President Bola Tinubu has given executive approval for the creation of the South-East Investment Company (SEIC), a specialized investment entity aimed at boosting industrial growth in the South-East region.
The SEIC will function under the South East Development Commission (SEDC) with a mandate to harness private capital, boost regional competitiveness, and accelerate industrial development.
Persecondnews reports that the Certificate of Incorporation for the SEIC was handed over to the South East Development Commission during a brief ceremony held at the State House.
The event was attended by notable officials, including the 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.
The establishment of SEIC is a significant step towards long-term economic planning that leverages regional strengths, fosters innovation, and encourages collaboration with the private sector.
According to the President’s vision, the SEIC will function as an independently governed investment entity driven by private-sector leadership, without reliance on yearly government budgets.
This approach is inspired by the legacy of the Eastern Nigeria Development Corporation (ENDC), which led industrial transformation in the defunct Eastern Region under the late Dr. Michael Okpara’s leadership as premier.
This development underscores President Tinubu’s commitment to the development of the South-East region, aligning with his administration’s focus on regional development and economic growth.
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