By NAOMI SHARANG

The Managing Director of the South-East Development Commission, Mr Mark Okoye, on Tuesday unveiled plans to grow the South-East into a $200 billion economy within 10 years.

The commission also sought legislative backing for a N140 billion 2026 budget to begin full implementation of the region’s development blueprint.

Okoye spoke during the budget defence before the Senate Committee on South-East Development Commission in Abuja.

“In the last two or three weeks, we can clearly say that the mandate has been validated,” he said.

He referenced a four-day South-East Vision 2050 forum convened by the commission.

“We had 100 per cent stakeholder participation.

“All five governors attended, alongside the Vice-President, five ministers, 22 federal agencies, development commissions and 4,900 participants from the South-East.

“They came voluntarily and at their own cost to discuss the region’s future for the next 25 years,” Okoye said.

He said the commission’s strategy projects a $200 billion regional economy within a decade, positioning the South-East as Africa’s preferred investment destination.

He said: “We believe that in 10 years we can achieve a $200 billion economy.

“We also believe that in eight years, the South-East Investment Conference will have a balance sheet of $1 billion.”

Okoye disclosed that presidential approval had been secured to raise up to $150 billion for transformative infrastructure and industrial projects.

He said the investment conference vehicle would adopt a public-private partnership model involving the commission, state governments, private equity firms and development finance institutions.

Presenting the N140 billion 2026 proposal, Okoye described the year as the commission’s real take-off year.

“In our mind, last year was foundation. This year is take-off for execution,” he said, noting minimal implementation in 2025 due to delayed releases.

Of the N140 billion proposed, N108 billion is for capital projects, N23 billion for overheads and N7.3 billion for personnel.

He said only N5 billion of the 2025 allocation was received in late December, with about N957 million spent mainly on engagement and investment promotion.

“We have paid no salaries, no allowances, no emoluments,” Okoye said.

Senators urged the commission to prioritise infrastructure that directly impacts citizens.

Sen. Tony Nwoye (Anambra North) warned against excessive spending on conferences.

“The South-East needs more development than other zones. We were the first to demand a development commission.

“Let’s not waste funds on conferences or seminars of $20 million. Build or renovate primary and secondary schools.

“Your work should focus on infrastructure like schools and hospitals,” he said.

The committee chairman, Sen. Orji Kalu, commended the blueprint but warned against misuse of public funds.

“Our oversight will not be taken for granted. You were appointed to make our region proud.

“Our region has suffered greatly, and Mr President honoured us with this commission.

“I plead with you not to see this commission as a place for siphoning money.

“This commission is to work for our people and rebuild our area,” Kalu said.

He noted that the commission was created by the administration of President Bola Tinubu in recognition of decades of neglect.

Kalu urged the management to justify the confidence reposed in them. (NAN)