SEDC seeks N140bn Budget to build $200bn South-East economy

2026-02-24 - 18:17

By Henry Umoru ABUJA – The South-East Development Commission (SEDC) has outlined ambitious plans to grow the South-East region into a $200 billion economy within the next decade, while requesting the Senate’s approval for a N140 billion budget for 2026 to kick-start implementation of its development blueprint. Speaking during the Commission’s budget defence before the Senate Committee on South-East Development Commission, led by Senator Orji Kalu, the Managing Director of SEDC, Mark Okoye, highlighted the recent Southeast Vision 2050 forum, which drew participation from all five governors of the region, the Vice President, 22 federal government agencies, development commissions, and over 4,900 stakeholders from the South-East. 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. He noted that presidential approval had been secured to raise up to $150 billion to fund transformative infrastructure and industrial projects through public-private partnerships involving SEDC, state governments, private equity firms, and development finance institutions. The MD stressed the importance of regional integration, saying governors advocated for harmonized policies and a regional 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. He explained that the 2025 allocation was minimal and released late, with only N957 million spent on stakeholder engagement, media outreach, and investment promotion activities. He also outlined a 100-day critical action plan for 2026, which includes activating the regional office, launching a Southeast venture capital programme, capitalizing the investment company, and commencing agricultural and grassroots sports development initiatives. Okoye appealed for sustained legislative backing and timely release of funds, stating, “The vision is set. The strategy is ready. The sentiment has been built. Now, that strategy must be funded.” Senators in attendance cautioned the Commission against mismanagement of public funds and urged prioritization of basic infrastructure. Senator Tony Nwoye emphasized investment in schools and hospitals over costly conferences, while Senator Patrick Ndubueze urged focus on legacy projects such as a reference hospital for the region. Senator Kalu, Committee Chairman, commended the Commission’s agenda but warned against turning it into an avenue for misappropriation. He stressed the importance of transparency and accountability, stating, “The economic development of our area is most important. The President gave us this commission to say do it by ourselves. We are very proud of what you are doing so far. We will not just oversight you but pursue transparency.” The Senate Committee’s engagement signals strong legislative interest in SEDC’s plan to transform the South-East into a hub of economic growth and investment.