FG Commits Over N1.3tn To South-East Road, Bridge Infrastructure
The Federal Government has announced a commitment of over N1.3 trillion for strategic road and bridge infrastructure projects across the South-East region as part of efforts to boost economic growth and regional integration.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Tuesday during the grand finale of the South-East Venture Capital Programme (SEVCP) organised by the South East Development Commission in Enugu.
Oyedele said the Federal Government was making significant investments in critical infrastructure to stimulate enterprise, attract investment and strengthen connectivity within the region.
According to him, the projects include the Second Niger Bridge Access Road, the Enugu-Onitsha Corridor, the Enugu-Port Harcourt Expressway, the Enugu-Abakaliki Dualisation project, and the priority rail corridor linking Onitsha, Owerri, Aba and Ikot Ekpene.
He noted that the SEVCP initiative reflected the Federal Government’s commitment to innovation-driven economic growth and entrepreneurship development.
Oyedele revealed that more than 1,200 applications were received from across the South-East, describing the turnout as proof of the region’s strong entrepreneurial potential.
“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 aimed at improving access to finance for businesses and entrepreneurs in the region.
He stated that the Development Bank of Nigeria had deployed more than N130 billion to support about 86,000 Micro, Small and Medium Enterprises (MSMEs) across the South-East.
According to him, CreditCorp has reached over 35,000 beneficiaries in the region, mainly women and micro-entrepreneurs, while the Nigerian Education Loan Fund (NELFUND) continues to provide interest-free education loans for students.
Oyedele further stated that Nigeria recorded a 3.89 per cent Gross Domestic Product (GDP) growth in the first quarter of 2026 despite prevailing global economic uncertainties.
He attributed the growth to ongoing economic reforms, improved fiscal sustainability, infrastructure renewal and deliberate policies aimed at attracting private sector investment.
“We are building an economy that is more diversified, more productive, more competitive and better positioned to absorb external shocks,” he said.
He assured investors that Nigeria remains open for business, promising policy consistency, investor protection, fiscal reforms and transparent governance.
Speaking at the event, the Governor of Enugu State, Peter Mbah, described the venture capital programme as a strategic intervention designed to reposition the South-East within the global innovation economy.
Represented by the Secretary to the State Government, Prof. Chidiebere Onyia, the governor said the initiative aligns with the state government’s economic agenda focused on private enterprise, innovation, industrialisation and strategic investment partnerships.
Mbah added that the state government was investing heavily in infrastructure, digital connectivity, security, healthcare, education reforms and smart urban development to create a more business-friendly environment.
Earlier, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, said the venture capital initiative forms part of the commission’s broader strategy for regional economic transformation.
Okoye disclosed that although over 1,200 startups applied for the programme, only about 30 startups emerged successful after a rigorous selection and boot camp process.
He added that the initiative would eventually evolve into a 50 million-dollar blended finance platform to be managed independently through the South-East Investment Company.
According to him, the fund is structured to provide equity financing rather than grants to young entrepreneurs and startups across the region.
