The South-East Development Commission (SEDC) has projected that the economy of the South-East region will reach a valuation of $200 billion by 2035.
This ambitious target was announced by the commission’s Managing Director, Mark Okoye, during its inauguration ceremony in Abuja on Tuesday.
Okoye emphasized that achieving this goal would significantly contribute to President Bola Tinubu’s vision of a six-trillion-dollar Gross Domestic Product (GDP) for Nigeria. Citing World Bank statistics, he noted that Nigeria requires an annual investment of $100-$150 billion over the next three decades to bridge its infrastructure deficit. He outlined strategies to ensure the South-East contributes at least $10 billion towards this effort.
A key focus of the commission, according to Okoye, will be the reconstruction and rehabilitation of critical infrastructure damaged by the Nigerian Civil War, as well as addressing broader developmental challenges in the region. He pledged to build on the development blueprint of the late Premier of Eastern Nigeria, Dr. Michael Okpara, to drive economic growth and social progress.
The SEDC Managing Director also highlighted urgent issues plaguing the region, including over 2,500 active erosion sites displacing thousands of residents, high unemployment rates, an unfavorable investment climate, and security concerns affecting business confidence. He assured that the commission would work towards improving the ease of doing business in the region.
Expressing gratitude to President Tinubu for his trust in him and his team, Okoye reaffirmed his commitment to delivering results. He said:
“When Mr. President introduced the Renewed Hope Agenda and took office in 2023, he pledged to lead with inclusivity, progressive governance, and strong institutions. With the signing of the SEDC Act, 2024, and the constitution of this leadership, he has reinforced his dedication to national unity and regional development.”
Acknowledging the high expectations placed on the commission after a 54-year wait, Okoye expressed confidence in the region’s resilience and potential. He stated that with a combined GDP of approximately $40 billion and a population of 21.9 million, the $200 billion target was ambitious but achievable through:
Support from the Federal Government through the SEDC
Collaboration with South-East state governments
Private sector investments and strategic partnerships
As part of its immediate plans, the commission will actively engage with state governments to align its interventions with their developmental priorities. Okoye identified the private sector as a critical partner, stating that the commission would work to secure private sector buy-in and firm investment commitments.