…Reps approve N140bn budget proposal
The South East Development Commission (SEDC) has set an ambitious goal to grow the region’s economy from approximately $40 billion to $200 billion over the next decade.
Mark Okoye, Managing Director and Chief Executive Officer of the commission, disclosed this on Thursday while presenting the SEDC’s 2026 budget proposal before the House of Representatives Committee on SEDC 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 developing critical infrastructure to position the South-East as a major investment destination in Africa.
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He stressed that achieving this target would require strong collaboration with state governments, the National Assembly, the private sector, and the diaspora community.
Highlighting one of the region’s key challenges, Okoye pointed to environmental degradation, particularly erosion, noting that the South-East currently has over 2,700 erosion sites. He explained that repairing a single site could cost between N10 billion and N20 billion, underscoring the need for innovative and sustainable solutions.
As part of its strategy, 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.
Okoye also outlined the South-East Security Intervention Programme, which seeks to establish a coordinated regional security architecture across the five states. The initiative aims to strengthen security coordination and create a stable environment conducive to investment.
The commission also intends to establish a Project Preparation Facility to fund feasibility studies, environmental assessments, and engineering designs for major infrastructure projects.
In agriculture, Okoye highlighted plans to promote mechanised farming by clearing land and establishing demonstration farms of 200 to 300 hectares in rural communities. He said the initiative would foster agro-industrial hubs and provide aggregation centres for smallholder farmers to market their produce.
Other initiatives in the proposed budget include the South-East Industrialisation Programme, aimed at developing special economic zones to attract manufacturing investment, and a Youth Entrepreneurship and Innovation Programme to support technology startups and young entrepreneurs.
Okoye further announced plans to invest in grassroots sports infrastructure to nurture talent and promote national unity through sports development. He emphasised that the success of these programmes hinges on sustained support from the National Assembly and effective collaboration among regional stakeholders.
Read also: SEDC targets $200bn South-East economy, seeks Senate backing for N140bn 2026 budget
In response, Chris Nkwonta, Chairman of the House Committee on the Commission, expressed satisfaction with the SEDC’s performance during its brief period of operation and voiced optimism that the programmes outlined in the budget would accelerate development in the South-East.
The House committee subsequently approved the N140 billion budget and urged the Managing Director to maintain momentum and continue implementing initiatives that deliver tangible development for the region.
