Tinubu Commends SEDC’s Vision to Catalyse $200bn Economy in South-east

Dike Onwuamaeze

President Bola Ahmed Tinubu has commended the vision of the South East Development Commission (SEDC) to catalyse a $200 billion economy in the South-east geo-political zone.

Tinubu gave this commendation,  yesterday when the Managing Director/Chief Executive Officer of SEDC, Mr. Mark Okoye, presented the commission’s first 100 days report card to him.

The SEDC covers five south eastern states, which are Abia, Anambra, Ebonyi, Enugu and Imo States.

Okoye said: “Earlier today (Tuesday), I had the honour of briefing President Bola Ahmed Tinubu, on the 100-day report of the SEDC.

“Mr. President expressed strong satisfaction with our progress — from our bold vision to catalyse a $200 billion regional economy through collaboration with state governments and the private sector, to our #RenewedHope programs and strategy to align SEDC’s efforts with the aspirations of the South-east.”

Okoye added that this moment was deeply significant for students of history.

He stated that, “since the end of the civil war in 1970, no Nigerian President, military or civilian, had granted the South-east’s longstanding request for a development commission focused on reconstruction and rehabilitation.

“Mr. President broke that 54-year jinx. Thank you, Boss.”

He also said Tinubu’s charge to him was clear and unambiguous, which was to “fast-track execution and deliver impact.” 

The goal of the SEDC as it declared in its mission and vision statements is to, “drive sustainable development, economic growth, and unity in the South-east through strategic investments and empowerment initiatives” in a manner that would “position the South East as the preferred investment destination in Africa by 2035

As part of marking of its first 100 days, the SEDC announced that it would be targeting a $1 billion asset base by 2035 through its South East Investment Company (SEIC) and a $50 million South East Venture Capital Programme (SEVCP) to fuel start-ups and engender inclusive innovation.

The SEDC said both the SEIC and the SEVCP would drive economic development and unlock the full potential of the region.

The commission said that it has moved swiftly to establish a coherent strategic direction, as well as a defined programmatic focus and a functional administrative backbone with offices in Enugu State, Abia State and Abuja.

The SEDC said: “Key initiatives launched in this period include the 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.” 

The commission revealed that 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, adding that 3,500 volunteers have registered to support its mission. 

Okoye 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.”

The SEDC also announced that it would be focusing on 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.

The SEDC is charged with the management of the region’s infrastructural development, such as the construction and rehabilitation of roads, houses, and other infrastructure in the South-eastern region.

It is also empowered to tackle ecological problems and any other related environmental or developmental challenge, receive and manage funds from the allocation of the Federation Account, and execute infrastructural projects in the South-east.