In a move widely hailed as a strategic step toward economic inclusivity, President Bola Ahmed Tinubu has given the green light for the establishment of the South-East Investment Company (SEIC).
The new investment vehicle is expected to drive development and industrial growth across the South-East, marking a significant milestone in the administration’s Renewed Hope Agenda.
The announcement was made through a circular shared on Friday via the official X (formerly Twitter) handle of the Presidency.
According to the document, the SEIC will operate under the supervision of the recently inaugurated South East Development Commission (SEDC).
The company is set to run independently of the national budget, relying instead on private capital and strategic partnerships to push forward development projects.
“The President’s decision follows the submission of the SEDC’s 100-day performance report and a formal request to create a subsidiary focused exclusively on attracting long-term finance and driving transformative economic projects in the region,” the circular stated.
The SEIC aims to address the long-standing calls for economic equity in Nigeria.
Its structure, according to insiders, is modeled after successful regional corporations, such as the historical Eastern Nigeria Development Corporation (ENDC).
Under the leadership of the late Dr. Michael Okpara, ENDC was instrumental in transforming the industrial landscape of the old Eastern Region.
This new development, therefore, signals what many are calling a return to intentional regional economic planning.
Speaking on the establishment of the SEIC, a Presidency source noted: “It draws strategic inspiration from the legacy of the Eastern Nigeria Development Corporation (ENDC), which once spearheaded industrial transformation in the old Eastern Region.”
Furthermore, President Tinubu personally presented the Certificate of Incorporation of the SEIC at a short but symbolic ceremony held at the State House.
The event was attended by key stakeholders, including the Minister of Regional Development, Engr. Abubakar Momoh, and the Managing Director/CEO of the SEDC, Mr. Mark Okoye.
“The SEIC is envisioned as a professionally governed, private-sector-led investment company operating independently of annual government budgets,” the statement added.
Moreover, the President’s approval is seen as a major push to mobilize private funding, boost local capacity, and improve the business climate in the South-East.
This comes at a time when regional stakeholders have been advocating for tailored solutions to bridge development gaps across the country.
Many see it as a practical demonstration of President Tinubu’s commitment to inclusive development and his readiness to support policies that encourage industrialization.
“The creation of SEIC aligns with the Renewed Hope Agenda and reflects the administration’s commitment to equitable development and regional economic inclusion,” the Presidency added.
In conclusion, the South-East Investment Company is expected to be a game-changer in Nigeria’s effort to strengthen regional economies.
