The South East Development Commission (SEDC) has launched a £500,000 merit-based venture capital initiative to empower young entrepreneurs in the region. The program aims to accelerate economic expansion through investments in local startups and curb the migration of tech talents seeking funding and scaling opportunities elsewhere.
Speaking at the International Conference Centre in Enugu during the South East Pitch Competition, SEDC Managing Director Mark Okoye Jnr highlighted that the initiative addresses structural gaps in financing and foundational support for tech-driven enterprises. He identified unemployment, low capital formation, and inadequate support systems as primary regional bottlenecks.
Okoye stated that the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on innovative financing mechanisms to bolster the national digital economy. The selection process attracted over 1,200 applications within three weeks. Through a multi-stage screening by independent judges, the pool was reduced to 189, then to 50 finalists pitching in Enugu. Ultimately, 30 beneficiaries will be selected for the first phase.
The fund is structured into two tiers: the Early-Stage Category, where promising concepts receive $5,000 investments to build Minimum Viable Products (MVPs), and the Accelerator Category, where 20 established startups with proven traction access equity investments of up to $20,000. Okoye emphasized that disbursements are milestone-based equity investments, not traditional grants or handouts. Selected founders will undergo a mandatory three-month training program covering corporate governance, business structuring, finance, human resources, and mentorship.
Drawing a parallel to the traditional Southeast apprenticeship system known as “Igba Boy,” Okoye described the structured investment model as focused on long-term sustainability and nurturing enterprise. SEDC Executive Director of Finance and Chairman of the South East Venture Capital committee, Stanley Ohajuruka, praised the high quality of innovations displayed during pitch sessions, calling the initiative a cornerstone of the Commission’s multi-sectoral intervention plan.
