.Diaspora capital, markets to drive long-term development

Vice President Kashim Shettima on Wednesday unveiled a 25-year development blueprint for Nigeria’s South-East, positioning job creation, major infrastructure renewal and industrial expansion at the heart of the region’s long-term economic transformation.

He announced that President Bola Tinubu has approved the establishment of the South East Investment Company Limited, a special-purpose investment vehicle expected to mobilise funding from the diaspora, capital markets and development finance institutions to fast-track priority projects across the zone.

Speaking at the South-East Vision 2050 Regional Stakeholders’ Forum in Enugu, Shettima said the initiative represents a decisive break from short-term political planning, replacing it with a structured, multi-decade framework designed to ensure policy continuity, strengthen investor confidence and deliver measurable economic results.

According to him, the forum reflected a collective determination by stakeholders to consciously plan the region’s future, noting that sustainable growth requires foresight, discipline and coordinated execution rather than ad hoc interventions.

The Vice President explained that the new investment company would harness the South-East’s strong entrepreneurial culture, vibrant diaspora networks and access to global capital, while working in synergy with the South-East Development Commission (SEDC) to close long-standing infrastructure gaps and enhance regional competitiveness.

Reaffirming the SEDC’s mandate, Shettima said the commission was conceived as a results-driven delivery institution focused on structural transformation, not routine bureaucracy, adding that Nigeria’s overall prosperity is inseparable from the economic vitality of its regions.

He noted that the Vision 2050 blueprint is designed to convert planning into tangible outcomes—particularly in employment generation, productivity growth and industrial capacity expansion—while addressing historical development challenges through deliberate economic coordination.

Shettima commended the broad-based participation at the forum, which drew representatives from federal and state governments, traditional institutions, the private sector, civil society and development partners.

He singled out Umu Igbo Unite, a United States-based network of young professionals, as a reflection of the diaspora’s growing role in regional development, stressing that the South-East’s growth would be driven both at home and abroad.

Addressing the youth, the Vice President emphasised that development must translate into visible improvements in livelihoods, noting that young people remain central to Nigeria’s economic future.

Earlier, Enugu State Governor Peter Mbah, speaking on behalf of his South-East counterparts, endorsed the Vision 2050 framework, describing it as a platform for aligning regional aspirations with national economic priorities. He proposed the creation of a South-East common market and characterised the initiative as the reawakening of an economic giant.

Ebonyi State Governor Francis Nwifuru pledged his administration’s full support for the blueprint, saying it would help narrow unemployment and poverty gaps while unlocking sectoral opportunities, particularly in agriculture, education and solid minerals.

Abia State Governor Alex Otti described the summit as a catalyst for economic renewal, while Anambra State Governor Charles Soludo hailed the establishment of the SEDC as a long-awaited institutional framework for coordinated regional development.

In a keynote address, UNDP Resident Representative, Mrs Elsie Attafuah, stressed the importance of strong institutions and consistent implementation, urging policymakers to ensure infrastructure investments directly support domestic production and industrial growth.

Other speakers, including Minister of Regional Development Engr. Abubakar Momoh, Minister of Trade and Investment Dr Jumoke Oduwole, Ohanaeze Ndigbo Worldwide President Sen. Azuta Mbata, and SEDC Chairman Sir Emeka Wogu, pledged support for the Vision 2050 agenda and broader regional integration.

The event featured goodwill messages from corporate organisations, manufacturers, faith-based groups, youth associations and development partners. The Vice President later toured an exhibition mounted by the National Council for Arts and Culture alongside South-East governors and other dignitaries.