Speaking at a regional transformation summit in Enugu, the Minister of Finance details massive federal funding targeted at reviving the vital Enugu-Onitsha transport corridor and key trade networks.
The Federal Government has committed over ₦1.3 trillion toward the aggressive development of strategic road, rail, and bridge infrastructure projects across the South-East geopolitical zone.
The targeted funding aims to catalyze regional integration, eliminate commercial transit bottlenecks, and stimulate sustainable economic growth.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, made the disclosure on Tuesday, May 26, 2026, in Enugu during the Grand Finale of the South-East Venture Capital Programme (SEVCP), an initiative spearheaded by the Southeast Development Commission (SEDC).
Oyedele emphasized that the federal cabinet is deliberately deploying capital into critical structural assets to de-risk the regional market, unlock local enterprise, and attract direct private investments.
He listed the high-priority engineering projects currently receiving federal funding, which include the Second Niger Bridge Access Road, the heavily trafficked Enugu-Onitsha corridor, the Enugu-Port Harcourt Expressway, and the Enugu-Abakaliki Dualization project.
Additionally, the Minister highlighted a priority rail network designed to inter-link key economic hubs, specifically connecting Onitsha, Owerri, Aba, and Ikot Ekpene.
The Minister stated that the concurrent launch of the venture capital programme mirrors the federal government’s broader vision of shifting away from traditional, consumptive grant models toward value-creating growth capital.
On the macroeconomic front, Oyedele revealed that despite persistent global headwinds, Nigeria successfully registered a 3.89 percent Gross Domestic Product (GDP) growth rate in the first quarter of 2026. He attributed this resilience to ongoing fiscal sustainability reforms, infrastructure renewal, and the tactical mobilization of private capital.
“We are building an economy that is more diversified, more productive, more competitive, and better positioned to absorb external shocks,” Minister Taiwo Oyedele affirmed.
Endorsing the intervention, the Governor of Enugu State, Dr. Peter Mbah – represented by the Secretary to the State Government, Professor Chidiebere Onyia – described the tech-focused venture capital model as a timely step toward positioning the South-East within the global innovation economy.
Mbah noted that Enugu is mirroring this philosophy by investing heavily in security, digital connectivity, and smart urban infrastructure. Earlier, the Managing Director of the SEDC, Mr. Mark Okoye, explained that the venture capital initiative drew over 1,200 startup applications, which were rigorously screened down to 30 successful tech businesses.
Okoye announced a long-term roadmap to scale the project into a $50 million blended finance platform, to be managed independently by the South-East Investment Company (SEIC) to provide equity financing for young regional innovators.
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