{
  "id": 12115621,
  "title": "SEDC: Individual Prosperity Undermining Regional Development in South-east",
  "url": "https://urgent.news/2026/10/05/sedc-individual-prosperity-undermining-regional-development-in-south",
  "topic": "world",
  "section": "World",
  "published": "2026-10-05T09:07:04.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/05/sedc-individual-prosperity-undermining-regional-development-in-south-east/"
  },
  "original_language": "en",
  "account": "The South-East Development Commission (SEDC) has expressed concern that individual prosperity in the South-East region is impeding regional development. While people from the region are socially united, they are hesitant to collaborate for joint business ventures, which could impede regional progress. SEDC's Executive Director (Projects), Hon. Toby Okechukwu, addressed the 10th anniversary of De Pinnacle International Social Club in Abuja, emphasizing the need for stronger public-private partnerships, investment in manufacturing, and the creation of enduring enterprises. Okechukwu challenged South-East entrepreneurs to shift from individual prosperity to collective investments, citing that businesses should survive beyond their founders instead of collapsing after their owners' deaths. He highlighted the importance of strong corporate governance, partnership, succession planning, independent boards, and proper financial structures for sustainable businesses. Okechukwu pointed to the Dangote Refinery as an example of a business that has transformed into an institution capable of mobilizing capital beyond its founder. He stressed that the South-East needs to transition from trading to manufacturing, as trading generates profit while manufacturing creates value chains and jobs. SEDC aims to make the South-East the preferred investment destination in Africa by 2035, and the commission is developing the South-East Investment Company (SEIC) to aggregate capital and de-risk large-scale projects. Additionally, SEDC launched a $50 million Venture Capital Programme to provide equity investment to promising businesses, encouraging collective enterprise-building among De Pinnacle members.",
  "summary": "Adedayo Akinwale in Abuja The South-East Development Commission (SEDC) has lamented that individual prosperity is undermining regional development in the region. It added that while many people from the region",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}