SEDC Targets $200bn to Rebuild Southeast Economy

By Praise Chinecherem

Southeast Development Commission (SEDC) said it targets to grow the economy of the region from the present $40 billion to $200 billion by 2035.

Managing Director, Mark Okoye who disclosed this in his inaugural speech made available to journalists in Awka on Wednesday said the rake off of SEDC was the commencement of rebuilding and reconstruction of the Southeast geopolitical region 54 years after the end of the civil war.

He said the task ahead was enormous, quoting the World Bank as saying that Southeast required an annual investment of $10 billion for the next 30 years to be able to bridge the infrastructure gap.

He said, “The region faced numerous challenges at the moment including harsh investment climate due to security concerns, low ease-of-doing business, unemployment and 2,500 active erosion sites resulting in displacement of thousands of people.

“The Commission will rely on the support of President Bola Ahmed Tinubu and governors of the five states, private sector and strategic partnerships, will lay the foundation for the realisation of the economic goals.”

According to Okoye, the SEDC had studied past regional development blueprints, including the visionary economic plans of Dr. Michael Okpara which laid the groundwork for our industrial and agricultural potential

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

“Working with the state governments, private sector ecosystem, and development partners, we will drive the Southeast 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,” he said.

Okoye said the Commission would hold strategic engagement with state governments, the private sector, academia/research institutions, traditional rulers, religious leaders and the civil society as part of its takeoff .

He said in furtherance to the realisation of Mr President’s Renewed Hope Agenda, 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.

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

Okoye appreciated President Tinubu for the trust and confidence reposed in him and his colleagues as well as the National Assembly for their role in passing the SEDC bill into law, nominations and subsequent confirmation.

“When Mr. President presented the Renewed Hope Agenda and was sworn into office in 2023, he made a commitment to showcase visionary leadership, one rooted in inclusivity, progressive governance, and strong institutions.

“He promised a new style of public service that fosters a society built on shared prosperity, tolerance, compassion, and an unwavering commitment to treating each citizen with equal respect and due regard,” he said.

On his part, Chief Emeka Wogu, the Chairman of the SEDC board said the goal of the Commission is to contribute to the overall development of the region through the implementation of
impactful high-value projects.

“We hope to create jobs for thousands of our youths, in alignment with
the Renewed Hope mandate,” he said.

Recall that SEDC Board was inaugurated in Abuja on Tuesday.