The South-East Development Commission (SEDC) has unveiled ambitious plans to grow Nigeria’s South-East region into a $200 billion economy over the next decade, requesting Senate approval for a N140 billion budget for 2026 to jumpstart its development blueprint.
Speaking before the Senate Committee on South-East Development Commission, led by Senator Orji Kalu, SEDC Managing Director Mark Okoye highlighted the Southeast Vision 2050 forum, which brought together all five governors of the region, the Vice President, 22 federal agencies, development commissions, and over 4,900 stakeholders.
Okoye emphasized that the region aims to become “Africa’s preferred investment destination,” projecting a $200 billion economy within 10 years and a $1 billion balance sheet for the Southeast Investment Conference within eight years. Presidential approval has been secured to raise up to $150 billion for transformative infrastructure and industrial projects through public-private partnerships with state governments, private equity firms, and development finance institutions.
Regional integration is a key focus, with governors advocating harmonized policies and a coordinated approach to power generation to achieve energy independence across the South-East.
Regarding the 2026 budget, Okoye said N108 billion is earmarked for capital projects, N23 billion for overhead costs, and N7.3 billion for personnel expenses. A 100-day critical action plan includes activating the regional office, launching a Southeast venture capital programme, capitalizing the investment company, and commencing agricultural and grassroots sports initiatives.
Senators urged prudence and transparency. Senator Tony Nwoye emphasized investment in schools and hospitals, while Senator Patrick Ndubueze called for legacy projects like a reference hospital. Senator Kalu commended SEDC’s agenda but warned against misappropriation, stressing accountability and oversight.
The Senate Committee’s engagement signals strong legislative support for SEDC’s strategy to transform the South-East into a hub of economic growth and investment.
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