…To $50m via public, institutional, development finance, diaspora, private capital

The South East Development Commission (SEDC) has formally launched the South East Venture Capital Program (SEVCP), marking a decisive step in advancing the Renewed Hope Agenda’s commitment to expand access to capital for startups and strengthen Nigeria’s investment landscape.

According to a statement issued by SEDC Executive Director, Finance and Chairman, SEVCP Committee, Hon. Stanley Ohajuruka, the programme represents a direct institutional response to the federal government’s commitment to expand access to local funding and attract sustained investment into high-growth sectors across South East Nigeria.

Hon. Ohajuruka said it was part of the developmental initiative by the South-East Development Commission contained in the road map for the region that was presented to the House of Representatives Committee on South East Development.

He said the SEVCP is a funded, coordinated, and time- bound intervention designed to catalyse the region’s digital, innovation, and technology ecosystem.

As part of its initial rollout, the first phase of the program, the South East Pitch Competition, is now officially open for applications.

According to the statement, at the core of the program is the South East Venture Capital Fund, a blended finance vehicle designed to mobilise up to $50 million in public, institutional, development finance, diaspora, and private capital into the region.

He said SEDC anchors the Fund through the South East Investment Company, its wholly owned investment vehicle, which participates as a limited partner. This structure ensures professional fund management, institutional accountability, and alignment with global investment standards.

Furthermore, he said, the SEVCP is built as an integrated platform comprising five interlinked workstreams: fund operationalisation, a flagship pitch competition, a structured incubation and acceleration programme, a financing partnerships strategy to complete the fund raise, and a network of implementing partners across the region.

Each component is designed to reinforce the others and ensure continuity from deal sourcing to investment and growth.

Hon. Ohajuruka said the South East Pitch Competition serves as the primary entry point into the fund’s investment pipeline. Thirty startups will be selected across the five states, with twenty placed in the Accelerator Track and ten in the Incubation Track.

“These startups will receive SAFE investments totalling $450,000 in the first cohort. Accelerator participants will receive $20,000 each, while incubation participants will receive $5,000 each. Investments will be milestone-based and structured to balance founder flexibility with investor protection.

“The Pitch Competition Finals is scheduled to take place on 13 May 2026, followed by an Investment Ceremony on 14 May 2026. Selected startups will participate in a structured hybrid incubation and acceleration programme delivered across key locations in the region.

“The South East has long demonstrated strong entrepreneurial capacity, commercial depth, and human capital, the statement indicated.

It noted that what has been missing is a coordinated system to channel capital into that capacity at scale, with the structure and governance required by serious investors.

“The SEVCP provides that system, and the Pitch Competition establishes the first layer of access,” he said.

He said applications opened on 13th March 2026 and were originally scheduled to close on 27th March 2026.

It indicated that the deadline has now been extended to 3 April 2026 to enable broader participation across the region, adding that this will be the final extension.

“The Accelerator Track is open to startups with demonstrable product market fit, active users, and revenue traction. The Incubation Track is open to founders with validated ideas and a minimum viable product.

“Eligible startups must be based in, operating in, or delivering clear impact within the South East, or be founded by individuals of South East origin with a defined regional focus. All applications must demonstrate a meaningful technology component.

“The SEVCP represents a long-term commitment to building a structured and investable startup ecosystem in the South East.

“The inaugural cohort will form the foundation of a pipeline that the Commission intends to scale over successive cycles.

“Founders building within the region, and those looking to build within it, are encouraged to apply before the deadline,” he urged.

(Nigerian Tribune)

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