The South East Development Commission (SEDC) on Tuesday unveiled a $50 million venture capital programme targeting to channel investment into startups across Southeast region.
The idea is to boost the tech ecosystem in line with Nigeria’s broader ongoing economic reforms.
According to a statement by the Commission, the scheme has been christianed the South East Venture Capital Programme, or SEVCP, and seeks to draw funding from public coffers, institutional investors, the Nigerian diaspora and private sources into high-growth areas like technology and digital businesses.
NEDC said the initiative also aligns with President Bola Tinubu’s Renewed Hope Agenda, which emphasizes local funding and innovation to strengthen Nigeria’s investment climate.
“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,” the Commission said.
The effort is a fall out from a development roadmap the Commission presented to a House of Representatives committee.
At its heart is the South East Venture Capital Fund, a blended-finance vehicle managed by the South East Investment Company to ensure professional oversight and adherence to global standards.
The fund is expected to mobilize contributions through five linked components: operational setup, a flagship pitch competition, incubation and acceleration tracks, financing partnerships and a regional network of partners.
Applications have been open for the South East Pitch Competition, the main gateway to the fund.
Organizers plan to select 30 startups: 20 for an accelerator track and 10 for incubation.
Successful applicants will receive Simple Agreements for Future Equity, or SAFE notes, totaling $450,000 for the first cohort — $20,000 apiece for accelerators and $5,000 for incubators, disbursed on milestone terms.
Finals are set for May 13, with an investment ceremony the next day. The commission extended the application deadline to April 3, calling it the final one.
