The South East Development Commission (SEDC) has officially launched the South East Venture Capital Program (SEVCP) to broaden access to capital for emerging businesses and boost investment opportunities throughout South-east Nigeria.
This initiative is part of President Bola Tinubu’s Renewed Hope Agenda, aimed at stimulating economic growth and fostering entrepreneurship in the area.
Stanley Ohajuruka, the Executive Director of Finance at SEDC and the head of the SEVCP Committee, made this announcement on Tuesday. He stated that the initiative is a direct response to the federal government's efforts to enhance local funding and draw in sustainable investments in high-growth sectors across the region.
Ohajuruka explained that the program is integrated into the South-east development roadmap that was previously submitted to the House of Representatives Committee on South East Development. He noted that SEVCP is a structured and time-sensitive intervention focused on advancing the digital and tech ecosystem of the region.
The first phase of the program, termed the South East Pitch Competition, invites applications from startups, offering them a pathway into the investment pipeline of the program.
Central to SEVCP is "a blended finance vehicle aimed at mobilizing up to $50 million in capital from public institutions, development finance organizations, diaspora investors, and private entities."
Ohajuruka emphasized that SEDC supports the Fund through the South East Investment Company, its wholly-owned investment body, which acts as a Limited Partner to ensure professional oversight, accountability, and alignment with global investment standards.
The program comprises five interconnected components: the operationalization of the fund, the Pitch Competition, a formal incubation and acceleration program, a financing partnerships strategy for fundraising, and a collaborative network of regional partners. Each part is designed to work together, ensuring continual engagement from deal sourcing to investment and fostering growth.
"Startups will receive SAFE investments totaling $450,000 in this inaugural cohort. Participants in the accelerator will obtain $20,000 each, while those in the incubation phase will receive $5,000 each. Investments will be milestone-driven and structured to maintain a balance between founder autonomy and investor security," Mr. Ohajuruka stated.
The finals of the Pitch Competition are set for May 13, with an Investment Ceremony scheduled for May 14.
Additionally, Ohajuruka mentioned that selected startups will take part in an organized hybrid incubation and acceleration program conducted at significant locations within the region.
He pointed out that the South-east has a long history of entrepreneurial capacity and human resource depth but has lacked a cohesive system to channel capital effectively on a large scale.
He announced that applications for the program opened on March 13. Initially scheduled to close on March 27, the deadline has now been extended to April 3 to facilitate wider participation.
Eligibility requirements include possessing a technology-driven product or service, operating in or impacting the South-east, or being founded by individuals with South-east roots focused on the region.
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