The South East Development Commission (SEDC) has officially unveiled the South East Venture Capital Program (SEVCP), a major initiative aimed at expanding access to capital for startups and strengthening investment opportunities across South-east Nigeria.
The programme is part of President Bola Tinubu’s Renewed Hope Agenda, which seeks to foster entrepreneurship and economic growth in the region.
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This was disclosed in a statement on Tuesday by the Executive Director of Finance at SEDC and Chairman of the SEVCP Committee, Stanley Ohajuruka.
He said the initiative responds directly to the federal government’s push to increase local funding and attract sustainable investment in high-growth sectors across the region.
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He explained that the programme is embedded in the South-east Development roadmap previously presented to the House of Representatives Committee on South East Development.
According to Mr Ohajuruka, SEVCP is a structured, time-bound intervention designed to accelerate the region’s digital, innovation, and technology ecosystem.
He said the first phase, the South East Pitch Competition, is now open for applications, providing startups with a direct path into the programme’s investment pipeline.
At the heart of SEVCP, he said, is “a blended finance vehicle designed to mobilise up to $50 million in capital from public institutions, development finance bodies, diaspora investors, and private sources.”
Mr Ohajuruka stressed that the SEDC anchors the Fund through the South East Investment Company, its wholly owned investment entity, which participates as a Limited Partner to ensure professional management, accountability, and adherence to international investment standards.
The programme is built around five interconnected workstreams: operationalising the fund, the Pitch Competition, a structured incubation and acceleration programme, a financing partnerships strategy to complete fund raising, and a network of implementing partners across the region. Each component is designed to complement the others, providing continuity from deal sourcing to investment and growth.
“These startups will receive SAFE investments totalling 450,000 dollars in the first cohort. Accelerator participants will receive 20,000 dollars each, while incubation participants will receive 5,000 dollars each. Investments will be milestone-based and structured to balance founder flexibility with investor protection,” Mr Ohajuruka said.
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The Pitch Competition Finals will hold on 13 May, followed by an Investment Ceremony on 14 May.
He further noted that “selected startups will participate in a structured hybrid incubation and acceleration programme delivered across key locations in the region.”
Mr Ohajuruka highlighted that the South-east has long demonstrated entrepreneurial potential and human capital depth but lacked a coordinated system to channel capital at scale.
Applications for the programme, he said, will be opened on 13 March and were initially set to close on 27 March but have now been extended to 3 April to allow broader participation.
Eligibility criteria include having a technology-driven product or service, being based in or delivering impact in the South-east, or being founded by individuals of South-east origin with a regional focus.
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