On March 5, 2026, the House of Representatives Committee on the South East Development Commission (SEDC) approved a proposed budget of N140 billion for the 2026 fiscal year.
This resolution came after a comprehensive presentation by the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, during a budget defense session conducted by the committee on Thursday.
The SEDC was established to spearhead economic growth, infrastructure enhancement, and industrialisation across the five states in Nigeria’s South East. Its primary functions include coordinating development initiatives and drawing both public and private investments to elevate the region's socio- economic standing.
During the session, Okoye highlighted a strategic long-term goal of increasing the South-East economy from an estimated $40 billion to $200 billion over the next ten years, concentrating efforts on industrialisation, agriculture, technology, and the creative sector.
Furthermore, he elaborated on how critical infrastructure development is vital for transforming the area into a prominent investment destination in Africa, emphasizing the necessity for collaboration with state governments, the National Assembly, the private sector, and the diaspora to attain these ambitious goals.
Okoye identified environmental degradation, particularly erosion, as one of the significant challenges facing the region, noting the existence of over 2,700 erosion sites. Repairing one site can incur costs ranging from N10 billion to N20 billion, underscoring the need for sustainable solutions.
To support its developmental strategy, the SEDC intends to establish the South-East Investment Company Limited, tasked with mobilizing private funding for substantial infrastructure projects, such as railways, power plants, ports, and gas pipelines.
The company is expected to undertake feasibility studies and curate bankable projects to draw investments.
In the agricultural realm, the SEDC have plans to promote mechanized farming by setting up demonstration farms between 200 and 300 hectares in various rural areas to foster agro-industrial hubs and provide aggregation centers for smallholder farmers.
In addition, the budget earmarks funds for initiatives such as the South-East Industrialisation Programme, aiming to create special economic zones to attract manufacturing investments, and the Youth Entrepreneurship and Innovation Programme, which seeks to finance technology startups and support young entrepreneurs.
Plans to enhance grassroots sports infrastructure to nurture talent and foster national cohesion are also included in the budget proposals.
Regarding adjustments for 2026, Okoye confirmed that the commission has included allocations from last year’s capital expenditures and addressed inherited liabilities in their financial plan.
He reiterated the importance of constructing railways across the five states in the South East, aiming to facilitate trade, bolster regional connectivity, and economically unify the states.
He asserted that synchronized economic and development policies in the region would depend on resources from government allocations, private contributions, and backing from international investors and development partners.
The breakdown of the proposed budget includes N10.5 billion for the South-East Regional Intervention Projects; N24.5 billion for the South-East Regional Economic and Industrial Development Programme; and N10.25 billion for the South-East Zonal Allocation to States Project, which encourages states to co- invest.
Okoye noted, "If we secure this funding, state governments can mutually agree on an additional N10 billion, pushing the implementation of tailored state programs to N20 billion."
As the budget was approved for operational use, the committee chairman, Chris Nkwonta (APC, Abia), praised Okoye and the SEDC’s leadership for their efforts, complimenting the MD's vision and developmental agenda for the South East. He commended the proactive approach taken while establishing the commission's groundwork.
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