Mazi Sam Ohuabunwa, Chairman of the Council of Igbo Business Leaders, and the South-East Development Commission (SEDC) have joined forces to drive economic development and integration in Igbo land. The collaboration aims to unite critical stakeholders in the South-East region to form a strong front for development, addressing youth unemployment and other social challenges.
Call for Unity and Investment
Speaking at a meeting in Enugu on Monday, Ohuabunwa emphasized the need for Igbo people to prioritize the South-East Zone in their investment plans. He noted that the region has suffered significantly due to historical, political, social, and economic factors. The Council's mandate includes identifying young Igbo entrepreneurs, grooming them for mega business ventures, creating a unified voice for the business community, and developing markets in Igbo. Ohuabunwa called for synergy with the SEDC and other stakeholders, stating, "This is the opportunity we long wished for."
Venture Capital Initiative
The SEDC has launched a £500,000 merit-based venture capital initiative to empower young entrepreneurs in the region. This fund aims to accelerate economic expansion through investments in regional startups and curb the migration of local tech talents seeking funding and scaling opportunities abroad. SEDC Managing Director Mark Okoye announced the initiative during the South-East Pitch Competition at the International Conference Centre in Enugu. He highlighted that the program addresses structural gaps in financing and support for tech-driven enterprises, including unemployment, low capital formation, and inadequate support systems.
Alignment with National Agenda
Okoye stated that the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on innovative financing mechanisms to boost the national digital economy. The selection process attracted over 1,200 applications in three weeks. Through a multi-stage screening by independent judges, the pool was reduced to 189, then 50 finalists pitching in Enugu. Ultimately, 30 beneficiaries will be selected for the first phase.
