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The House of Representatives Committee on the South East Development Commission (SEDC) has approved the commission’s proposed N140 billion budget for the 2026 fiscal year.
The approval followed a presentation by SEDC Managing Director and Chief Executive Officer, Mark Okoye, during a budget defence session held by the committee on Thursday.
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The SEDC, established to drive economic growth, infrastructure development, and industrialisation across Nigeria’s five South-East states, aims to coordinate regional development projects and attract both public and private investments to enhance the region’s socio-economic profile.
Mr Okoye used the session to unveil the commission’s long-term plan to grow the South-East economy from approximately $40 billion to $200 billion over the next decade, focusing on industrialisation, agriculture, technology, and the creative economy.
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He said the blueprint also prioritises the development of critical infrastructure to position the region as a major investment hub in Africa.
According to Mr Okoye, achieving these targets would require close collaboration with state governments, the National Assembly, the private sector, and the diaspora community.
He noted that “one of the major challenges confronting the region is environmental degradation, particularly erosion.”
He stressed that the South-East currently has over 2,700 erosion sites, and fixing a single site would cost between N10 billion and N20 billion, underscoring the need for innovative and sustainable solutions.
As part of its development strategy, Mr Okoye said the SEDC plans to capitalise the South-East Investment Company Limited, an investment subsidiary that will mobilise private sector funding for major infrastructure projects, including railways, power plants, ports, and gas pipelines.
The company, he said, will conduct feasibility studies and develop bankable projects to attract funding from investors and development partners.
In the agricultural sector, the commission intends to promote mechanised farming by creating demonstration farms ranging from 200 to 300 hectares across rural communities.
Mr Okoye said the initiative would support agro-industrial hubs and provide aggregation centres for smallholder farmers to sell their produce.
Other programmes highlighted in the budget include the South-East Industrialisation Programme, which aims to develop special economic zones to attract manufacturing investments, and the Youth Entrepreneurship and Innovation Programme, designed to provide funding support for technology startups and young entrepreneurs.
The commission also plans to invest in grassroots sports infrastructure to nurture talent and promote national unity.
Addressing budget adjustments for 2026, Mr Okoye said the commission had incorporated provisions from last year’s capital expenditure and accounted for inherited debts.
The SEDC MD further disclosed plans to construct railways across the five South-east states to enhance trade, improve regional connectivity, and unify the states economically.
He emphasised that harmonising economic and development policies across the region will rely on funding from government allocations, private sector contributions, and support from external investors and development partners.
He provided a breakdown of key budget provisions: N10.5 billion for the South-east Regional Intervention Projects and Programmes; N24.5 billion for the South-east Regional Economic and Industrial Development Programme; and N10.25 billion for the South-east Zonal Allocation to States Project, a matching grant designed to encourage co-investment by state governments.
“If we have this fund, the state governments can also say amongst themselves they have another N10 billion, there’s N20 billion for implementation of state-specific programmes,” he said.
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Following the approval of the proposed budget as a working document, the committee chairman, Chris Nkwonta (APC, Abia), commended Mr Okoye and the SEDC board for their work, describing the MD as “a round peg in a round hole” whose vision and development plans for the South-east are commendable.
“Anyone who listens to you, or who has listened to you, will agree that bringing you as a member of this commission was the right decision. From what we have heard so far, we are laying the groundwork before taking off. All that we are doing is to prepare this commission, and I want to specially commend that,” Mr Nkwonta said.
