Godsent Ogbebor
SEDC targets $200bn economy by 2035
The Managing Director and Chief Executive Officer of the South East Development Commission (SEDC), Mr. Mark Okoye, has reaffirmed the commission’s commitment to driving economic growth and infrastructure development in the South East region.
In his inaugural address, Okoye expressed gratitude to President Bola Tinubu for the opportunity to serve and commended the 10th National Assembly for passing the South East Development Commission Bill.
He also acknowledged the Senate Committee on Regional Commissions for their role in screening and confirming the board.
Following the official inauguration last week, the commission is set to commence its mandate of rebuilding critical infrastructure damaged during the Nigerian Civil War and tackling broader developmental challenges in the region.
A statement from the SEDC media unit, released on Wednesday, highlighted the urgent need for investment.
Okoye referenced World Bank estimates, stating that Nigeria requires an annual investment of $100–$150 billion to bridge its infrastructure gap, with at least $10 billion needed to transform the South East alone.
He noted that the region faces severe challenges, including over 2,500 active erosion sites, high unemployment, and an unfavorable investment climate. Despite these obstacles, he outlined an ambitious goal to grow the South East economy to $200 billion by 2035, aligning with President Tinubu’s vision of a $1 trillion national GDP.
Okoye pledged the commission’s collaboration with state governments, the private sector, and development partners to drive inclusive growth.
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“As part of its immediate strategy, the commission will engage with state governments to align initiatives with regional priorities and the Renewed Hope Agenda. We will also partner with the private sector to attract investments and create jobs, work with academia for evidence-based policymaking, and engage civil society to promote accountability,” he said.
He emphasized that SEDC would focus on security, investment climate, technology, innovation, agriculture, and industrialization, drawing inspiration from past regional economic plans, including those of Dr. Michael Okpara.
Promising action over rhetoric, Okoye announced that SEDC will soon launch several initiatives, including an interactive website for public engagement.
“We have a unique opportunity to transform the South East into an economic powerhouse. Together, let us usher in a new era of regional development and economic transformation,” he stated.
