FG Commits ₦1.3trn to South-East Roads, Rail, Bridge Projects

The Federal Government says it has committed more than ₦1.3 trillion to major road and bridge infrastructure projects across the South-East as part of efforts to strengthen economic growth and regional integration.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this during the grand finale of the South-East Venture Capital Programme organised by the South East Development Commission in Enugu.

Mr Oyedele said the administration was investing heavily in strategic infrastructure to unlock business opportunities and attract investment to the region.

He listed the projects to include the Second Niger Bridge Access Road, the Enugu-Onitsha Corridor, the Enugu-Port Harcourt Expressway, the Enugu-Abakaliki Dualisation Project, and the proposed rail corridor linking Onitsha, Owerri, Aba, and Ikot Ekpene.

The minister described the South-East Venture Capital Programme as part of the Federal Government’s broader commitment to entrepreneurship, innovation, and enterprise development.

According to him, more than 1,200 applications were received from across the region, reflecting what he described as the strong entrepreneurial potential within Nigeria.

“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.

Mr Oyedele also highlighted federal interventions aimed at improving access to finance for businesses and entrepreneurs in the South-East.

He disclosed that the Development Bank of Nigeria had deployed more than ₦130 billion to businesses across the region, supporting about 86,000 Micro, Small and Medium Enterprises.

According to him, Nigerian Consumer Credit Corporation had also reached more than 35,000 beneficiaries in the South-East, particularly women and micro-entrepreneurs, while the Nigerian Education Loan Fund continues to provide interest-free loans for students.

The minister stated that Nigeria recorded a 3.89 per cent Gross Domestic Product growth in the first quarter of 2026 despite global economic pressures.

“We are building an economy that is more diversified, more productive, more competitive and better positioned to absorb external shocks,” he said.

Mr Oyedele further assured investors that the Federal Government remained committed to policy consistency, fiscal reforms, investor protection, and transparent governance.

Also speaking, Peter Mbah described the venture capital initiative as a strategic intervention aimed at repositioning the South-East within the global innovation economy.

Represented by the Secretary to the State Government, Chidiebere Onyia, Governor Mbah said the programme aligns with Enugu State’s economic vision centred on innovation, industrialisation, private enterprise, and investment partnerships.

He stated that the state government was investing significantly in infrastructure, security, healthcare, education, digital connectivity, and smart urban development to create a more business-friendly environment.

“One of the greatest challenges confronting emerging businesses across Africa is not necessarily the absence of ideas or talent, but lack of access to patient capital, capable of helping those ideas scale into successful enterprises,” he said.

Earlier, the Managing Director and Chief Executive Officer of the South East Development Commission, Mark Okoye, said the venture capital initiative forms part of the commission’s long-term economic transformation agenda for the region.

Mr Okoye disclosed that more than 1,200 startups applied for the programme, with only about 30 emerging successful after a rigorous screening and boot camp exercise.

He added that the initiative would evolve into a 50 million dollar blended finance platform to be independently managed through the South-East Investment Company.

According to him, the programme is structured to provide equity financing rather than direct grants to entrepreneurs and startup businesses across the South-East.