Tinubu Approves South-East Investment Company to Drive Regional Industrialisation and Attract Private Capital
In a move designed to accelerate economic transformation in Nigeria’s South-East region, President Bola Ahmed Tinubu has granted executive approval for the establishment of the South-East Investment Company (SEIC), a dedicated investment vehicle under the newly operational South East Development Commission (SEDC).
The landmark decision, announced through a circular released on Friday by the Presidency, signals a shift toward regionally focused, private-sector-driven economic development—one that seeks to channel private capital into long-term transformative infrastructure, industrial, and technological initiatives in the region.
The new company is expected to play a pivotal role in unlocking regional competitiveness, catalysing industrial growth, and fostering economic inclusion—marking what government insiders are calling a “major institutional milestone” in President Tinubu’s broader “Renewed Hope Agenda.”
The SEIC was conceived following the submission of a detailed 100-day performance report by the South East Development Commission (SEDC), which was inaugurated earlier in the year with a mandate to design and coordinate regional economic development strategies across the five South-East states: Abia, Anambra, Ebonyi, Enugu, and Imo.
The report, which included an audit of the region’s infrastructure gaps, industrial potential, and investment climate, culminated in a formal request by the SEDC leadership to create a subsidiary agency solely tasked with attracting long-term finance and implementing high-impact development projects.
According to sources familiar with the discussions, President Tinubu personally reviewed the proposal and requested a final implementation framework from the Ministry of Regional Development before giving his assent.
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“The creation of the SEIC is a turning point,” a senior official at the Presidency said. “It is not just about setting up another agency, but about unlocking the entrepreneurial potential of the South-East through a model that draws lessons from the past and projects confidence in the region’s economic future.”
Unlike traditional government-led interventions, the SEIC is structured to operate as a professionally governed, private-sector-led investment company, with independent management and minimal dependence on annual federal budget allocations.
This model, inspired by the now-defunct Eastern Nigeria Development Corporation (ENDC) of the 1960s, envisions a hybrid institution—one that leverages public credibility but is run on private capital discipline.
“The SEIC will draw strategic inspiration from the legacy of the Eastern Nigeria Development Corporation (ENDC), which under Dr. Michael Okpara, transformed the region into one of Africa’s most dynamic industrial corridors,” the circular stated.
At the brief ceremony to mark the presentation of the company’s Certificate of Incorporation, President Tinubu described the SEIC as “a platform to reclaim the spirit of regional productivity, innovation, and prosperity that once defined the old Eastern Region.”
The official unveiling, which took place at the State House in Abuja, was attended by key figures in the administration, including the Minister of Regional Development, Engr. Abubakar Momoh, and the Managing Director/Chief Executive Officer of the SEDC, Mr. Mark Okoye.
Also present were leaders of key financial institutions, private equity groups, state governors from the South-East, and representatives of the Nigerian Investment Promotion Commission (NIPC), all of whom pledged institutional support for the SEIC’s mandate.
Speaking at the event, Mr. Mark Okoye said the SEIC will “serve as the anchor institution for channeling diaspora investment, greenfield industrial capital, and blended finance into infrastructure, logistics, agriculture, and innovation hubs across the South-East.”
He added: “This is not just a development finance agency. It is a vision to engineer prosperity from within, by banking on the industrious nature of the South-East and the collaborative strength of government, business, and community.”
The Tinubu administration’s decision to focus on the South-East comes amid increasing calls for equitable regional development, as data from the National Bureau of Statistics (NBS) continues to show widening investment disparities between southern and northern regions.
Despite its high literacy rates, a robust informal economy, and a strong diaspora remittance base, the South-East has historically struggled with underinvestment in federal infrastructure and low capital inflows from foreign and domestic investors—largely due to political marginalisation, security concerns, and governance fragmentation.
Experts believe the SEIC could be a catalyst for reversing this trend by fostering confidence among private investors and enabling public-private partnerships (PPPs) that are grounded in regional ownership and accountability.
“This is a test case for true federalism,” said Dr. Ifeanyi Udeogu, an economist and lecturer at the University of Nigeria, Nsukka. “If properly run, SEIC could become a model for other regions. But the key lies in transparency, professionalism, and effective insulation from political patronage.”
