SEDC Recommits to Southeast Devt, Says N150bn Take-off Fund Yet to Be Released

Gideon Arinze in Enugu

The Southeast Development Commission (SEDC) has disclosed that it is yet to receive the N150 billion take-off capital approved by President Bola Tinubu for the commission’s operations and the industrialisation of the Southeast region.

The Managing Director and Chief Executive Officer of SEDC, Mr. Mark Okoye, made this known on Tuesday in Enugu during a press conference ahead of the Southeast Vision 2050 Stakeholders’ Forum, themed: Charting a Shared Path to Sustainable Prosperity for the Southeast.

Despite the delay in funding, Okoye said the commission has continued to develop ideas and strategies aimed at driving economic growth and addressing long-standing infrastructure challenges in the region.

“We have not received any funding for projects, but we have been developing ideas and strategies that will bring about development across the region,”. We are also seeking funding support from the probate sector and development partners,”.

Okoye explained the stakeholders’ forum is the outcome of extensive engagements with governors of the Southeast states and other critical stakeholders.

One of the major needs identified from these consultations, he said, is the development of a regional gas pipeline project to ensure power and energy security.

“Power and energy security are critical if we are to create more industries and jobs in the Southeast,” Okoye noted.

He added the commission is focused on building a strong and unified regional economic bloc and will not sideline existing development initiatives being pursued by individual states.

He further explained that the forum, which begins on Tuesday, February 3, will feature technical sessions on key sectors of the economy, adding that about 73 members of the Southeast diaspora are expected to attend the forum, underscoring the commission’s intention to leverage both local and international partnerships to drive regional development.

“At the end of the deliberations, the commission plans to produce a comprehensive policy document within six weeks to allow for broader public input,” he explained.