The Southeast Development Commission (SEDC) has launched a $500,000 venture capital programme targeted at supporting startups and young entrepreneurs across Southeast Nigeria through equity investment.
The initiative was unveiled during a pitch presentation held in Enugu, where the Managing Director and Chief Executive Officer of SEDC, Mark Okoye, said the programme was designed to tackle two major problems facing startups in the region — poor access to funding and limited founder support.
Okoye said the programme aligns with President Bola Tinubu’s Renewed Hope Agenda and forms part of broader efforts to drive innovation, industrialisation, and growth in the Southeast digital economy.
According to him, the commission plans to invest in 30 startups through a merit-based selection process.
“The commission would invest $500,000 in 30 startups,” Okoye said. “This is not empowerment. It is a merit-based, transparent, governance-secured process.”
He explained that startups with existing products and market traction could receive up to $20,000 in funding, while early-stage founders would receive a minimum of $5,000 to build their minimum viable products (MVPs).
SEDC said more than 1,200 startups applied within the first three weeks of the programme. After screenings and interviews conducted by independent evaluators, the number was reduced to 50 finalists who pitched in Enugu for the final 30 slots.
Beyond funding, selected startups will also undergo a three-month support programme focused on mentorship, accounting, corporate governance, and business development.
Stanley Ugochukwu Ohajuruka, Executive Director of Finance on the SEDC governing board, said independent venture capital professionals were engaged as judges to ensure transparency and credibility throughout the selection process.
