SEDC Targets $200bn South-East Economy in 10 Years

By Chidinma Obiakor

The South East Development Commission (SEDC) has unveiled plans to expand the South-East economy from about $40 billion to $200 billion within the next ten years, as part of its long-term regional development strategy.

Managing Director and Chief Executive Officer of the commission, Mark Okoye, disclosed this on Thursday while presenting the commission’s 2026 budget proposal before the House of Representatives Committee on the South East Development Commission at the National Assembly.

Okoye said the commission’s development blueprint focuses on driving economic growth through industrialisation, agriculture, technology and the creative economy, while also developing critical infrastructure to position the region as a major investment destination in Africa.

According to him, achieving the target would require strong collaboration with state governments, the National Assembly, the private sector and the diaspora community.

He noted that one of the major challenges confronting the region is environmental degradation, particularly erosion, revealing that the South-East currently has over 2,700 erosion sites.

Okoye explained that fixing a single erosion site could cost between N10 billion and N20 billion, stressing that innovative and sustainable approaches would be required to address the challenge.

As part of its development strategy, the SEDC boss said the commission plans to capitalise the South-East Investment Company Limited, an investment subsidiary designed to mobilise private sector financing for major infrastructure projects including railways, power, ports and gas pipelines.

He said the company would help attract investments by conducting feasibility studies and developing bankable projects capable of securing funding from investors and development partners.

Okoye also highlighted the South-East Security Intervention Programme, which seeks to support the design of a coordinated regional security architecture across the five states of the region.

He explained that the initiative would strengthen security coordination and help create a stable environment capable of attracting investments.

The commission, he added, also plans to establish a Project Preparation Facility to fund feasibility studies, environmental assessments and engineering designs for major infrastructure projects.

In the agricultural sector, Okoye said the commission intends to promote mechanised farming by clearing land and establishing demonstration farms of between 200 and 300 hectares across rural communities.

He said the initiative would encourage the development of agro-industrial hubs and provide aggregation centres where smallholder farmers could sell their produce.

Other programmes captured in the proposed budget include the South-East Industrialisation Programme, aimed at developing special economic zones to attract manufacturing investments, and a Youth Entrepreneurship and Innovation Programme designed to provide funding support for technology startups and young entrepreneurs.

Okoye added that the commission would also invest in grassroots sports infrastructure to nurture young talents and promote national unity through sports development.

He emphasised that the success of the commission’s programmes would depend on sustained support from the National Assembly and effective collaboration among stakeholders across the region.

In his remarks after the presentation, Chairman of the House Committee on the Commission, Chris Nkwonta, commended the Managing Director for the detailed presentation and acknowledged the milestones recorded by the commission since its inauguration in February 2025.

Nkwonta said the committee was satisfied with the commission’s performance within its short period of operation and expressed optimism that the programmes outlined in the proposed budget would accelerate development across the South-East.

The committee subsequently adopted the N250 billion budget proposal as presented and charged the Managing Director to sustain the momentum and continue implementing programmes that would bring tangible development to the region.