By Johnbosco Agbakwuru
ABUJA — THE Managing Director and Chief Executive Officer of the South East Development Commission, SEDC, Mr. Mark Okoye, has said that the commission is planning to work closely with the five governors of the region in order to move the economy of the area from $40 billion to $200 billion through interventions in the creative economy, tourism, agriculture and industrialization.
Mr. Okoye also said that the commission has a five-point plan and some key programs it has identified, which include the Southeast Security Intervention Program, the Southeast Agro mechanisation program, the Southeast Industrialisation Program, the Southeast Venture Capital Program and the Southeast sports development program.
Speaking exclusively to Vanguard, the SEDC boss said in the next four months, some of the commission’s programmes will begin to manifest.
Fielding questions on the blueprint of the commission, Mr. Okoye, who was a former Commissioner of Budget in Anambra State, said the SEDC, which was inaugurated about three months ago, intends to revolutionise the economy of the region so that investors would find it conducive to come and invest.
He said: “We have a five-point plan. We want to work closely with the state government within the region and the other stakeholders to move the economy from $40 billion to $200 billion through interventions in the creative economy, tourism, agriculture and industrialisation.
“Second is to focus on catalysing and developing region-wide infrastructure projects, similar to ports, gas pipelines, rail projects and some strategic federal highways that we believe we can get on concessions and drive those projects from conceptualisation to bankability.
“The third is to see the region as well more market economy, working with the governors and the other critical stakeholders to create an investment climate that is consistent across the region and enables the private sector play a critical role in helping us develop the economy.
“And last but not the least, we want fiscal sustainability and independence, so we want to see how we can work with the ministry to set up some sort of an investment arm to the development commission that then allows us take on major projects and crystallize those projects, and then have those projects give us some return on investment that then allows covers, perhaps in 10 years, 70 to 80% of the expenditure of our commission.
“So, this really is the strategic objectives. And then we have some key programs that we’ve identified, and these programs are the southeast security intervention program, the southeast agro mechanization program, the southeast industrialization program, the southeast venture capital program and the Southeast sports development program, along with heavy investment in youth entrepreneurship and skilling of our young people.
“Last but not the least, is to let you know that this summarised strategic roadmap was completed two days into our time, mainly after we were inaugurated in February.
“And over the last, I would say, two to three months, we’ve done extensive engagements with the governors. We met all of them in three days during March. Then we went on to meet with the private sector, the organised private sector, and the regional Manufacturing Association, the National Association of SMEs, and also the chambers of commerce.
“And then we’ve also engaged with the diaspora, the academia and the civil society organisations. And currently, we’re just tidying up our plans to commence full implementation of our agenda.”
Although the commission appears to have a lofty idea, there have been concerns in some quarters the lack of funds may frustrate the implementation of its programmes.
Answering questions on the challenge of funds, the SEDC MD said: “We form part of the agencies that are captured under the statutory transfers within the 2025 budget. What we have is a takeoff grant. And we also believe, as promised by the key stakeholders within government, that in the supplementary budget, there will be some strong funding lines to support our ambition.
“But like I said, what we are doing, the philosophy behind how we want to operate is, how can we spend just enough to de-risk investment, de-risk sectors, so that the private sector can come in and sustainably develop that.
“So, we’ll be investing in areas that allow us in the region, and also Nigerians find well-meaning opportunities to invest in the region. And so, solving those bottlenecks, infrastructure bottlenecks, land development bottlenecks, supporting industrial parks agendas of the state government to ensure that we achieve this.”
On how long it will take for people to start seeing the realisation of the commission’s programmes, Okoye said:
“We have a quick win agenda. So I believe in the next, perhaps three, four months, and we’ll start seeing it, just look out for what we want to do with our federal universities and some of our state universities in the region, looking at innovation hubs, looking at sports infrastructure.
“These are things that you can go in and out and be out of the sight in six to seven months, but the impact on young people and human capital will be tremendous.
“We are also looking at some other infrastructure projects that can be consummated and completed in the next one year plus. However, I think I want to take this opportunity to especially thank Mr President, and because I like to contextualise what he has done. It has taken us 54 years to get the South East Development Commission.
“If you recall, at the end of the Civil War in 1970 the federal government promised the region the three R policy, reconciliation, reconstruction and rehabilitation.
“For us, we’ve adopted one more R which is reintegration, working on the minds of our people, to let them know that they have a special place within the Nigerian construct.
“However, my appreciation is to let our people know and understand that in this time between 1970 and 2024 last year, there have been six military heads of state. None of them gave us the Southeast Development Commission. There have also been five democratically elected presidents, none of whom gave us the South East Development Commission.
“President Bola Ahmed Tinubu, in one year and two months, got it passed at the National Assembly, and also then inaugurated its leadership by December. For me, this is the greatest gift that could have been given to the region.”
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