Mandate and Project Scope
Initial reports from the SEDC indicate that the SEIC will focus on seven strategic sectors in its first phase:
- Transport and Logistics Infrastructure – to build and operate regional trade corridors, dry ports, and freight railways.
- Agricultural Industrial Parks – to process palm oil, cassava, and rice at scale, tapping into rural employment.
- Technology and Innovation Hubs – to support tech entrepreneurs and digital manufacturing in Enugu, Aba, and Awka.
- Healthcare Manufacturing – focusing on pharmaceuticals and medical equipment through joint ventures.
- Affordable Housing and Urban Renewal – particularly for low-income earners in industrial districts.
- Renewable Energy Projects – including solar micro-grids in rural areas and industrial solar parks.
- Diaspora Investment Facilitation – to provide matched co-investment guarantees for Igbo diaspora investors.
According to the circular, the SEIC will issue periodic bonds and attract blended finance through development finance institutions (DFIs), multilateral agencies, and private equity groups. It will also co-develop projects with state governments, offering them equity in return for land or infrastructure support.
While the initiative has received praise from key stakeholders in the region—including the Ohanaeze Ndigbo, the South-East Chambers of Commerce, and regional governors—some critics have voiced caution over the sustainability and governance of the SEIC.
Civil society groups have warned that similar development agencies in the past, including the Niger Delta Development Commission (NDDC) and the North East Development Commission (NEDC), were derailed by corruption, poor oversight, and elite capture.
In a statement, the Center for Fiscal Equity and Governance warned: “If the SEIC becomes a glorified slush fund or a political job bank, it will only deepen public cynicism and deny the South-East another generation of progress. The presidency must publish its governance structure, board composition, and performance targets.”
Others argue that while the concept is laudable, it must be complemented by political stability, security guarantees, and reforms to subnational tax and land ownership systems in the region.
“The federal government can’t drive regional industrialisation alone,” said Mazi Chuka Ezenwa, a policy consultant and former Anambra state commissioner. “Governors must create the right local business environment, reduce bureaucracy, and ensure youth skills development aligns with industrial priorities.”
In response to these concerns, the Presidency said that the SEIC will operate under a special governance charter aligned with international best practices, with quarterly reporting to the National Assembly and the Fiscal Responsibility Commission (FRC).
It will be governed by a seven-member Board of Trustees comprising independent directors, regional economic experts, and two representatives from the private investment community. A third-party auditor will be appointed by the Bureau of Public Enterprises (BPE) to conduct annual forensic audits.
Furthermore, the Central Bank of Nigeria (CBN) is expected to partner with the SEIC through a concessional lending window targeted at manufacturing and export-oriented ventures in the region.
The establishment of the SEIC also carries important political undertones. Tinubu’s approval is likely to be interpreted by observers as a strategic olive branch to the South-East, which overwhelmingly voted for opposition candidate Peter Obi in the 2023 elections.
By championing region-specific development through an inclusive, private-sector-led model, the Tinubu administration may be seeking to reframe federal engagement with the South-East away from historical grievance narratives toward economic empowerment and future partnership.
“This is politics through economic inclusion,” said Amina Oyewole, a political strategist and columnist. “Whether Tinubu wins Igbo hearts is another matter, but this move allows him to claim that his presidency is not exclusionary.”
According to Mr. Okoye, the SEIC will commence operations in the third quarter of 2025, with an initial capitalisation of N100 billion raised through syndicated private equity and matching commitments from the SEDC.
The investment company will be headquartered in Enugu, with branch liaison offices across the five South-East states. A recruitment campaign is expected to begin in August to fill over 150 executive and operational positions, with emphasis on candidates with diaspora and global investment experience.
A Regional Development Summit is also planned for October 2025, where the SEIC will formally unveil its 5-year development blueprint, project pipeline, and investor partnership framework.
The launch of the South-East Investment Company represents more than just another economic policy announcement—it is a signal that the region’s long-overdue aspirations for industrial rebirth are finally taking institutional form.
For a region historically marked by resilience, ingenuity, and entrepreneurship—but long starved of coordinated public-private investment—the SEIC may be the structural reset needed to unlock latent potential.
But the road ahead is fraught with challenges—governance credibility, investor confidence, and local political cooperation chief among them. If these hurdles can be overcome, the SEIC may yet write a new chapter in the story of economic rebirth in South-East Nigeria.
Only time will tell whether it becomes a beacon of hope or another faded promise.