The South East Development Commission has unveiled an ambitious economic blueprint aimed at expanding the South-East economy from an estimated $40bn to about $200bn within the next decade.
The Managing Director and Chief Executive Officer of the commission, Mark Okoye, disclosed this on Thursday while presenting the commission’s 2026 budget proposal before the House of Representatives Committee on the South East Development Commission at the National Assembly in Abuja.
Okoye said the commission’s development agenda is designed to stimulate growth across key sectors, including industrialisation, agriculture, technology and the creative industry.
According to him, the plan also prioritises large-scale infrastructure development to position the South-East as a competitive investment destination on the African continent.
“Achieving the target of a $200bn economy in 10 years requires strong collaboration with state governments, the National Assembly, the private sector and the diaspora community,” Okoye said.
He explained that environmental degradation, particularly gully erosion, remains one of the most pressing challenges confronting the region.
Okoye noted that the South-East currently has more than 2,700 identified erosion sites.
He added that the financial burden of addressing the problem is enormous, explaining that the cost of remediating a single erosion site could range between N10bn and N20bn.
To support the region’s long-term development plan, the SEDC boss disclosed that the commission intends to mobilise private sector financing for large-scale infrastructure projects through an investment vehicle.
He said the commission plans to capitalise the South-East Investment Company Limited, an investment subsidiary designed to mobilise private sector funding for major infrastructure projects such as railways, power, ports and gas pipelines.
Okoye explained that the company would focus on developing viable projects through feasibility studies and preparatory processes capable of attracting funding from investors and development partners.
The commission is also developing a regional security initiative aimed at strengthening safety across the five states of the South-East.
According to Okoye, the South-East Security Intervention Programme will support the design of a coordinated regional security architecture across the region.
He said improved security coordination will help create a stable environment necessary to attract both domestic and foreign investments.
The commission is equally planning to establish a Project Preparation Facility to finance technical groundwork for major infrastructure projects.
These include feasibility studies, environmental impact assessments and engineering designs.
In the agricultural sector, Okoye said the commission intends to promote mechanised farming through land clearing and the establishment of large demonstration farms across rural communities.
He explained that farms covering between 200 and 300 hectares will be created in different locations to stimulate agricultural production and encourage agro-industrial development.
The programme will also establish aggregation centres where smallholder farmers can supply produce for processing and commercial distribution.
Other initiatives in the proposed budget include the South-East Industrialisation Programme, which aims to develop special economic zones to attract manufacturing investments.
The commission also plans to launch a Youth Entrepreneurship and Innovation Programme that will provide funding support for young entrepreneurs and technology startups.
Okoye added that the commission would invest in grassroots sports infrastructure to nurture young talents and promote national unity through sports development.
Responding after the presentation, the Chairman of the House Committee on SEDC, Chris Nkwonta, commended the leadership of the commission for presenting what he described as a comprehensive development plan.
Nkwonta said the committee was encouraged by the progress recorded by the commission within a relatively short period since its inauguration in February 2025.
The Abia lawmaker noted that members of the committee were satisfied with the performance of the commission and expressed confidence that the programmes outlined in the proposed budget would accelerate development across the region.
Following deliberations, the committee approved the N140bn proposed budget of the commission for the 2026 fiscal year and urged its leadership to sustain the pace of implementation.
The South East Development Commission was established as part of a broader federal initiative to address regional development challenges and bridge infrastructure deficits across Nigeria’s geopolitical zones.
President Bola Tinubu assented to the legislation establishing the commission in 2024 after years of advocacy by leaders and stakeholders from the South-East.
The commission was formally inaugurated in February 2025 to drive economic recovery, coordinate large-scale infrastructure projects and support industrial and agricultural development across the five states of Abia, Anambra, Ebonyi, Enugu and Imo.
