Ben Ezechime, Enugu
The South East Development Commission (SEDC) has unveiled a $1 trillion development blueprint aimed at growing the South-East regional economy by the year 2050.
The Managing Director and Chief Executive Officer of the Commission, Mr Mark Okoye, disclosed this at a world press conference held in Enugu as part of the Commission’s media engagement ahead of its Economic Stakeholders’ Forum on the South East Vision 2050 (SEV2050).
Okoye said the Commission is targeting a one-trillion-dollar economy within the next decade.
According to him, the target would be achieved through coordinated economic planning and strategic collaboration among the five states of the region — Abia, Anambra, Ebonyi, Enugu and Imo.
He added that the long-term development framework is anchored on a “one-region, one-market” philosophy designed to deepen economic integration, promote specialisation and unlock scale advantages across the South-East.
“Our objective is to build a coordinated regional economy that leverages the comparative and competitive strengths of each state, while pooling resources to create a much larger and more resilient economic bloc,” he said.
“If we work as one region and one market, the shift from a $40 billion economy to a $200 billion target will be an understatement; the South-East can realistically achieve a one-trillion-dollar economy within the next 10 years.
“The forthcoming stakeholders’ forum, with the theme ‘Charting a Shared Path for Sustainable Development of the South East’, will serve as a strategic platform to define, harmonise and align the economic roles of the five states within a shared development architecture.”
Okoye presented a graphic illustration of the proposed economic mapping of the region under the Vision 2050 plan, noting that Enugu State is envisioned as the administrative capital of the South-East, while Anambra State will serve as the regional hub for trade and commerce.
“Imo State is projected as the centre for tourism and hospitality; Ebonyi State as the primary source of food production and construction materials; and Abia State as the industrial capital of the region.
“This is not about competition among states, but about complementarity.
“Each state has a distinct role to play, and when these roles are properly aligned, the outcome will be sustainable growth that benefits the entire region,” he said.
He added that collaboration among the states remains central to the success of the Vision 2050 agenda, warning that fragmented approaches would undermine the region’s development potential.
Okoye commended the governors of the South-East for their support and cooperation since the establishment of the Commission, describing their commitment as critical to its early progress.
“The support we have received from the South-East governors has been encouraging.
“Governor Peter Mbah has demonstrated leadership by ensuring that the Commission has a functional base from which to operate,” he said.
He further explained that the core mandate of the SEDC is to reposition the South-East in line with contemporary economic growth strategies, with clearly defined project priorities capable of creating development value chains and triggering successive rounds of growth across critical sectors.
Within its first year of inauguration, Okoye revealed that the Commission had undertaken extensive familiarisation and engagement visits to about 25 federal government agencies, as well as other strategic stakeholders, to strengthen its institutional presence and foster inter-agency collaboration in regional development efforts.
