The South-East Development Commission (SEDC) has revealed plans to prioritise railway development across five states in the South-Eastern region through the establishment of an investment fund.
Managing Director of the Commission, Mr. Mark Okoye dropped this hint recently during the first formal visit of SEDC management team to Managing Director, Nigerian Railway Corporation (NRC), Dr Kayode Opeifa in Lagos.
According to him, the commission is priotizing railway development across the five Southeast states with an ambitious roadmap to transform the region into Nigeria’s preferred investment destination by 2030.
“Our goal is to develop a seamless business climate across all five states in the region. We want consistency in ease of doing business policies, laws, and investment regulations to attract both domestic and international investors
“The commission intends to establish an investment fund driven through an investment corporation to finance long-term projects, ensuring financial independence within a decade,” Okoye said
He also highlighted security and investment climate enhancement as immediate priorities, recognizing that economic transformation cannot thrive without a stable environment.
Okoye noted that successful models, like the Lagos state’s partnership with the NRC, could serve as a blueprint for similar initiatives in the Southeast.
On the commission’s first 50 days, Okoye outlined key achievements, including engagements with Senate, House of Representatives, state governors, organised private sector groups, and the diaspora community.
He also announced the launch of a volunteer system, which has already attracted over 2,000 sign-ups from Nigerians worldwide who are eager to contribute technical expertise to the region’s development.
Okoye reaffirmed the commission’s commitment to fostering development partnerships and urged NRC to consider
SEDC a key stakeholder in its future projects.
He pointed out that collaboration with NRC is expected to play a crucial role in the region’s master planning, which includes multi-modal transportation systems, industrial clusters, and agro-processing zones.
The commission, which was inaugurated on February 11, this year has identified five key sectors to drive the region’s economic expansion from $40 billion to $200 billion within ten years.
These sectors include agriculture, industrialization, technology, creative economy, and tourism, with infrastructure serving as the enabling foundation.
Addressing management team of the commission, managing director, NRC Dr. Kayode Opeifa observed that NRC has historically been at the heart of Nigeria’s economic growth, tracing it back to the colonial era when the first rail lines were built to facilitate trade and commerce.
According to him, the present government is prioritizing the rehabilitation and expansion of narrow gauge railway networks to enhance mobility, reduce the cost of transporting goods and improve economic productivity.
“While Nigeria developed 3,500 kilometres of rail lines in our first 60 years of post independence, the Federal Government successfully constructed over 1,000 kilometres of new or refurbished rail lines in the past decade, marking a significant milestone in railway development,” Opeifa declared
He said rehabilitation of the eastern corridor railway line would restore connectivity between key cities in the southeast and other parts of the country.
Regarding concerns on vandalism especially on the eastern corridor, Opeifa stated categorically that railway assets are still much in use and not scrap irons adding that NRC is actively working to reposition outdated infrastructure and improve service delivery.