By Christiana Ekpa
The South East Development Commission (SEDC) has launched the South East Venture Capital Programme (SEVCP) to expand access to financing for startups and drive innovation across the region.
In a statement issued by its Media Office, the Commission said the initiative aligns with the Federal Government’s Renewed Hope Agenda, which seeks to increase access to local funding and attract investment into high-growth sectors.
The programme is part of SEDC’s development roadmap presented to the House of Representatives Committee on South East Development, and is designed as a structured, time-bound intervention to support the region’s digital and technology ecosystem.
At the centre of the initiative is the South East Venture Capital Fund, a blended finance vehicle expected to mobilise up to $50 million from public, institutional, diaspora, development finance and private investors.
The Fund is anchored by the South East Investment Company, SEDC’s wholly owned investment vehicle, which will participate as a limited partner to ensure professional fund management and accountability.
As part of the rollout, the Commission has opened applications for the South East Pitch Competition, which will serve as the primary entry point into the Fund’s investment pipeline.
A total of 30 startups will be selected across the five South East states, with 20 placed in the accelerator track and 10 in the incubation track.
The selected startups will receive SAFE investments totalling $450,000 in the first cohort. Startups in the accelerator track will receive $20,000 each, while those in the incubation track will receive $5,000 each.
The Pitch Competition finals are scheduled for May 13, 2026, while an investment ceremony will hold on May 14, 2026.
According to the Commission, the SEVCP is structured around five components: fund operationalisation, a pitch competition, incubation and acceleration programmes, financing partnerships, and a network of implementing partners.
It noted that while the South East has strong entrepreneurial capacity, there has been a lack of coordinated systems to channel capital at scale.
Applications for the programme opened on March 13, 2026, and will now close on April 3, 2026, following an extension to allow for broader participation.
The accelerator track is open to startups with product-market fit, active users and revenue traction, while the incubation track targets founders with validated ideas and minimum viable products.
Eligible startups must be based in, operating in, or delivering impact in the South East, or founded by individuals of South East origin with a clear regional focus.
The Commission said the programme represents a long-term strategy to build a structured and investable startup ecosystem in the region.
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