The South East Development Commission (SEDC) has unveiled the South East Venture Capital Programme (SEVCP), a major initiative designed to expand access to finance for startups and strengthen the region’s investment ecosystem in line with the Federal Government’s Renewed Hope Agenda.
In a statement issued by the Executive Director of Finance and Chairman of the SEVCP Committee, Stanley Ohajuruka, the programme was described as a strategic intervention aimed at mobilising capital, supporting innovation, and accelerating economic growth across the South East.
Ohajuruka explained that the initiative forms part of the Commission’s broader development roadmap for the region, which has already been presented to the House of Representatives Committee on South East Development. According to him, the SEVCP is structured as a time-bound, coordinated platform to stimulate the region’s digital, innovation, and technology ecosystem.
At the core of the programme is the South East Venture Capital Fund, a blended finance vehicle expected to mobilise up to $50 million from public institutions, private investors, development finance institutions, and diaspora contributions. The fund will be anchored by the South East Investment Company, the Commission’s wholly owned investment arm, which will operate as a Limited Partner to ensure professional fund management and global best practices.
The SEVCP is built around five interconnected components, including fund operationalisation, a flagship pitch competition, incubation and acceleration programmes, financing partnerships, and a network of regional implementation partners.
A key feature of the initiative is the South East Pitch Competition, which will serve as the primary entry point into the fund’s investment pipeline. Through the competition, 30 startups will be selected across the five South East states. Of these, 20 startups will enter the Accelerator Track, while 10 will be placed in the Incubation Track.
Selected startups will receive SAFE investments totaling $450,000 in the first cohort. Accelerator participants will receive $20,000 each, while those in the incubation track will receive $5,000 each. The investments will be milestone-based, designed to balance flexibility for founders with protections for investors.
The Pitch Competition Finals is scheduled for May 13, 2026, followed by an Investment Ceremony on May 14, 2026. Successful participants will also undergo a structured hybrid incubation and acceleration programme delivered across key locations in the region.
According to the statement, the South East has long demonstrated strong entrepreneurial capacity, commercial depth, and human capital, but has lacked a coordinated system to channel capital at scale. The SEVCP is expected to fill that gap by providing structure, governance, and access that meets investor standards.
Applications for the programme, which opened on March 13, 2026, were initially set to close on March 27 but have now been extended to April 3, 2026, to allow wider participation. The extension is described as final.
Eligibility criteria specify that the Accelerator Track is open to startups with proven product-market fit, active users, and revenue traction, while the Incubation Track targets founders with validated ideas and minimum viable products. Applicants must be based in or operating within the South East, or be of South East origin with a defined regional focus, and must demonstrate a technology-driven solution.
Ohajuruka emphasized that the SEVCP represents a long-term commitment to building a structured and investable startup ecosystem in the region, adding that the inaugural cohort will serve as the foundation for future expansion cycles.
Founders building within the South East, as well as those intending to establish operations in the region, are encouraged to apply before the deadline as the Commission moves to deepen innovation-driven growth and attract sustained investment into the regional economy.