Ejiro Efenudu
President Bola Ahmed Tinubu has approved the creation of a dedicated investment vehicle aimed at accelerating industrialisation and attracting private capital to the South-East region of Nigeria.
The announcement was contained in a special circular released on Friday by the Presidency via its official communication handle on X (formerly Twitter). The newly approved entity, expected to be known as the South-East Development and Investment Company (SEDIC), will serve as a public-private partnership (PPP) model to drive strategic economic transformation across the region.
According to the statement, the company will coordinate and promote major industrial, infrastructure, and investment projects within the five states of the region—Abia, Anambra, Ebonyi, Enugu, and Imo.
“The establishment of this investment company reflects the Renewed Hope Agenda’s focus on balanced regional development and inclusive economic growth,” the circular stated.
The Presidency explained that the company would mirror similar models that have worked effectively in other regions, such as the Odu’a Investment Company Limited in the South-West and the New Nigeria Development Company (NNDC) in the North.
Structure and Goals
The South-East investment vehicle will be co-owned by the federal government, the governments of the South-East states, and strategic private sector investors. The goal is to pool resources, share risks, and implement viable economic projects that will stimulate local industries, create jobs, and reduce poverty.
Hadiza Bala-Usman, Special Adviser to the President on Policy Coordination, stated that a legal and governance framework is already being developed, and a board of directors will be constituted soon to oversee the roll-out.
She said the new investment platform aligns with Nigeria’s national industrialisation agenda and the Tinubu administration’s commitment to attracting foreign direct investment (FDI) into underutilised regions.
“This is more than just a financial company; it is a vehicle for transforming the region’s economic landscape,” she added.
Reactions from the Region
South-East governors, traditional leaders, and business executives have reacted positively to the development. Governor Alex Otti of Abia State called the move “visionary” and said it would enable the region to compete in manufacturing, agro-processing, and export development.
Enugu State Governor Peter Mbah also praised the initiative, noting it is long overdue. “Our people are industrious. What we have lacked is institutional support and coordination. This company provides both,” he said.
On the private sector front, major industrialists such as Dr. Cosmas Maduka and Chief Innocent Chukwuma welcomed the announcement, expressing interest in supporting and investing in the new entity.
However, some civil society organisations urged the federal and state governments to ensure the company operates transparently and remains free from political interference. The South-East Economic Watch (SEEW) called for civil society representation on the company’s board.
“We want this to succeed, but only transparency and merit-based leadership will make it work,” SEEW said in a statement.
Next Steps
A regional economic summit is expected to be convened later this year to outline SEDIC’s investment strategy and unveil key priority projects. This may include industrial parks, logistics hubs, renewable energy sites, and agricultural processing zones.
President Tinubu’s approval of this initiative is widely seen as a major boost to the long-standing quest for economic revitalisation in the South-East, a region often sidelined in federal development planning.
