The newly inaugurated South East Development Commission (SEDC) is targeting a monumental $200 billion in regional economic growth by 2035. This ambitious goal was unveiled by the commission’s managing director, Mark Okoye, in his inaugural speech on Wednesday. Okoye’s projection represents a 400% growth from the current regional economy, which stands at $40 billion.
Okoye’s announcement has generated both excitement and cautious optimism among stakeholders, with many eager to see how the commission will tackle the numerous challenges facing the region.
The South East region of Nigeria has long faced underdevelopment, despite its rich history and resource potential. With its dense population and vital role in the nation’s economy, the region’s progress has been hampered by a variety of factors including insecurity, poor infrastructure, and a challenging business environment. Okoye believes the SEDC can serve as a powerful catalyst for change.
In his speech, Okoye acknowledged the weight of the task ahead, pointing to the World Bank’s estimate that the region would need $10 billion in annual investments for the next 30 years to address its infrastructure gap.
The South East Development Commission was officially inaugurated on Wednesday, following the Senate’s confirmation of President Bola Tinubu’s nominees for the commission. The Senate confirmed these nominees on January 14, 2025. This followed President Tinubu’s signing of the commission’s enabling bills into law on July 24, 2024. This legal framework allows the commission to access necessary funds for executing projects in the region.
The SEDC aims to spearhead the economic growth of the South East, with a focus on addressing major challenges such as unemployment, erosion, security, and poor infrastructure. In his speech, Okoye outlined the commission’s commitment to prioritizing security, investment, and infrastructure development in its efforts to improve the region.
“Despite the difficulties we face, we remain a resilient and enterprising people,” Okoye said. “It is now up to us to shape the South East we envision, within the framework of the Federal Republic of Nigeria. Working with state governments, the private sector, and development partners, we will drive the South East towards a $200 billion regional economy by 2035.”
Okoye’s words reflect the growing desire among the people of the South East to see tangible development that will improve the quality of life for the region’s residents. His assurances also highlight the importance of collaboration between the government, the private sector, and regional stakeholders.
The South East has always been an important economic hub for Nigeria, known for its entrepreneurial spirit and industrial output. However, the region has faced several challenges in recent decades that have hindered its growth. One major issue is the harsh investment climate, which includes bureaucratic red tape, inadequate infrastructure, and insufficient security.
The region also suffers from severe environmental issues, including over 2,500 active erosion sites. These erosion sites are damaging farmland, homes, and roads, creating an additional barrier to sustainable growth.
Okoye also highlighted the region’s low ranking in terms of ease of doing business, which has made it difficult for local and international investors to establish successful ventures. With such challenges, the SEDC’s task will not be easy, but its leadership believes that with the right strategies and partnerships, the region can make significant strides toward economic prosperity.
Emeka Wogu, the chairman of the SEDC board, added, “The goal of the commission is not just to bring about growth, but also to create jobs for thousands of youths. We aim to contribute to the overall development of the South East, not through empty promises but through high-value projects that deliver real impact.”
Okoye and Wogu are also taking a page from the past to inspire their approach to development. They are revisiting the economic policies of past leaders, such as Michael Okpara, whose visionary plans in the 1960s laid the groundwork for industrialization and agricultural development in the region. By studying these past blueprints, the SEDC hopes to build on the achievements of the past and push the region forward.
For the SEDC to meet its lofty goal of a $200 billion economy by 2035, Okoye says the commission will prioritize key areas such as security, investment, infrastructure development, agriculture, industrialization, technology, and innovation.
“We will not pay lip service to development. SEDC will prioritise action over rhetoric and results over promises,” Okoye said. “Our tenure will be built on transparency, accountability, and public participation. Every project will align with a clear roadmap, and we will deliver measurable impact.”
According to Okoye, in the coming months, the SEDC will roll out a variety of projects and initiatives designed to accelerate the region’s development. These include strategic infrastructure projects, innovative technology initiatives, and large-scale agricultural and industrial ventures that will help generate wealth and create jobs.
The SEDC is also focusing on strengthening security within the region. Security concerns have long been a barrier to development in the South East, and the commission aims to collaborate with security agencies, state governments, and local communities to create safer environments for investment and business activities.
A key aspect of Okoye’s strategy for the South East’s development is fostering strategic partnerships. He has expressed confidence in the support of the federal government, including President Tinubu, as well as the governors of the five South East states. By working closely with these stakeholders, the SEDC aims to bring more resources and expertise to the region.
“The support of the private sector will also be crucial,” Okoye noted. “By engaging with businesses and entrepreneurs, we will ensure that we’re not only developing infrastructure but also creating an environment that fosters sustainable economic growth.”
With a clear vision, a focus on transparency, and the backing of influential stakeholders, the South East Development Commission is poised to lead the region toward a brighter economic future. The task ahead is undoubtedly daunting, but the SEDC’s plans offer hope to millions of people in the South East who are eager for progress and development.
“We are committed to working hard and delivering results. The South East can achieve greatness, and together, we will make it happen,” Okoye concluded.
