The South East Development Commission (SEDC) is setting ambitious goals to drive regional economic growth, targeting a $200 billion economy by 2035, according to its newly appointed Managing Director, Mark Okoye.
Speaking at the commission’s inauguration on Wednesday, Okoye outlined a bold vision to grow the current $40 billion economy by 400 percent within the next decade. The Southeast region, which includes five states in Nigeria, faces significant challenges such as infrastructure gaps, a harsh investment climate, and high unemployment rates. However, Okoye is confident that with collaborative efforts, these challenges can be overcome.
The SEDC’s formation follows the signing of development commission bills by President Bola Tinubu on July 24, 2024, which grants the region access to funds for vital projects. The Senate officially confirmed the President’s nominees for the North West Development Commission and SEDC on January 14, marking a major milestone for the region’s growth ambitions.
Okoye emphasized the importance of public-private partnerships, alongside the federal and state governments, in achieving these goals. He also referred to the visionary plans of past leaders like Michael Okpara, whose economic strategies helped lay the foundation for the region’s agricultural and industrial potential.
Despite obstacles such as 2,500 active erosion sites and the low ease of doing business, Okoye assured that the SEDC would prioritize action over promises, with a focus on real, measurable impacts. He highlighted the need for investments in critical sectors such as security, infrastructure, agriculture, technology, and human capital development to pave the way for sustainable growth.
“Working with state governments, the private sector, and development partners, we will drive the South-East towards a $200 billion regional economy by 2035,” Okoye said. “We will not pay lip service to development. The SEDC will prioritize action over rhetoric.”
The Managing Director also committed to ensuring that every project undertaken will align with a clear roadmap and deliver tangible results, reinforcing the commission’s dedication to transparency, accountability, and public participation.
In his remarks, Emeka Wogu, Chairman of the SEDC board, reiterated the commission’s goal to support the region’s development by implementing high-value projects and creating employment opportunities for youth.
The SEDC’s inauguration marks the beginning of a new chapter in the region’s post-civil war recovery and economic growth, with the commission poised to spearhead initiatives that will shape the South East into a leading economic hub in Nigeria by 2035.
