The federal government says it has committed over N1.3 trillion to strategic road and bridge projects across the South-East to boost economic growth and strengthen regional integration.

Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, disclosed this on Tuesday during the grand finale of the South-East Venture Capital Programme (SEVCP) organised by the South East Development Commission (SEDC) in Enugu.

Mr Oyedele said the administration was investing heavily in critical infrastructure to unlock enterprise and attract investments to the region.

He listed the projects to include the Second Niger Bridge Access Road, Enugu-Onitsha Road, Enugu-Port Harcourt Expressway, Enugu-Abakaliki dualisation project, and the priority rail corridor linking Onitsha, Owerri, Aba and Ikot Ekpene.

He said the SEVCP symbolised the federal government’s commitment to innovation-driven economic development and entrepreneurship.

He noted that more than 1,200 applications were received from across the region, describing it as evidence of the enormous entrepreneurial potential in Nigeria.

“They are designed to create a new development model, one that moves from grants to growth capital, from dependence to enterprise, and from consumption to value creation,” he said.

The minister also highlighted ongoing federal interventions to improve access to finance for businesses and entrepreneurs in the South-East.

According to him, the Development Bank of Nigeria has deployed over N130 billion to businesses across the region, supporting about 86,000 Micro, Small and Medium Enterprises (MSMEs).

He said that CreditCorp had reached more than 35,000 beneficiaries in the South-East, mostly women and micro-entrepreneurs, while the Nigerian Education Loan Fund (NELFUND) was providing interest-free education financing for students.

Mr Oyedele stated that in spite of global economic uncertainties, Nigeria recorded a 3.89 per cent gross domestic product (GDP) growth in the first quarter of 2026.

He attributed the growth to ongoing economic reforms, improved fiscal sustainability, infrastructure renewal and deliberate efforts to unlock private capital.

“We are building an economy that is more diversified, more productive, more competitive and better positioned to absorb external shocks,” he said.

He reiterated that Nigeria remained open to investment, assuring investors of policy consistency, investor protection, fiscal reforms and transparent governance.

Governor Peter Mbah of Enugu State described the venture capital programme as a strategic economic intervention aimed at repositioning the South-East within the global innovation economy.

The governor was represented by the secretary to the state government, Chidiebere Onyia.

Mr Mbah said the initiative aligned with the economic philosophy of the Enugu State government, which prioritised private enterprise, innovation, industrialisation and strategic investment partnerships.

He noted that Enugu State was investing heavily in infrastructure, digital connectivity, security, healthcare, education reform and smart urban development to create an enabling environment for businesses.

“One of the greatest challenges confronting emerging businesses across Africa is not necessarily the absence of ideas or talent but the lack of access to patient capital capable of helping those ideas scale into successful enterprises,” he said.

Earlier, the managing director and chief executive officer of the SEDC, Mark Okoye, said the venture capital initiative was conceived as part of the commission’s broader roadmap for regional economic transformation.

Mr Okoye said over 1,200 startups applied for the programme, while only about 30 successful startups emerged after a rigorous selection and boot camp process.

He explained that the initiative would evolve into a $50 million blended finance platform managed independently through the South-East Investment Company.

According to him, the fund is designed to provide equity financing rather than grants to young entrepreneurs and startups across the region.

(NAN)