The 10th House of Representatives Committee on the South-East Development Commission has approved the South-East Development Commission’s proposed ₦140 billion budget for the 2026 fiscal year. The approval followed a presentation by SEDC Managing Director and CEO, Mark Okoye, during a budget defence session on Thursday.
Established to drive economic growth, infrastructure development, and industrialisation across Nigeria’s five South-East states, the SEDC coordinates regional development projects and attracts both public and private investments to enhance the region’s socio-economic profile.
During the session, Okoye unveiled the Commission’s ambitious plan to grow the South-East economy from around $40 billion to $200 billion over the next decade. The blueprint focuses on industrialisation, agriculture, technology, and the creative economy, while prioritising critical infrastructure to position the region as a major African investment hub.
Achieving these targets, he noted, will require collaboration with state governments, the 10th National Assembly, the private sector, and the diaspora. He highlighted environmental challenges, particularly erosion, noting that the region currently has over 2,700 erosion sites, with costs to fix a single site ranging from ₦10 billion to ₦20 billion.
As part of its development strategy, the SEDC plans to capitalize the South-East Investment Company Limited, an investment subsidiary to mobilise private funding for major infrastructure projects, including railways, power plants, ports, and gas pipelines. The company will conduct feasibility studies and develop bankable projects to attract investors and development partners.
In agriculture, the commission intends to promote mechanised farming with demonstration farms of 200–300 hectares in rural communities. These will support agro-industrial hubs and aggregation centres for smallholder farmers.
Other programmes in the budget include the South-East Industrialisation Programme to develop special economic zones, the Youth Entrepreneurship and Innovation Programme to support technology startups, and investments in grassroots sports infrastructure to nurture talent and foster national unity.
Key budget provisions include: ₦10.5 billion for South-East Regional Intervention Projects and Programmes; ₦24.5 billion for South-East Regional Economic and Industrial Development Programme, and ₦10.25 billion for the South-East Zonal Allocation to States Project, a matching grant to encourage co-investment by state governments
Okoye also revealed plans to construct railways across the five South-East states to improve trade, regional connectivity, and economic unity. Funding will come from government allocations, private sector contributions, and support from external investors and development partners.
Following the approval, Committee Chairman Chris Nkwonta praised Okoye and the SEDC Board, calling the MD “a round peg in a round hole” and commending the Commission’s visionary plans for the South-East.
“Anyone who listens to you will agree that bringing you as a member of this Commission was the right decision. We are laying the groundwork before taking off; and I want to specially commend that”, he said.
