The South East Development Commission (SEDC) has officially unveiled the South East Venture Capital Programme (SEVCP), a $50 million initiative aimed at boosting startup funding and attracting investment into high-growth sectors across South-east Nigeria.
The programme is part of President Bola Tinubu’s Renewed Hope Agenda, targeted at strengthening entrepreneurship and accelerating economic growth in the region.
The disclosure was made in a statement on Tuesday by the Executive Director of Finance at SEDC and Chairman of the SEVCP Committee, Stanley Ohajuruka, who said the initiative aligns with the federal government’s drive to deepen local funding and unlock sustainable investments.
He described SEVCP as “a structured, time-bound intervention designed to accelerate the region’s digital, innovation, and technology ecosystem,” noting that it builds on the South-east Development roadmap earlier presented to the House of Representatives Committee on South East Development.
At the core of the programme is a blended finance structure expected to mobilise up to $50 million from public institutions, development finance organisations, diaspora investors, and private sector players.
According to Ohajuruka, “the fund is designed as a blended finance vehicle to crowd in both public and private capital, ensuring that startups in the South-east have access to the scale of funding required to grow and compete.”
He added that SEDC will anchor the fund through the South East Investment Company, its wholly owned investment vehicle, which will act as a Limited Partner to guarantee professional fund management, transparency, and adherence to global investment standards.
The programme is structured around five key workstreams, including operationalising the fund, the South East Pitch Competition, a coordinated incubation and acceleration programme, a financing partnerships strategy, and a network of implementing partners across the region.
Ohajuruka said each component is designed to ensure continuity from startup discovery to funding and growth, creating a pipeline that supports innovation at different stages.
“The first phase, which is the South East Pitch Competition, is now open for applications, offering startups a direct pathway into the programme’s investment pipeline,” he stated.
He further disclosed that selected startups will receive SAFE-based investments, with a total of $450,000 allocated for the first cohort.
“Accelerator participants will receive $20,000 each, while incubation participants will receive $5,000 each. These investments will be milestone-based to balance founder flexibility with investor protection,” he said.
The Pitch Competition Finals are scheduled for May 13, followed by an Investment Ceremony on May 14, where selected startups will formally enter the programme.
Ohajuruka noted that beneficiaries will undergo a structured hybrid incubation and acceleration programme delivered across key locations within the South-east.
He emphasised that while the region has consistently demonstrated strong entrepreneurial capacity and skilled talent, it has lacked a coordinated funding system capable of supporting startups at scale.
“The South-east has long shown deep entrepreneurial potential, but what has been missing is a system that channels capital effectively. SEVCP is designed to fill that gap,” he said.
Applications for the programme opened on March 13 and have been extended from the initial March 27 deadline to April 3 to allow wider participation.
Eligibility is open to startups with technology-driven products or services, those operating within the South-east, or founders of South-east origin focused on delivering impact in the region.
