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A Development Economist, Prof. Uche Nwogwugwu has commended the National Assembly for approving a budget estimate of N140 billion for the South East Development Commission (SEDC) for the 2025 financial year.
Nwogwugwu who spoke in Awka on Monday described the budget estimate as a good starting point for the rebuilding process.
A lecturer at the Department of Economics, Nnamdi Azikiwe University, Awka, Nwogwugwu said the Commission should consider projects that would engender economic integration of the states in the region.
“The idea of the Development Commission is a good one and the budget is a starting point, I advise projects that will interconnect the region like railways be given priority,” he said.
The N140 billion budget estimate was contained in the final draft of the 2025 budget of N54.9 trillion passed by the National Assembly on Feb. 14.
Recall that the SEDC board headed by Dr Emeka Nworgu and Mr Mark Okoye as Chairman and Managing Director respectively was inaugurated on Feb.11.
The budget also provided that other regional development commissions such as South-West Development Commission, South-South Development Commission, North-Central Development Commission got the same approval of N140 billion while North-West Development Commission got 145,61 billion.
The Nigeria Delta Development Commission got the jumbo budget among the Development Commissions with a budget of N626,53 billion.
The SEDC is saddled with the responsibility of rebuilding and rehabilitation of the Southeast region from the damage of the civil war.
Okoye, in his inaugural speech quoted the World Bank as saying that South East required an annual investment of $10 billion for the next 30 years to be able to bridge the infrastructure gap.
He said the SEDC would collaborate with the state governments, private sector, and development partners, we will drive the Southeast towards a $200 billion regional economy by 2035,
Okoye said the Commission would prioritise security and investment infrastructure development, agriculture, industrialisation, technology/innovation and human capital development
“The South East region faces numerous challenges at the moment including harsh investment Climate due to security concerns, low ease-of-doing business, unemployment and 2,500 active erosion sites resulting in displacement of thousands of people,” he said.
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