Mark Okoye, the Managing Director and CEO of the South East Development Commission (SEDC), has clarified the commission’s activities and expenditure in its first year, asserting that it is establishing the necessary institutional and financial groundwork to elevate the South-East economy from approximately $40 billion to $200 billion over the next ten years.
In an interview with ARISE News on Monday, Okoye noted that the SEDC was established to provide a long-term framework for the region’s development, emphasizing the necessity of mobilizing substantial investments from the private sector and the diaspora instead of depending solely on government financing.
He recognized the public’s skepticism towards regional development commissions but asserted that the SEDC is adopting a unique method by fostering broad stakeholder ownership and creating frameworks that entice global investment.
"For us at the SEDC, the SEDC embodies aspirations for around 50 million Igbos globally, along with 21 to 22 million residing in our region. We have advocated for this agency for the past 54 years," he shared.
"During the last administration, we reached the third reading, but the initiative did not materialize for some reason. However, after a succession of six presidents and five regional administrators, the current president was the first to see it through."
Okoye outlined that the commission aspires to be a catalyst through which government bodies, diaspora communities, and private investors can propel a sustainable development agenda in the region.
He expressed, "We regard it as our platform to lead a long-term developmental vision. It is our objective for state governments to turn the region into a top investment hub within Africa."
"Our ambition is to boost the economy from $40 billion to $200 billion in the upcoming decade through robust partnerships among our diaspora, private sector, and government across areas of industrialization, agriculture, technology, and the creative industry," he added.
Addressing concerns regarding the utilization of the ₦5 billion allocated in its first year, Okoye explained that these funds were primarily directed towards developing the essential institutional framework for the commission's operations.
He stated, "We were inaugurated on February 10, and by February 11, we had laid out everything — from a 10-year strategic plan for the organization to approvals by management and the board, all within the initial two days."
"Establishing a government organization can be arduous, and a significant portion of our first year was dedicated to setting up procurement procedures, hiring qualified personnel, constructing governance frameworks, and engaging stakeholders throughout the region and diaspora," he noted.
"We engaged with all sectors of the private industry— manufacturers, SMEs, everyone—to secure their support for the agenda. We also held multiple meetings with the diaspora community, engaging roughly 5,000 individuals through Twitter Spaces for about seven hours," he continued.
He remarked that early support from donors was crucial for initial engagement activities before government financing arrived, stating, "Organizations like the UNDP provided us with around $300,000 to $400,000 collectively across their various events."
The SEDC head added that only a small portion of the ₦5 billion budget had been utilized thus far.
"Between our inception and just a few weeks ago when we prepared for the budget, we spent approximately ₦700 million to ₦800 million," Okoye explained.
"As of now, I have not received a salary, neither have my executive directors nor board members received allowances."
The commission's upcoming months will see the initiation of various essential programs. One fundamental initiative focuses on enhancing regional security, which is deemed vital for restoring investor confidence.
He detailed, "Our approach is focused on how to alleviate investment risks in the South-East."
Another priority area is improving industrialization through enhanced infrastructure surrounding special economic zones.
"Our industrialization plan consolidates our road infrastructure budget, emphasizing five special economic zone projects in our region. We aim to clear the pathways for investments to facilitate job creation," Okoye elaborated.
Agricultural advancement and food security remain integral to the commission’s strategy.
"Currently, 70% of our agricultural spending targets land clearing. Our goal is to clear large tracts of land—specifically aiming for 50,000 hectares—and attract mechanized agricultural investments," he stated.
Okoye also highlighted the commission's plan to bolster youth empowerment via a regional venture capital initiative.
"With 75% of the region's population under 35, we possess a wealth of innovators and entrepreneurs, but they require support and funding, which is why we introduced the South-East Venture Capital Programme. This initiative aims to prevent young individuals from leaving the region to seek funding elsewhere,” he said.
The development of sports infrastructure constitutes another significant initiative planned by the commission.
"Investing in sports is vital. Our region boasts immense talent, and we are committed to developing infrastructure to catalyze that potential while also establishing appropriate policy frameworks to support this growth," he stated.
Okoye acknowledged that substantial infrastructure projects, such as railroads, gas pipelines, and ports, would entail investments amounting to billions of dollars, far exceeding the commission’s current budget.
He explained, "The preliminary design for our South-East regional railway project alone is estimated at around $5 billion. The gas pipelines are approximately $1.6 billion, and ports require at least $800 billion."
Rather than directly funding these ambitious projects, he mentioned that the commission’s role will focus on ensuring these initiatives are ready for investment.
"Our responsibility is to validate the feasibility of these projects—conducting business plans, feasibility studies, environmental assessments, and analyzing returns on investment—enabling us to present them to funding bodies that will support them," he explained.
Additionally, Okoye discussed plans to set up an investment vehicle aimed at mobilizing capital from private investors and the diaspora.
"The President sanctioned the establishment of the South-East Investment Company last year. This vehicle is intended to be the leading force in enhancing the marketability and financing of these ventures," he stated.
"It will garner capital from state governments, the private sector, and the diaspora to ensure these projects are sustainable over the long term."
Okoye expressed the commission's ambition to attain financial independence within eight years.
"As a board, we have committed to a target where, in eight years, the SEDC will rely less on government funds, and the investment company will surpass the commission in terms of size and revenue," he declared.
He emphasized that the SEDC's strategy draws lessons from past development commissions.
"The main takeaway is ensuring sustainability—there must be a logical funding approach," he emphasized.
"Another crucial component is maintaining a clear vision. We have invested time to understand our goals, reach a consensus on a unified plan, and build collective support around it."
Okoye reassured that extensive stakeholder consultations were intentionally undertaken to ensure continuity in initiatives, even amidst government changes.
"Seventy-five individuals from the diaspora voluntarily participated to help formulate a 25-year plan," he noted.
"Engagement with stakeholders is the most effective tool in public policy as it fosters collective ownership, ensuring sustainability even as administrations evolve."
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