The SouthEast Development Commission (SEDC) has commenced the empowerment of young entrepreneurs in the region with the launch of a £500,000 merit-based venture capital initiative.

This is to accelerate economic expansion through investments in regional startups. According to the SEDC, the initiative also seeks to stem the migration of local tech talents who routinely leave the region in pursuit of scaling opportunities and funding.

Speaking to journalists at the International Conference Centre in Enugu during the South East Pitch Competition, SEDC Managing Director, Mark Okoye Jnr, stated that the programme 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.

According to Okoye, the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on creating innovative financing mechanisms to bolster the national digital economy.

“The selection process drew over 1,200 applications within its first three weeks. Through a multi-stage screening process by independent judges, the pool was whittled down to 189, then to 50 finalists currently pitching in Enugu. Ultimately, 30 beneficiaries will be selected for the first phase,” he said.

The Fund structure, according to the MD, splits beneficiaries into two tiers: Early-Stage Category: Promising concepts will receive $5,000 investments to build out their Minimum Viable Products (MVPs).
Accelerator Category: 20 established startups with proven operational traction will access equity investments of up to $20,000.

Okoye emphasised that the disbursements are strictly milestone-based equity investments rather than traditional government grants or handouts.

Selected founders will undergo a mandatory three-month training programme covering corporate governance, business structuring, finance, human resources, and mentorship.

Drawing a parallel to the region’s historic identity, Okoye likened the structured investment model to the traditional Southeast apprenticeship system, known as “Igba Boy,” pointing out its focus on long-term sustainability and nurturing enterprise.

Also speaking at the event, SEDC Executive Director of Finance and Chairman of the South East Venture Capital committee, Stanley Ohajuruka, lauded the high quality of innovations displayed during the pitch sessions, calling the initiative a cornerstone of the Commission’s multi-sectoral intervention plan.