By Paul James
The South East Development Commission (SEDC) has officially launched the South East Venture Capital Program (SEVCP), a landmark initiative designed to expand funding access for startups and deepen the investment ecosystem in Nigeria. T
his project aligns with the Federal Government’s Renewed Hope Agenda, which prioritizes economic growth through innovation, entrepreneurship, and enhanced capital access.
In a statement released to journalists in Abuja yesterday, Hon. Stanley Ohajuruka, the Executive Director of Finance and Chairman of the SEVCP Committee, described the program as a strategic institutional response to the longstanding funding gaps affecting high-growth sectors in the South East.
The initiative forms a core part of the Commission’s broader development roadmap, which was recently presented to the House of Representatives Committee on South East Development as a coordinated and time-bound intervention.
The SEVCP aims to catalyze the region’s digital and technology landscape. As part of this rollout, the Commission has opened applications for the South East Pitch Competition, which serves as the primary entry point for prospective beneficiaries.
At the heart of the initiative is the South East Venture Capital Fund, a blended finance vehicle targeting $50 million in investments from public, institutional, diaspora, development finance, and private sector sources.
The fund is anchored by the South East Investment Company, a wholly-owned subsidiary of the SEDC to ensure professional management, transparency, and alignment with global best practices.
The program operates as an integrated platform comprising five interlinked components: fund operationalization, a flagship pitch competition, a structured incubation and acceleration program, financing partnerships, and a network of implementing partners.
This framework ensures a seamless progression for startups from initial selection through to funding and ultimate growth.
Under the Pitch Competition, 30 startups will be selected from across the five South East states. Twenty of these will be placed in the Accelerator Track, while ten will enter the Incubation Track.
Participants will benefit from SAFE-based (Simple Agreement for Future Equity) investments totaling $450,000 in the first cohort. Accelerator startups are set to receive $20,000 each, and incubation startups will receive $5,000 each, with all funds disbursed based on the achievement of specific milestones.
The Pitch Competition finals are scheduled for May 13, 2026, followed by an Investment Ceremony on May 14, 2026. While applications opened on March 13, the deadline has been extended to April 3, 2026, to encourage broader participation.
The Commission emphasized that the SEVCP represents a long-term commitment to building a sustainable startup ecosystem and urged all eligible founders across the region to seize this opportunity.