A transformative initiative named the South East Venture Capital Programme (SEVCP) is taking shape in Igbo land. The scheme is a brainchild of the South East Economic Development Commission (SEDC), to ignite the entrepreneurial spirit of the region’s youth.

Led by Mark Okoye, the SEDC is already aligning its programmes and projects with the key priority areas of the Bola Tinubu-led administration, one of which is to support the establishment of viable enterprises.

“Our vision is very clear, we want to be the preferred investment destination in Africa by 2030,” Okoye told TVC in a recent interview.

​The Igbo people of Nigeria are renowned for their exceptional entrepreneurial spirit. A well-thought-out framework where established entrepreneurs mentor and support novices will no doubt foster a culture of shared prosperity and sustainable economic growth.

In a 2021 article, the Harvard Business Review recognised the Igbo Apprenticeship System (IAS) as an exemplary model of stakeholder capitalism. “This practice fosters a balanced community where opportunities are accessible to all, effectively mitigating inequality,” the article stated.

The IAS can be improved by formalising, digitising, and expanding its principles to adapt to modern economic and global business environments. This is where the SEVCP comes in. The programme is designed to establish a robust fund of up to ₦10 billion dedicated to supporting startups in the south east. This financial reservoir will provide much-needed seed funding to young entrepreneurs, enabling them to transform innovative ideas into thriving businesses. Beyond funding, the programme envisions a comprehensive support system that includes incubation programs, accelerator initiatives, and a dynamic ecosystem where investors and entrepreneurs can seamlessly connect.

The power of venture capital to drive economic transformation is evident globally. In Egypt, the Technology Innovation and Entrepreneurship Center (TIEC), gave birth to Crowd Analyzer, the first Arabic-focused social media monitoring platform. TIEC offers various programs, including incubation, acceleration, and funding opportunities for tech startups.

For the South East Venture Capital Program to succeed, strategic execution tailored to the region’s unique socio-economic fabric is essential. This is why the SEDC is engaging successful investment bankers and other private sector entrepreneurs to drive the process.

Public-private partnerships can enhance resource mobilisation, mentorship opportunities, and market access for startups. SEVCP will ensure a steady pipeline of viable business ideas ready for commercialisation. The programme will create a strong, inclusive ecosystem where investors, entrepreneurs, academics, and policymakers converge and facilitate knowledge exchange, networking, and strategic alliances.

The programme’s design is ambitious yet pragmatic. It is designed to nurture start-ups from their initial ideas to full-scale execution, and strategic partnerships with the private sector aimed at attracting investments and expertise. The accelerator programs will fast-track high-potential businesses, and create an ecosystem designed for collaboration, effectively connecting investors with entrepreneurs.

What sets this initiative apart is its reliance on volunteerism. The committee members will work pro bono. This approach not only saves costs but also ensures that the programme is driven by passion rather than profit.

The committee members will volunteer their expertise over four weeks to draft a comprehensive white paper. This document will outline the programme’s deliverables, identify potential challenges, and propose actionable solutions and recommendations. Their collective insights will lay the groundwork for the programme’s successful rollout and long-term sustainability.

Thankfully, the committee boasts an impressive lineup of professionals with diverse expertise spanning technology, finance, public policy, and entrepreneurship. Among them is Emeka Afigbo, a senior leader in the tech industry with experience at Okta, Facebook, and Google, specialising in developer success and emerging technologies. Somachi Chris Asoluka, CEO of the Tony Elumelu Foundation, plays a vital role in mobilising global partnerships to support African entrepreneurship. Her leadership in the Foundation has been pivotal in empowering young entrepreneurs across the continent, and she is also a valued member of the committee.

Innocent Isiche, Managing Partner at ACIOE Associates, is on the committee. He has been a pivotal figure in advancing financial inclusion and shaping banking regulations in Nigeria. With a distinguished career that includes leadership roles at Paystack, IBM, and the Central Bank of Nigeria, he has significantly contributed to the development of the country’s financial landscape.

Patrick Okigbo III, the Founder of Nextier Advisory, brings to the committee decades of experience in economic development, governance, and public sector reforms, having served in advisory roles for Nigeria’s presidency and major financial institutions. The committee will benefit from the insights of Arinze Chilo-Offiah, Special Adviser to the Enugu State Governor and Director General of the Enugu SME Centre. He is known for championing innovative financing models and workforce development initiatives.

John Onuigbo, Co-Founder and CEO of Foris Labs is a forward-thinking education technology entrepreneur focused on revolutionizing science education through virtual labs and digital skills training. He is also a distinguished member of the committee.

This eminent team is well-positioned to drive impactful policy recommendations and investment strategies that will catalyse economic growth in the south east, making the region a hub for innovation, entrepreneurship, and sustainable development.

To ensure success, the programme would establish a transparent governance structure to build trust stakeholders’ trust. It would also create a hybrid funding model that combines public funds with private investments, partner with universities and research institutions to promote innovation, launch an aggressive awareness campaign to attract global investors and develop metrics for measuring impact, such as job creation and revenue growth.

The South East Venture Capital Program stands as a beacon of hope and a testament to the transformative potential of strategic investment in human capital. By drawing inspiration from global successes and tailoring strategies to local realities, the SEVCP is poised to unlock unprecedented opportunities for young entrepreneurs in south east Nigeria. This programme will surely catalyse a new era of economic prosperity and innovation. It will play a crucial role in building vibrant startup ecosystems and driving sustainable economic development across the south east.

With SEVCP, the future is bright for young Igbos venturing into the business world. With such a well-thought-out programme in place, the sky is merely the starting point of their journey.

Jerrywright Ukwu, a journalist writes from Abuja. He can be reached at [email protected].