SEDC sets $200bn target to grow South East economy within 10 years’ time frame

By Cajetan Mmuta, Awka

The South East Development Commission (SEDC) has set plans to grow the economy of the region from its present $40 billion to $200 billion by 2035.

Managing Director of the commission, Mr. Mark Okoye disclosed this in a statement made available to newsmen yesterday in Awka, Anambra state capital.

SEDC Board was inaugurated in Abuja on Tuesday.
Okoye said the take off of SEDC marked the commencement of rebuilding, reconciliation and reconstruction of the Southeast geopolitical region 54 years after 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.

According to the SEDC boss, the commission would rely heavily on the support of President Bola Ahmed Tinubu, governors of the five Southeast states, private sector and strategic partnerships, in laying the foundation for  the realisation of the economic goals.

He said the SEDC had studied past regional development blueprints, including the visionary economic plans of the defunct Eastern regional government of Dr. Michael Okpara which laid the groundwork for our industrial and agricultural potential

He said, “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 maintained that 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 stated that 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

Okoye expressed gratitude to 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.

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.