SEDC Rolls Out $50m Startup Funding Initiative

The South East Development Commission, SEDC, has launched a venture capital programme aimed at expanding access to funding for startups and strengthening regional innovation in South-East Nigeria.

In a statement in Abuja, the commission said the South East Venture Capital Program SEVCP, aligns with the federal government’s Renewed Hope Agenda, designed to attract sustained investment into high-growth sectors.

“The initiative forms part of the commission’s development roadmap presented to the House of Representatives Committee on South East Development.”

SEDC said the programme is a coordinated, time-bound intervention to stimulate the region’s digital and technology ecosystem. Its first phase, the South East Pitch Competition, is now open for applications.

At the centre of the initiative is a venture capital fund expected to mobilise up to $50 million from public, institutional, diaspora and private investors. The fund will be anchored by the South East Investment Company, the commission’s investment arm, which will serve as a limited partner.

“The programme includes five components: fund operationalisation, a pitch competition, incubation and acceleration programmes, financing partnerships, and a network of implementing partners.

“Thirty startups will be selected across the region’s five states. Twenty will join an accelerator track, receiving $20,000 each, while ten in the incubation track will receive $5,000 each, bringing total initial investments to $450,000.

The pitch competition finals are scheduled for May 13, 2026, followed by an investment ceremony on May 14.

Applications opened on March 13 and will now close on April 3, following an extension to allow wider participation.

SEDC said eligible startups must demonstrate a strong technology component and either operate in the South-East or show clear regional impact.

PR Oduyemi Odumade