SEDC Targets $200bn Southeast Economy in 10 Years, Says MD Okoye
The Managing Director of the South East Development Commission (SEDC), Mike Okoye, has announced that the commission is working with state governments, the private sector, and international partners to expand the Southeast’s economy from its current $40 billion to $200 billion over the next decade.
Speaking at the 4th Intra-African Trade Fair (IATF) in Algiers, Algeria, Okoye said the initiative is part of the commission’s strategic roadmap to contribute significantly to the federal government’s target of building a $1 trillion national economy.
He explained that while the idea of the SEDC dates back to 1970, it was under President Bola Tinubu’s administration that the initiative became operational.
“The enabling law was passed last year, and the commission became functional about 208 days ago. Since then, the President has consistently supported our vision, shaped by inputs from private sector leaders, state governments, and federal ministers,” he said.
Okoye revealed that the commission has embarked on wide stakeholder consultations, including meetings with all five southeastern governors, 45 federal ministries and agencies, three sessions with the National Assembly, 150 private sector stakeholders, and over 5,000 diaspora members via virtual engagements. He said this collective approach ensures ownership of the SEDC’s vision across society and minimizes institutional resistance.
As part of its early interventions, the commission has launched what Okoye described as a “cooking agenda,” focusing on agriculture, sports development, and venture capital.
According to him, the plan is to develop between 50,000 to 60,000 hectares of land for mechanized farming in the next three to four years, while sports infrastructure will be built to unify and engage the youth. In addition, a transparent venture capital programme will be established to support startups and innovators within the region.
To attract sustainable investments, Okoye disclosed that the SEDC is setting up the South East Investment Company, designed to mobilise funds from the private sector and the diaspora for transformative projects, including the revival of moribund industries.
“Once owners of dormant industries indicate readiness, the SEDC will provide resources, business plans, and feasibility studies to attract further investment and bring them back to life,” he stated.
Okoye emphasized that the commission sees itself as an enabler, creating the right conditions for long-term development.
“Our goal is not just to grow the Southeast economy but to position it as a key driver of Nigeria’s economic transformation,” he added.
