South-East Development Commission Projects $200bn regional economy by 2035

The South-East Development Commission (SEDC) has announced plans to grow the region’s economy from its current $40 billion to $200 billion by 2035.

SEDC Managing Director, Mr. Mark Okoye, disclosed this in his inaugural speech, which was made available to journalists in Awka on Wednesday.

Okoye said that the inauguration of SEDC was the commencement of reconstruction of the Southeast geopolitical region 54 years after the end of the civil war.

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

Okoye said that the region was facing numerous challenges at the moment, including a harsh investment climate due to security concerns, low ease of doing business, unemployment, and 2,500 active erosion sites, resulting in the displacement of thousands of people.

The MD said that the Commission would rely on the support of President Bola Ahmed Tinubu and governors of the five states, the private sector, and strategic partnerships to lay 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 Dr Michael Okpara, which laid the groundwork for our industrial and agricultural potential.

“Despite these obstacles, we remain 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.

“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,” he said.

“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, programmes, 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 and for their nominations and subsequent confirmation.

Snippets from the inauguration of the SEDC Governing Board.

Follow for more updates #SEDC #rebuildinglegacy pic.twitter.com/pun9MLjZE8

— South-East Development Commission (@SEDCgov) February 12, 2025

On his part, Chief Emeka Wogu, the Chairman of the SEDC board, said the goal of the Commission was 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.

The SEDC Board was inaugurated in Abuja on Tuesday.

NAN