SEDC Aims for $200bn Economic Growth in South-East by 2035

The South East Development Commission (SEDC) has set an ambitious target to grow the economy of the South-East region from its current $40 billion to $200 billion by 2035.

Mr. Mark Okoye, the Managing Director of the SEDC, outlined this plan in his inaugural speech on Wednesday in Awka, the capital of Anambra State. The SEDC Board was officially inaugurated by President Bola Tinubu on Tuesday in Abuja.

Okoye described the launch of the SEDC as the beginning of the reconstruction and revitalization of the South-East region, marking a significant milestone 54 years after the end of the Nigerian Civil War. He acknowledged the scale of the task ahead, citing a World Bank estimate that the region would need an annual investment of $10 billion for the next 30 years to close its infrastructure gap.

The region, Okoye noted, faces several challenges, including an unfavorable investment climate due to security concerns, a poor ease-of-doing-business index, high unemployment, and over 2,500 active erosion sites displacing thousands of people.

Okoye stressed that the success of the SEDC would rely heavily on the support of President Tinubu, the governors of the five South-East states, the private sector, and strategic partnerships, as the region works towards its economic goals. He also emphasized that the SEDC had reviewed past development plans, including the economic strategies of the defunct Eastern Regional Government led by Dr. Michael Okpara, which laid the foundation for the region’s industrial and agricultural potential.

“Despite these obstacles, we remain a 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,” Okoye stated. “We will drive the South-East towards a $200 billion regional economy by 2035 through collaboration with state governments, the private sector, and development partners.”

He assured that the SEDC would prioritize action over rhetoric and tangible results over promises, making it clear that development would be the core focus. The Commission plans to engage with state governments, private sector leaders, academia, traditional rulers, religious leaders, and civil society organizations as part of its strategy.

To align with President Tinubu’s Renewed Hope Agenda, Okoye listed the SEDC’s priority areas, including security, investment infrastructure development, agriculture, industrialization, technology and innovation, and human capital development.

“Our tenure will be built on transparency, accountability, and public participation. Every project will follow a clear roadmap and deliver measurable impact. In the coming months, we will roll out several initiatives designed to accelerate the region’s development,” he said.

Okoye expressed gratitude to President Tinubu for his trust and to the National Assembly for their role in passing the SEDC bill into law and confirming the appointments.

In his remarks, Chief Emeka Wogu, Chairman of the SEDC Board, emphasized the Commission’s goal of contributing to the overall development of the region by implementing high-value projects. “We hope to create jobs for thousands of our youths, in alignment with the Renewed Hope mandate,” he said.