FG targets $22.5bn investments, 5m jobs with ERGP focus labs
By The federal government now expects the Focus Labs for its Economic Recovery and Growth plan (ERGP) to bring in total investments worth $22.5 billion and create 513,981 jobs by 2020.
Yemi Osibanjo, Vice President, Federal Republic of Nigeria had said in February that the labs launched to drive the effective implementation of the ERGP could generate up to $24 billion worth of investment for the country, majorly from the private sector.
At an open day event which basically marked the conclusion of the ERGP Lab in Abuja on Tuesday, Osinbajo said the project has achieved the objective of creating channels for sustained and diversified economic growth adding that the lab will be followed through to ensure sustainability and complete implementation of plans.
According to him, “the Focus labs forecast investment worth of $22.5 billion and creation of more than 500,000 jobs in 2020”.
Osibanjo, stressing on the need for the private sector participation said that efforts have been made to tackle the identified challenges surrounding the sector ‘’ Our focus was to deal first with the issues facing the private sector as the needed fund for the desired economy is mainly driven by the private sector” He said.
Udoma Udo Udoma, minister of Budget and National Planning said that the focus lab which involved close collaboration between Agencies, private sectors and civil societies has over the period helped to translate the high levels plans into detailed operational activities with specific deliverables and timelines.
He said that the initial set of the lab is aimed at unlocking the private investments commitment in the agriculture and Transport, Manufacturing and Processing as well as Power and Gas sectors and create more jobs for Nigerians.
He said “On the whole, the lab which is aimed at unlocking the private sector investment was able to identify 164 projects spread out over all the 6 geopolitical zones of the country with a total potential investment worth $22.5 billion and 513,981 jobs by 2020, of the total amount projected, $10.9 billion worth of private investment are categorized as most ready to go adding”
The Minister further stressed that $4.73 billion worth of investment have been identified in the Agriculture and Transport labs with a potential to create about 129,000 jobs; $9.25 billion investment with a potential of 378,000 new jobs was identified in the manufacturing and processing labs while $8.57 billion worth of investments from power and Gas with the potential of creating up to 7000 jobs.
Udoma speaking further said that the investment projects identified in the lab will span beyond 2020 adding that by projection, the cumulative investment value of the projects could rise up to $39.12 billion by 2025 and create about 716,079 jobs.
He said “This is not the end process but the beginning of a new chapter in our development trajectory, there is no doubt that by tackling the constraints to growth; by leveraging on the power of the private sector and by allowing markets to function, we are placing Nigeria firmly on the path of diversified, inclusive and sustainable growth”.
President Muhammadu Buhari, in March, launched the Focus Labs as part of the strategies being put in place to ensure implementation of the ERGP as successfully used in other countries to boost their economies.
The government identified 59 projects and initiatives for execution under Growth Plan.
“The Labs in Nigeria are designed as closed-door investment platforms to identify and accelerate high-impact projects with significant impact on Gross Domestic Product (GDP) and job creation,” the president said at the time.
Cynthia Egboboh, Abuja
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