Budget: SEDC Targets $200bn South-East Economy, Seeks Senate Backing for N140bn

The Managing Director of the South East Development Commission (SEDC), Mark Okoye, on Tuesday unveiled an ambitious plan to grow the South-East into a $200 billion economy within 10 years, as he sought Senate approval for a N140 billion 2026 budget proposal to drive the region’s development blueprint.

Okoye spoke during the commission’s budget defence before the Senate Committee on South-East Development Commission, where lawmakers cautioned the agency against mismanaging public funds and urged it to prioritise impactful infrastructure.

He said the commission’s mandate had gained strong regional backing following a recent four-day Southeast Vision 2050 forum.

“In the last two to three weeks, we can clearly say that the mandate has been validated,” Okoye said.

“We had 100 per cent stakeholder participation. All five governors of the region were present, alongside the Vice President, five ministers, 22 federal government agencies and development commissions, as well as 4,900 participants from the South-East who attended at their own cost to discuss the future of the region for the next 25 years.”

At the core of the commission’s strategy, he said, is a projection to build a $200 billion regional economy within a decade and position the South-East as Africa’s preferred investment destination.

“We believe that in 10 years we can achieve a $200 billion economy,” Okoye stated, adding that within eight years, the Southeast Investment Conference is expected to attain a balance sheet of $1 billion.

He disclosed that the commission had secured presidential approval to raise projected capital of up to $150 billion to fund major infrastructure and industrial projects across the region.

According to him, the funding framework for the Southeast Investment Conference vehicle would be anchored on a public-private partnership model involving the SEDC, state governments, private equity firms and development finance institutions.

“In summary, the political leadership in the region is saying we must have a borderless unification of trade, commerce and investment,” Okoye said, adding that governors at the forum advocated harmonised policies and a coordinated regional approach to energy generation.

He presented a N140 billion 2026 budget proposal to the Senate, describing the coming fiscal year as the commission’s “real take-off year.”

“In our mind, last year was foundation. This year is take-off for execution,” he said, explaining that implementation in 2025 was limited due to delayed releases.

Of the proposed N140 billion, N108 billion is allocated for capital projects, N23 billion for overhead costs and N7.3 billion for personnel.

Okoye revealed that the commission received only N5 billion from its 2025 allocation late in December, with about N957 million spent mainly on stakeholder engagement, media outreach and investment promotion.

“We have paid no salaries, no allowances, no emoluments. Everyone has contributed to ensure that we continue to move forward,” he said.

He added that the commission had developed a 100-day critical action plan to be activated immediately funds are released, including operationalising its regional office, launching a Southeast venture capital programme, capitalising its investment company, and rolling out agricultural and grassroots sports development initiatives.

“We are not waiting to see money in the account before preparing. We are laying the groundwork simultaneously so that once resources come, we hit the ground running,” he added.

Responding, Chairman of the Senate Committee, Senator Orji Uzor Kalu, warned the commission against financial mismanagement.

“Our oversight work shall never be taken for granted. You were appointed to make our region proud. Our region has suffered so much, and Mr President has done us the honour of giving us this commission,” Kalu said.

“I plead with you not to turn this commission into a place for siphoning money. This commission is to work for our people and rebuild our area. This committee will be very ruthless in its oversight,” he warned.