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SEDC Launches SEVCP to Expand Access to Capital for Startups

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South East Development Commission (SEDC) has launched the South East Venture Capital Programme (SEVCP), to expand access to capital for startups and strengthen Nigeria’s investment landscape.

SEDC Launches SEVCP to Expand Access to Capital for Startups

The Commission said the programme represents a direct institutional response to the federal government’s commitment to expand access to local funding and attract sustained investment into high- growth sectors across South East Nigeria.

It also said that it is part of the developmental initiative by the SEDC as contained in the road map for the region that was presented to the House of Representatives Committee on South East Development.

A statement issued by the commission says the SEVCP is a funded, coordinated, and time- bound intervention designed to catalyse the region’s digital, innovation, and technology ecosystem.

“As part of its initial rollout, the first phase of the program, the South East Pitch Competition, is now officially open for applications. At the core of the program is the South East Venture Capital Fund, a blended finance vehicle designed to mobilise up to $50 million in public, institutional, development finance, diaspora, and private capital into the region.

“SEDC anchors the Fund through the South East Investment Company, its wholly owned investment vehicle, which participates as a Limited Partner. This structure ensures professional fund management, institutional accountability, and alignment with global investment standards,” the statement said.

The commission also said that SEVCP is built as an integrated platform comprising five interlinked workstreams: fund operationalisation, a flagship Pitch Competition, a structured incubation and acceleration programme, a financing partnerships strategy to complete the fund raise, and a network of implementing partners across the region.

“Each component is designed to reinforce the others and ensure continuity from deal sourcing to investment and growth.The South East Pitch Competition serves as the primary entry point into the Fund’s investment pipeline. Thirty startups will be selected across the five states, with twenty placed in the Accelerator Track and ten in the Incubation Track.

“These startups will receive SAFE investments totalling 450,000 dollars in the first cohort. Accelerator participants will receive 20,000 dollars each, while incubation participants will receive 5,000 dollars each. Investments will be milestone-based and structured to balance founder flexibility with investor protection.

“The Pitch Competition Finals is scheduled to take place on 13 May 2026, followed by an Investment Ceremony on 14 May 2026. Selected startups will participate in a structured hybrid incubation and acceleration programme delivered across key locations in the region.

“The South East has long demonstrated strong entrepreneurial capacity, commercial depth, and human capital, the statement indicated. It noted that what has been missing is a coordinated system to channel capital into that capacity at scale, with the structure and governance required by serious investors. The SEVCP provides that system, and the Pitch Competition establishes the first layer of access,” it said.

According the tstatement, applications opened on 13 March 2026 and were originally scheduled to close on 27 March 2026.

“It indicated that the deadline has now been extended to 3 April 2026 to enable broader participation across the region, adding that this will be the final extension.

“The Accelerator Track is open to startups with demonstrable product market fit, active users, and revenue traction. The Incubation Track is open to founders with validated ideas and a minimum viable product. Eligible startups must be based in, operating in, or delivering clear impact within the South East, or be founded by individuals of South East origin with a defined regional focus. All applications must demonstrate a meaningful technology component,” it said.

The commission said that SEVCP represents a long-term commitment to building a structured and investable startup ecosystem in the South East.

“The inaugural cohort will form the foundation of a pipeline that the Commission intends to scale over successive cycles. Founders building within the region, and those looking to build within it, are encouraged to apply before the deadline,” the statement added.

 


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Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

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LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


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