South east development commission targets $200bn regional economy in 10years

The South East Development Commission (SEDC) is targeting $200 billion regional economic growth by 2035, according to Mark Okoye, its managing director.

Okoye, in his inaugural speech on Wednesday, projected a 400 percent growth from the current $40 billion within the next decade.

The senate had confirmed President Bola Tinubu’s nominees for the North West Development Commission and SEDC on January 14.

Tinubu signed the development commission bills into law on July 24, 2024, enabling the region to receive funds for project execution.

Okoye said the SEDC’s inauguration marks the beginning of the region’s reconstruction, 54 years after the civil war.

He acknowledged the enormous task ahead, citing the World Bank’s requirement of a $10 billion annual investment for 30 years to bridge the infrastructure gap in south east.

The managing director said the region faces challenges such as a harsh investment climate, 2,500 active erosion sites, low ease of doing business, and unemployment.

Okoye assured that the commission will rely on Tinubu’s support, governors of the five states, the private sector, and strategic partnerships to achieve economic goals.

Also, he said the commission has studied past regional development blueprints, including the visionary economic plans of Michael Okpara, which laid the groundwork for the region’s industrial and agricultural potential.

“Despite these obstacles, we remain a resilient and enterprising people, it is now up to us to shape the South-East we envision within the framework of the Federal Republic of Nigeria,” Okoye said.

“Working with the state governments, private sector ecosystem, and development partners, we will drive the South-East towards a $200 billion regional economy by 2035.

“We will not pay lip service to development, SEDC will prioritise action over rhetoric and results over promises.”

‘THE SEDC WILL PRIORITIZE SECURITY, INVESTMENT’

Okoye said the commission would prioritise security and investment, infrastructure development, agriculture, industrialisation, technology, innovation, and human capital development.

“Our tenure will be built on transparency, accountability, and public participation, every project will align with a clear roadmap and deliver measurable impact,” he said.

“In the coming months, we will embark on several projects, programmes, and initiatives designed to accelerate the development of our region.”

The managing director appreciated Tinubu for his belief in him and his colleagues.

He also thanked the national assembly for its role in passing the SEDC bill into law, as well as its nominations and subsequent confirmation.

Also speaking, Emeka Wogu, the chairman of the commission board, stated that the SEDC’s goal is to contribute to the region’s overall development through high-value projects and creating jobs for thousands of youths.