South East Development Commission eyes $1 billion asset base

The South East Development Commission (SEDC) said it is targeting a $1 billion asset base through its South East Investment Company (SEIC) by 2035 and a $50 million South East Venture Capital Program to fuel start-ups and inclusive innovation.

This ambitious plan, according to the commission, aims to drive economic development and unlock the full potential of the region.

The commission stated this in a statement issued on Friday to mark the 100 days of its Managing Director and Chief Executive Officer, Mark Okoye, in office.

The statemenr noted that since its inception, the commission has moved swiftly to establish a coherent strategic direction, define programmatic focus, and build a functional administrative backbone with offices in Enugu, Abia, and Abuja.

“Key initiatives launched in this period include the South East Investment Company (SEIC), designed to drive bankable regional projects with a $1 billion asset base target; a $50 million South East Venture Capital Fund to support startups and inclusive innovation; and the South East Grassroots Recreation Infrastructure Development (SEGRID), a grassroots sports and youth development initiative,” it said.

The commission said it has engaged with all five South-east governors, through virtual public sessions with over 30 federal ministries and agencies, key development finance institutions, organised private sector leaders, academic institutions, and more than 1,000 citizens.

“Already, 3,500 volunteers have registered to support SEDC’s mission,” it added.

Reflecting on the journey so far, Mr Okoye II, said, “The last 100 days reflect our shared commitment to turning the President’s Renewed Hope Agenda into real, lasting change for the South East. I am deeply grateful to President Bola Ahmed Tinubu for entrusting me with this role and to the thousands of volunteers who have rallied around this cause.

“Together, we are building not just an institution, but a movement, one rooted in vision, driven by collaboration, and destined to shape a future we can all be proud of for the South East.”

Looking ahead, the statement said SEDC now shifts its focus to full-scale program implementation, deepening its engagement with state governments, the private sector, civil society, and development partners.

“With a long-term ambition to catalyse a $200 billion regional economy by 2035, the commission enters its next phase with clarity, purpose, and a sense of urgency to deliver tangible results, empower communities, and unlock the full potential of the region,” it said.

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In February 2024, the Senate passed a bill seeking to establish the SEDC.

The bill seeks to establish the commission to manage infrastructural development such as the construction and rehabilitation of roads, houses and other infrastructural damages in the South-eastern region.

The commission will also be empowered to tackle the ecological problems and any other related environmental or developmental challenges in the region, receive and manage funds from the allocation of the Federation Account to execute infrastructural projects in the South-east.