Business
South East Devt Commission targets $200bn economy by 2035
Mr Mark Okoye, Managing Director and Chief Executive Officer of the South East Development Commission, has set a target of $200bn for the zone’s economy by 2035.
This is as he reiterated the commission’s commitment to championing economic growth and infrastructure development in the South East region.
Okoye who said this in his inaugural address, commended President Bola Tinubu for the opportunity to serve the people.
He also praised the courage of the 10th National Assembly in passing the South East Development Commission Bill, while commending the Senate Committee on Regional Commissions for their role in screening and confirming the board.
Following the official inauguration last week, the commission is now set to commence the execution of its mandate of rebuilding critical infrastructure damaged during the Nigerian Civil War and addressing broader developmental challenges in the region.
In a statement by the media unit of the SEDC made available to journalists on Tuesday, Okoye highlighted the need for development, citing World Bank estimates that Nigeria requires an annual investment of $100–$150 bn to close her infrastructure gap, with at least $10bn needed to transform the South East alone.
He added that the region “Faces significant challenges, including over 2,500 active erosion sites, high unemployment rates, and a difficult investment climate but we are determined to drive infrastructural development in the region.”
These challenges notwithstanding, the SEDC boss declared a goal to grow the South East economy to $200 billion by 2035, in line with President Tinubu’s vision of a $1 trillion national Gross Domestic Product.
He pledged the readiness of the commission to collaborate with state governments, the private sector, and development partners to drive inclusive growth.
The statement quoted Okoye as saying: “As part of its immediate strategy, the commission will engage with state governments to align initiatives with regional priorities and the Renewed Hope Agenda; the private sector to secure investments and create job opportunities.
“We will partner academia and research institutions to ensure evidence-based policymaking and workforce development; traditional and religious leaders to strengthen grassroots engagement and social cohesion and civil society organisations to promote accountability and inclusivity.“
Building on past regional economic blueprints, including the plans of Dr. Michael Okpara, Okoye said the commission will focus on “security and investment climate, technology and innovation as well as agriculture and industrialisation among others.
He further assured Nigerians, particularly those of South East extraction that SEDC would prioritise action over rhetoric, with every project aligned to a clear roadmap and measurable impact.
“In the coming months, SEDC will launch several initiatives, with a forthcoming interactive website to enable public engagement.
“We have a unique opportunity to transform the South East into an economic powerhouse. Together, let us usher in a new era of regional development and economic transformation, “ he charged relevant stakeholders.
