SEDC Targets South-East Economic Growth Of $200bn By 2035

The South East Development Commission (SEDC) has announced plans to grow the economy of the region from its current $40 billion to $200 billion by 2035.

SEDC Managing Director, Mr. Mark Okoye stated this in his inaugural speech in Awka, Anambra State capital on Wednesday.

The SEDC Board was inaugurated by President Bola Tinubu on Tuesday in Abuja.

Okoye said the take-off of SEDC marked the commencement of rebuilding and reconstruction of the South-East geopolitical region, 54 years after the end of the civil war.

He said the task ahead was enormous, quoting the World Bank that South-East required an annual investment of $10 billion for the next 30 years to be able to bridge the infrastructure gap.

The SEDC boss noted that the region faced numerous challenges at the moment which include harsh investment climate due to security concerns, low ease-of-doing business, unemployment and 2,500 active erosion sites resulting in displacement of thousands of people.

He added that the commission would rely heavily on the support of President Tinubu, governors of the five South-East states, private sector and strategic partnerships, in laying the foundation for the realisation of the economic goals.

He stressed that the SEDC had studied past regional development blueprints, including the visionary economic plans of the defunct Eastern regional government of Dr. Michael Okpara which laid the groundwork 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.

“Working with the state governments, private sector ecosystem, and development partners, we will drive the South-East towards a $200 billion regional economy by 2035.

“We will not pay lip-service to development, SEDC will prioritise action over rhetoric and results over promises,” he assured.

Okoye said the commission would hold strategic engagement with state governments, the private sector, academia/research institutions, traditional rulers, religious leaders and the civil society as part of its takeoff.

He said in furtherance to the realisation of President Tinubu’s Renewed Hope Agenda, the Commission would prioritise security and investment infrastructure development, agriculture, industrialisation, technology/innovation and human capital development.

“Our tenure will be built on transparency, accountability, and public participation, every project will align with a clear roadmap and deliver measurable impact.

“In the coming months, we will embark on several projects, programmes, and initiatives designed to accelerate the development of our region,” he said.

Okoye expressed gratitude to President Tinubu for the trust and confidence reposed in him and his colleagues, as well as, the National Assembly for their role in passing the SEDC bill into law, nominations and subsequent confirmation.

“When Mr. President presented the Renewed Hope Agenda and was sworn into office in 2023, he made a commitment to showcase visionary leadership, one rooted in inclusivity, progressive governance, and strong institutions.

“He promised a new style of public service that fosters a society built on shared prosperity, tolerance, compassion, and an unwavering commitment to treating each citizen with equal respect and due regard,” he said.

For his part, the Chairman of the SEDC board, Chief Emeka Wogu said the goal of the Commission is to contribute to the overall development of the region through the implementation of impactful high-value projects.

“We hope to create jobs for thousands of our youths, in alignment with the Renewed Hope mandate,” he said.