SEDC Targets $200B Economy for South East Nigeria

On Tuesday in Abuja, Mark Okoy, the Managing Director of the South East Development Commission (SEDC), unveiled an ambitious plan to grow the South East economy to $200 billion within the next decade. During the commission's budget defense session, he sought legislative backing for a proposed N140 billion budget for 2026, which is intended to kickstart the full implementation of the region's development blueprint.

Okoy emphasized the importance of focusing on infrastructure and urged the Senate committee to ensure proper management of public funds. He referenced the recent Southeast Vision 2050 forum, which involved participation from five governors, the Vice President, and various federal agencies.

The proposed budget allocates N108 billion for capital projects, N23 billion for overhead costs, and N7.3 billion for personnel expenses. Okoy highlighted the need for a public-private partnership model to attract investment and achieve energy independence in the region.

Senate committee chairman Orji Kalu warned against mismanagement of funds, emphasizing the need for oversight.