coscharis of Companies Group, Innoson Group of Companies, Ebunso Nig. Ltd, John White Industries, Ejiamatu Group of Companies, Chicason Group,
