President Tinubu has approved the South-East investment initiative aimed at boosting industrial growth in the region.
President Tinubu has given his executive approval for the creation of the South-East Investment Company (SEIC). This specialized investment entity will function under the South East Development Commission (SEDC) with the aim of harnessing private capital, boosting regional competitiveness, and accelerating industrial development in the South-East region.
The President’s choice comes after receiving the SEDC’s report detailing their performance over the past 100 days, along with an official request to establish a subsidiary dedicated solely to securing long-term funding and spearheading transformative economic initiatives in the area.
The SEIC is designed to function as an independently governed investment entity, driven by private-sector leadership, and not reliant on yearly government budgets. Its strategic approach is inspired by the legacy of the Eastern Nigeria Development Corporation (ENDC), which, during Dr. Michael Okpara’s leadership, led industrial transformation in the former Eastern Region.
The establishment of SEIC signifies a renewed focus on long-term economic planning that leverages regional strengths, fosters innovation, and encourages collaboration with the private sector.
During a brief ceremony held at the State House, President Tinubu handed over the Certificate of Incorporation for the SEIC to the South East Development Commission. The event was attended by the Honourable Minister of Regional Development, Engr. Abubakar Momoh, the Managing Director/CEO of the SEDC, Mr. Mark Okoye, and members of the Commission’s Executive Management Team.