…highlight major projects, Programme,Regional Development Plans Amid Funding Challenges
By Gloria Ikibah
The South East Development Commission (SEDC) has reiterated its commitment to transparency, accountability and regional development following an oversight session with the Senate Committee on South East Development Commission at the National Assembly. 
The interactive session, chaired by the Committee Chairman, Senator Orji Uzor Kalu, formed part of the National Assembly’s constitutional responsibility to oversee the activities of government agencies.
During the engagement, the Commission presented a detailed report of its activities since the inauguration of its Board in February 2025, covering its financial performance, institutional development, procurement processes, staffing, partnerships and ongoing programmes across the South-East.
The Commission also briefed lawmakers on its engagements with state governments, federal institutions, development finance organisations and other stakeholders involved in driving development across the region.
As part of its review, the Senate Committee requested additional documentation relating to certain aspects of the Commission’s operations and programme implementation.
Responding to the request, the Commission welcomed the move and sought a short extension to collate and submit the required materials.
Following discussions, the Committee adjourned proceedings to a later date pending receipt of the requested submissions, which the Commission is expected to provide on or before 23 June 2026.
SEDC used the opportunity to highlight progress recorded despite what it described as significant funding constraints.
According to the Commission, preparatory work has advanced on several major regional projects since the Board was inaugurated, including strategic infrastructure initiatives such as gas pipeline and railway projects designed to drive economic growth and regional integration.
The Commission also disclosed that it had established partnerships with a number of national and international institutions, including the United Nations Development Programme (UNDP), Afreximbank, Rural Electrification Agency, the Bank of Industry, Presidential Initiative on Compressed Natural Gas and Gas Aggregator Company of Nigeria.
It added that extensive consultations had been held with the governments of the five South-East states, federal ministries, development partners, academic institutions and private sector stakeholders to create a coordinated approach to regional development.
One of the major achievements highlighted during the session was the South East Vision 2050 stakeholder consultations, which brought together government officials, development experts, business leaders, academics and civil society groups to develop a long-term blueprint for the economic transformation of the region.
The Commission also spotlighted the successful rollout of the inaugural South East Venture Capital Programme (SEVCP), which it described as a flagship initiative aimed at promoting innovation, entrepreneurship and investment.
According to SEDC, 25 start-ups from across the South-East received equity investments through a transparent and competitive selection process under the programme.
The Commission said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and reflects efforts to strengthen entrepreneurship, private sector growth and investor confidence.
“Anchored within the South East Investment Company, the Programme represents a strategic effort to move beyond fragmented interventions towards a more structured and credible venture capital ecosystem for the South East, combining capital deployment with venture development, institutional partnerships, and pathways for attracting institutional capital into early-stage, high-growth enterprises across the region,” it stated.
However, the Commission expressed concern over the pace of funding releases, warning that implementation of critical projects could be affected if appropriated funds are not released promptly.
It disclosed that despite the Federal Government and National Assembly approving ₦140 billion for the Commission in the 2026 budget, less than 10 per cent of the allocation has so far been released.
The statement further read: “Of the N140 billion appropriated to the Commission in the 2026 budget, less than 10% has been released to date across all budget lines.”
SEDC stressed that accelerated releases are essential to enable the execution of key infrastructure, agricultural transformation, youth empowerment, economic development and regional security initiatives captured within its mandate.
“The scale of development required across the South East demands sustained funding, institutional coordination, and continued collaboration among all stakeholders,” the Commission noted.
Reaffirming its commitment to openness and accountability, the Commission pledged full cooperation with the National Assembly and all relevant oversight institutions.
“SEDC remains committed to full cooperation with the National Assembly and all relevant oversight institutions. The Commission views accountability, transparency, and constructive engagement as fundamental to the successful delivery of its mandate and will continue to provide all information required to support effective legislative oversight.
“The Commission remains focused on its responsibility to deliver meaningful and measurable impact for the people of the South East through disciplined planning, transparent governance, strategic partnerships, and the effective deployment of public resources. The Commission appreciates the continued support of the National Assembly and looks forward to sustained collaboration in advancing inclusive growth, shared prosperity, and long-term development across the region.”
