Federal Government of Nigeria , Tuesday, reaffirmed its commitment to building an innovation-driven economy, announcing massive infrastructure investments and financing support for entrepreneurs across the Southeast geopolitical zone as the South East Development Commission (SEDC) formally launched its Venture Capital Programme in Enugu.
President Bola Tinubu disclosed that in his speech during the launch held at the International Conference Centre ( ICC) ,Enugu.
Represented by the minister of finance and coordinating minister of economy, Hon. Taiwo Oyedele, President Tinubu said the initiative represented far more than a funding intervention, describing it as a “new model of regional economic development” capable of producing the next generation of Nigerian billion-dollar enterprises.
Hon. Oyedele
He said the programme had already attracted over 1,200 applications from innovators and entrepreneurs across the Southeast, a development he noted reflected the enormous but largely untapped entrepreneurial capacity in the region.
“This event is significant not merely because of the capital being mobilised, but because of what it represents. It symbolises belief — belief in Nigerian enterprise, belief in the ingenuity of the Southeast and belief that the future of economic growth will be driven not only by governments, but by entrepreneurs, innovators and builders,” he said.
Finalists and stakeholders
According to him, the Southeast Venture Capital Programme and the Southeast Investment Company were designed to shift development from dependence on grants to growth capital and enterprise-driven prosperity.
“The ambition to mobilise up to 50 million dollars into a professionally managed venture capital platform is an important signal that Nigeria is serious about building an innovation economy,” Oyedele stated.
He disclosed that the Tinubu administration had committed over N1.3 trillion to strategic infrastructure projects across the Southeast, including the Second Niger Bridge access road, Enugu-Onitsha corridor, Enugu-Port Harcourt Expressway, Enugu-Abakaliki dualisation and major trade corridors linking Onitsha, Owerri, Aba and Ikot Ekpene.
He further revealed that the administration had strengthened access to finance through several intervention platforms.
According to him, the Development Bank of Nigeria has already deployed over N130 billion to businesses in the Southeast, supporting about 86,000 Micro, Small and Medium Enterprises (MSMEs), while CreditCorp had reached more than 35,000 beneficiaries in the region, mostly women and micro-entrepreneurs.
Oyedele also highlighted student financing through NELFund and plans to establish a Youth Entrepreneurship Investment Bank with support from the African Development Bank.
Attendees
Despite global economic uncertainties, he noted that Nigeria recorded a 3.89 per cent GDP growth rate in the first quarter of 2026, attributing the improvement to difficult but necessary economic reforms introduced by the Federal Government.
“We are building an economy that is more diversified, more productive, more competitive and better positioned to absorb external shocks,” he said.
He assured investors that Nigeria remained open for business.
“We are committed to policy consistency, investor protection, fiscal reforms, infrastructure development and transparent governance,” Oyedele declared.
Addressing the finalists and beneficiaries of the programme, he urged them to build businesses that would create jobs, solve societal problems and endure beyond their founders.
“Do not fear ambition. Nigeria’s future belongs to courageous builders,” he said.
In a lighter mood, Oyedele congratulated Enugu Rangers Football Club on winning the 2025/2026 Nigeria Premier Football League title, saying the victory demonstrated what becomes possible when “talent is supported by structure, institutions, investment and belief.”
“The same lesson applies to enterprise and innovation. When our entrepreneurs are given access to capital, enabling infrastructure and the right policies, Nigeria wins,” he said.
Speaking , the Secretary to the Enugu State Government, Prof. Chidiebere Onyia, who represented the state Governor, Dr Peter Mbah, said the initiative aligned perfectly with the Mbah administration’s vision of transforming Enugu into a modern economic powerhouse driven by technology, innovation, industrialisation and private enterprise.
SSG,Prof Onyia
He described the event as “a strategic economic intervention” and “a bold statement of intent about the future of the Southeast and Nigeria’s economic development.”
According to Onyia, the Mbah administration had continued to invest aggressively in infrastructure, digital connectivity, healthcare, education, power and security to attract investments and create an enabling environment for businesses.
“Government alone cannot create prosperity unless it deliberately creates the conditions that allow businesses to flourish,” he said.
He noted that one of the biggest obstacles facing African startups remained limited access to patient capital capable of helping innovative ideas scale into successful businesses.
“This is why venture capital financing remains globally recognised as one of the strongest catalysts for industrial transformation, technology growth, business expansion and long-term economic competitiveness,” Onyia stated.
He commended the SEDC for pursuing a target of over $50 million in investment mobilisation, describing the initiative as “an investment in jobs, economic stability, industrial growth and the emergence of globally competitive African entrepreneurs.”
The SSG assured participants that Enugu State would continue to support policies and reforms that improve ease of doing business, strengthen investor confidence and eliminate bureaucratic bottlenecks.
“The future belongs to those who are bold enough to innovate, create solutions and transform problems into opportunities,” he told the young entrepreneurs present at the event.
The ceremony also featured pitch competitions by startup founders and innovators from across the Southeast, with investors, business leaders, development partners and government officials in attendance.
Earlier in his welcome address, the Managing Director of the South East Development Commission ,Mark Okoye, described the programme as a landmark intervention aimed at solving the long-standing challenge of limited access to structured financing in the Southeast.
Mark Okoye
He said the region had always possessed entrepreneurial talent and resilience, but lacked institutional support needed to scale ideas into globally competitive businesses.
“The Southeast Venture Capital Programme is not just about funding startups, it is about building a sustainable innovation ecosystem for the region,” he said.
According to him, the initiative would connect founders with capital, mentorship and growth opportunities capable of catalysing long-term economic transformation.
“Our goal is to attract long-term capital, support scalable enterprises and position the Southeast as a leading innovation hub in Nigeria and across Africa,” he added.
He praised investors and development partners for believing in the region’s economic potential and described the finalists as “the next generation of builders.”
Quoting American businessman Dr William F. Pickard, he said: “If you approach 100 people for seed capital, 99 may say no. You just need that one. That one is the South East Development Commission.”
There were goodwill messages from SEDC’s partners. Highlights of the event were presentations of prizes to the finalists in different categories, namely, innovation, Acceleration and Trackers.
