*Says South East area of enterprise
President Bola Ahmed Tinubu has mentioned that his choice to signal the South East Development Commission (SEDC), Bill into legislation was pushed by his conviction that the prosperity of the South East area is inseparable from the prosperity of Nigeria.
The President made the disclosure on the the South East Gas Pipeline Infrastructure Investment Ceremony in Enugu on Tuesday.
It can be recalled that the President assented to the invoice in July, 2024
Represented on the occasion by the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, President Tinubu mentioned the Commission was created to supply sustained institutional consideration to the area’s reconstruction, rehabilitation and long-term growth.
He mentioned: “Our responsibility is to build upon that legacy. I have always believed that the prosperity of the South East is inseparable from the prosperity of Nigeria. When Aba’s industries thrive, when Nnewi’s factories expand, and when commerce flourishes in Onitsha, the entire Nigerian economy benefits. Nigeria cannot achieve its full economic potential while any region operates below its productive capacity. This conviction is central to our Renewed Hope Agenda. It informed my decision to assent to the legislation establishing the South East Development Commission in July 2024”.
The President additional mentioned the SEDC was established to be an establishment of supply and never simply one other paperwork.
“The Commission was established to supply sustained institutional consideration to the area’s reconstruction, rehabilitation and long-term growth.
“I established the South East Development Commission to be an institution of delivery. We must measure its success by the investments it mobilises, the infrastructure it enables, the opportunities it creates, and the lives it improves”, he mentioned.
He counseled the Chairman of the Commission, Dr. Emeka Wogu, the Board, and Management of the Commission led by its Managing Director and Chief Executive Officer, Mr. Mark Okoye, for advancing what he described as an vital initiative, noting that the South East Vision 2050 course of, supported by the Federal Government and the Governors of the area, supplies an vital basis for coordinated growth.
President Tinubu additionally disclosed that he has accepted the South East Investment Company, explaining that his administration is adopting a mannequin that leverages public sources to unlock personal capital.
“We must use public resources strategically to unlock much larger pools of private investment. This is the model I expect from our development institutions: identify strategic economic opportunities, prepare credible projects, commit public resources responsibly and mobilise private capital at a scale government budgets alone cannot achieve,” he mentioned.
Reassuring the folks of the South East, the President mentioned his administration stays dedicated to delivering crucial infrastructure that can drive commerce and create jobs within the area.
“My dear people of the South East, we recognise the importance of modern roads, rail connections, reliable energy and efficient access to markets. Our administration continues to advance critical transport infrastructure, including the Enugu–Onitsha and Enugu–Port Harcourt corridors, the supporting infrastructure around the Second Niger Bridge and the Eastern railway corridor. We know that much remains to be done. Our commitment is not simply to award contracts, but to deliver infrastructure that reduces costs, expands trade and creates jobs”, he mentioned.
The President added that the reforms launched within the electrical energy sector are opening new alternatives for states and personal traders to strengthen energy provide within the area and throughout the nation.
Speaking on the gasoline infrastructure, President Tinubu mentioned that the proposed South East Gas Distribution Pipeline Project will assist develop a regional gasoline distribution community that can serve industrial and business customers throughout the 5 jap States.
“But in the present day, our consideration is on one other very important basis of commercial competitiveness: Natural gasoline. Nigeria possesses substantial gasoline sources. Yet we should not measure these sources solely by what lies beneath our soil. The true worth of our gasoline is within the factories it powers, the roles it creates and the prosperity it brings to our folks.
“With the Assa North–Ohaji South gasoline processing venture in Imo State reaching first gasoline earlier this 12 months, we’ve got an vital alternative to attach home gasoline sources to productive industries. The proposed South East Gas Distribution Pipeline Project seeks to do exactly that.
“It goals to develop a regional gasoline distribution community serving industrial and business customers throughout Imo, Abia, Anambra, Enugu and Ebonyi States.
“Consider what this might imply: More aggressive manufacturing in Aba. Stronger industrial clusters in Nnewi and Onitsha. New funding and productive enterprises in Enugu. Greater alternatives for agro-processing and manufacturing in Ebonyi. A stronger connection between Imo’s gasoline sources and the broader regional financial system. These should not 5 separate economies. They are elements of 1 interconnected financial area.
“Gas infrastructure must therefore serve industries and markets, not stop at political boundaries. That is the economic logic of regional integration”, he mentioned.
President Tinubu additionally inspired the governors from the South East area to maintain the spirit of cooperation amongst themselves, saying that the zone is a area of enterprise.
He additionally charged the SEDC and its companions to supply tangible outcomes that can affect the area positively, promising the federal government will at all times try to create the enabling setting for companies to thrive.
“Your Excellencies, the Governors of the South East, I encourage you to maintain the spirit of cooperation that has introduced us so far. No single state can realise the total advantages of regional infrastructure by itself.
“The Federal Government will proceed to supply the enabling setting. But states, traders and the personal sector should work collectively to transform these alternatives into productive investments.
“To our traders, I say: the South East is a area of enterprise, expertise and large industrial potential. Look past in the present day’s ceremony. Examine the alternatives. Bring your capital, experience, and long-term dedication. To our producers and entrepreneurs, we recognise your resilience. Our accountability is to create an setting during which your competitiveness relies upon much less on endurance and extra on productiveness.
“To the younger folks of the South East, this initiative is in the end about your future. A future the place your expertise have worth, your companies can develop, and a scarcity of alternative doesn’t restrict your ambitions.
“I anticipate the South East Development Commission and its companions to maneuver past in the present day’s ceremony with a transparent implementation plan, outlined milestones and measurable outcomes.
“Let this project be remembered not for the agreements signed today, but for the factories it powers, the investments it attracts and the jobs it creates. For generations, the people of the South East have built successful businesses despite inadequate infrastructure. Our responsibility is to help build an economy in which they can succeed because of the infrastructure we provide”, the President assured.
