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| Tinubu launches South-East Investment Company in Abuja |
President Bola Ahmed Tinubu has given the green light to a bold South-East investment push with a N150 billion capital base. This new fund, called the South-East Investment Company (SEIC), sits under the South East Development Commission (SEDC). It will pool public and private money to spark factories, roads, and skills training in states like Anambra and Abia .
The SEIC plans to tap hybrid bonds, equity stakes, and callable capital to build value in key sectors. Private investors, state governments, development banks, and diaspora groups can buy in. The fund aims to unlock long-term growth by backing projects in manufacturing, energy, and agribusiness. Pilot project funding kicks off in Q4 2025 .
At a brief ceremony in Abuja, Tinubu handed SEIC’s certificate of incorporation to SEDC leaders. Regional development minister Abubakar Momoh and SEDC MD Mark Okoye joined the president. Okoye said SEIC will bridge government plans and private-sector smarts. He highlighted its debt, equity, and hybrid bond mix as tools to de-risk projects and draw global funds .
The fund revives a vision first tested by the old Eastern Nigeria Development Corporation (ENDC). In the 1950s, ENDC built factories in Enugu and Aba, spurring textiles and metalworks. SEIC will echo this legacy, linking the region’s skilled labour with fresh capital. The goal is to raise South-East industrial output above its current national share of around 8 percent .
The South-East houses about 36 million people, near 18 percent of Nigeria’s population. Yet its manufacturing share lags behind other zones. Nigeria’s overall manufacturing GDP sat at ₦1.82 trillion in Q4 2024. The sector grew just 2 percent last year, below services at 5.37 percent . SEIC targets factory zones in Aba, Nnewi, and Onitsha to lift this rate.
Beyond factories, SEIC will back roads, power links, and training hubs. South-East grid outages run above the national average. Reliable power could cut factory costs by 30 percent, industry experts say. Better roads can slash haul times by half, boosting exports of palm oil and rubber .
Tinubu’s approval comes amid wider economic reforms. His reforms aim to grow GDP by 4 percent in 2025, up from 3.4 percent in 2024. Nigeria’s Q4 2024 GDP grew 3.84 percent, led by services at 5.37 percent. Industry rose only 2 percent, underlining the need for regional industrial boosts .
Fiscal experts note SEIC must meet high governance bar. Funds will face independent auditors, custodians, and managers. This structure aims to avoid past missteps of state-run outfits. Transparency measures include quarterly reports online and citizen-led oversight forums .
Local business leaders have welcomed SEIC but urge quick action. Aba chamber head Chinedu Okeke said delays cost investors confidence. “We need fast-track approvals,” he said. “Our plants can run 24/7 once power and roads are reliable.” He urged state governments to co-invest to show local buy-in .
Civil society groups ask for job-link clauses. They want SEIC projects to hire local youth and women. South-East unemployment stands near 22 percent, higher than national average. Officials say SEIC will fund skill centres to train 50,000 workers in the first two years .
Analysts see SEIC as test for Tinubu’s wider regional reconciliation. The South-East voted heavily against his party in 2023. This fund offers a chance to build trust via tangible projects. Regional parties have signaled tentative support, awaiting clear roll-out plans .
International partners are watching. The World Bank and African Development Bank have signaled interest in co-financing. Early talks aim to seed a $500 million bond fund by 2026. Such backing could cut borrowing costs by 1–2 percent and attract global pension funds .
SEIC’s first investment window will include a logistics hub near Onitsha and a small-scale palm oil refinery in Imo State. Later phases cover a pozzolana plant and textile park. Officials plan five anchor projects to show early returns and build momentum .
The presidency stresses full compliance with Nigerian laws and global standards. An advisory board will include private financiers, development experts, and community reps. This cross-section aims to balance profit with social impact .
Critics note risks from currency volatility and interest rates. Nigeria’s inflation eased to 22.97 percent in May 2025, but remains high. Currency swings can hit bond yields. SEIC’s hybrid funding helps share risk, but effective hedging is key .
Overall, SEIC marks a new chapter for South-East growth. If it hits targets, the region could gain thousands of factory jobs and better infrastructure by 2030. Tinubu’s backing underscores the federal push to widen economic gains beyond the core North-Central and South-West zones .