SEDC Plans to Grow Region’s Economy From $40bn to $200bn in 10 Years

The South East Development Commission (SEDC) has revealed that it is planning to grow the economy from $40 billion to $200 billion in 10 years, working closely with development partners and state governments. 

The Managing Director of SEDC, Mark Okoye, disclosed this on Thursday in Abuja while commemorating the 100 days of the establishment of the commission with the theme ‘Rebuilding Legacy: Co-creating a new era of growth in the South East.

“The strategic objectives of the commission is to grow our economy from $40 billion to $200 billion in 10 years, working closely with our development partners, our state governments, the organised private sectors, CSOs and the academic with interventions in four critical areas.

“The second strategic objective for us is to drive and develop high impact major infrastructure projects, region wide infrastructure projects and get these projects,” he said.

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The Resident Representative, United Nations Development Programme (UNDP), Elsie Attafuah, said “the establishment of SEDC was a profound affirmation that the Bola Tinubu  administration was listening and, more importantly, acting to restructure Nigeria’s development architecture in ways that reflect challenges and aspirations of the diverse regions and there is need to confront the dual reality of Nigeria’s immense potential and  developmental challenges”. 

Attafuah mentioned that the South-east is uniquely positioned as a strategic hub for enterprise development and investment with a historic and proven model of wealth creation through its indigenous apprenticeship system, arguably one of the largest informal venture incubation systems in the world.

“This roundtable is therefore not just an honouring meeting. It is a pivot point with the launch of the SEDC strategic roadmap, we have the chance to reimagine the region as a powerhouse of industry, a hub of innovation and a magnet for inclusive investment. 

“The region’s high literacy levels, backed by a dense network of universities, polytechnics and research institutions stand as a steady incubator of talents.”

The Deputy Speaker of the House of Representatives, Hon. Ben Kalu, represented by the Chairman, House Committee on SEDC, Hon. Chris Nkwonta, noted, “This roundtable provides us with a platform to give you conversations, align our goals and forge partnerships that will uplift our people and transform communities.

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“The South-east is a region that is one of Nigeria’s most industrious zones. It is home to a population of over 29 million people. With a projection showing significant growth in coming decades. 

“Notably, more than 60 per cent of this population is under the age of 30. This means that the South-east holds one of the most beautiful and vibrant populations in the country. It’s a blessing that we must wisely harness”.

On his part, the Minister of Regional Development, Abubakar Momoh, said the conference was about reviewing the legacy for creating a new era of growth in the South-east.

“The South-east is readily answering the call with commendable energy and clarity of purpose. Let me also at this juncture take a moment to recognise and appreciate the consistent and transformative contributions of our development partners across the entire country.

“As we turn our attention specifically to the South-east, we see a region rich in talents, resilience and enterprise, but it is also a region that faces unique development challenges.

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“The South East Development Commission is addressing deep rooted challenges. We must work together to address issues such as: industrialisation, infrastructure deficits, youth unemployment and social cohesion. Our purpose must ensure that women, youth and vulnerable groups are not left behind.” He concluded.