February 12, 2018

The South-East Region Economic Development Corporation (SEREDEC) says it is taking measures towards accelerating infrastructural development and Ease-of-Doing-Business in the area.

The Chairman of SEREDEC, Prof. Berth Nnaji, told the News Agency of Nigeria (NAN) in Enugu on Monday that the corporation was working with the South-East governors to achieve this feat.

“The projects that are being initiated, many of them are clearly rational projects.

“We have rail network, gas pipeline, regional hospitals and so on and so forth.

“These are projects, which require all the governments (South-East governments) attention, sensitisation on the part of the people and for which if done, would be so important for the economic growth of the region as well as the country.’’

Nnaji, a former Minister of Power, said funds required for provision of infrastructure was monumental and not available to state governments.

He, however, said that the corporation had sourced for institutional foreign as well as local investors that would invest huge finances into infrastructure development in the area.

He said investors would recoup their investment from the projects to be done in phases within the region.

“It is not only foreigners that know how to do these projects.

“We happen to have our own people, some of them outside the country, and others in the country who have developed the expertise to deliver on these projects.

“Consequently, for each project, a special purpose vehicle is set-up and that special purpose vehicle is registered in CAC (Corporate Affairs Commission) and that becomes the company that drives the project.

“Our people who had developed this expertise; whether they are here or abroad are put together to now drive the projects.

“SEREDEC’s role is mere facilitation. Just getting the people to continue to do what they are doing and requesting for government (South-East states governments) to do what they should do in support of such projects.

“When you talk about the people in the Diaspora; particularly those people in Diaspora who yearn to be part of the development of where they come from, can now have opportunity to do that and they are doing it,’’ he said.

Nnaji said that each of the projects would start with a pilot scheme and be extended to the entire region.

The former minister said that the project would be all encompassing to involve the regional states governments and communities.

He said the projects would check local militancy and sabotage by directly involving the communities connected with the projects as shareholders.