The Chief Executive Officer of the Southeast Development Commission (SEDC), Mark Okoye II, has unveiled a bold strategy to unlock the economic potential of Nigeria’s Southeast region by prioritising private capital and startup growth over reliance on public funding.
Speaking in a recent feature with Techpoint Africa, Okoye stressed that government funding alone is insufficient to drive the region toward its ambitious $200 billion economy target by 2035. Instead, he highlighted the critical role of venture capital in fostering innovation and scaling businesses.
According to him, the Southeast’s primary challenge is not a lack of talent but limited access to funding. He noted that many venture capital firms underestimate the region, often citing a perceived lack of innovation and visibility.
“You go into conversations with venture capital firms, and there’s the view that there isn’t enough innovation or spotlight coming from these markets,” Okoye said, adding that several promising startups in the region struggle to secure early-stage funding, leading to stagnation or shutdown.
To address this gap, the SEDC is launching a $50 million Southeast Venture Capital Fund aimed at supporting tech startups across the region. The initiative will be managed by a team of experts serving as an advisory committee and is designed to achieve two key objectives: providing early-stage funding and exposing startups to global venture capital standards.
Okoye explained that these global benchmarks—such as scalability metrics, governance frameworks, and structured reporting—are essential for attracting long-term investment and ensuring sustainable growth.
While the programme is primarily targeted at startups in eastern Nigeria, exceptional ventures from other parts of the country may also be considered.
The move comes amid mounting pressure on the SEDC to deliver tangible results months after its establishment. A recent stakeholders’ forum outlining development goals up to 2050 drew criticism from some quarters, with skeptics describing the commission as a potential “talk shop” amid longstanding concerns of marginalisation in the region.
However, the newly announced venture capital fund appears to mark the commission’s first major concrete step. According to SEDC, the initiative has already generated significant interest, attracting over 1,000 applications within just four days of opening.
With this push, the commission is betting that unlocking private capital and empowering startups could redefine the Southeast’s economic trajectory and position it as a major innovation hub in Nigeria.
