Fidelity bank banner UBA banner
FG screens 240 projects for Economic Recovery and Growth programme

By Cecilia Ologunagba on 14/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 678

•Budget and National Planning Minister, Udo Udoma
•Budget and National Planning Minister, Udo Udoma

The Federal Government has so far screened 240 projects for the Economic Recovery and Growth Plan (ERGP) focus laboratories, Sen. Udoma Udo Udoma, the Minister of Budget and National Planning, said on Tuesday.

Udoma disclosed this at the inauguration of the focus labs by President Muhammadu Buhari.

The minister said the government was targeting to mobilise at least $25 billion or its Naira equivalent in private investments through the labs.

“Many have asked whether we are not being too ambitious in targeting $25 billion. My answer is that we have no choice.

“We actually need multiples of $25 billion, or its equivalent in Naira of new investments to create enough jobs to address the high unemployment rate in the country.

“So, we will not stop after the first set of labs. After this first set of labs, we will hold more labs and more labs.

“We shall keep on addressing all the constraints to investments until we achieve the goals we have set for ourselves,” he said.

According to him, the implementation of the initiative will further drive quick delivery of some of the outcomes of ERGP and contribute to accelerating the growth momentum of the country.

Udoma said the labs, scheduled to run for the next six weeks, would start with setting the agenda on projects capable of impacting on the economy.

The minister said the labs would end with the final syndication and sign offs on the projects capable of impacting the economy and creating jobs for Nigerians.

“The expected deliverables are the identification of projects followed by detailed implementation plans for each project with identified budgets and Key Performance Indicators (KPIs).

“The process has become imperative because government is fully committed to the achievement of the primary objective of the ERGP, which is restoring the strength of the economy.

“We cannot rest until we achieve the ERGP’s vision of a new Nigeria.

“We cannot rest until we see a Nigeria that is transformed from a consuming nation to a producing nation, from an import dependent nation to an export oriented nation.

“A Nigeria from a nation that survives on one single commodity to a nation that runs on multiple engines of growth,” he said.

Udoma said that the government had invited potential and existing local and foreign investors, who may be interested in investing in any of the three focus areas to attend the closed-door sessions.

“The three sectors are: Agriculture and Transportation, Manufacturing and Processing, and Power and Gas.

“At the sessions, they will have access in one location to all the officials of government, including officials of state governments.

“The officials, whose support or approvals they may need to enable them to commit to an investment decision.

“In short, the focus labs will involve stakeholders from the public and private sectors working together in a single environment.

“The stakeholders from the sectors will think out practical and workable solutions for delivering the kind of results Nigeria needs,” said the minister.

He also said the central objective of the labs would be to bring in private capital to finance projects across the country.

According to him, the aim was to raise the level of productivity in Nigeria, saying “we want more things to be grown in Nigeria.

“We want more things to be processed and manufactured in Nigeria, we want more jobs to be created in Nigeria. That is what the focus labs are all about.

“We will be having various economic agents (public and private) including industry leaders, subject matter experts, domestic and international funding agencies, etc., interfacing in the labs.

“They will be interfacing to find practical solutions to the issues raised, breakdown silos, ensure alignments and secure commitment for financing and implementation.”

Udoma explained that the labs were workshop-style arrangements with intense open debates and an “all hands-on deck” approach and with a number of syndications to arrive at practical and innovative solutions.

The News Agency of Nigeria (NAN) reports that the ERGP is a medium-term plan, 2017-2020, launched by the President in April 2017.

ERGP sets out the direction of government policy for the economy to put it on path of a strong, diversified, inclusive and sustainable growth. (NAN)

Source News Express

Posted 14/03/2018 05:26:15 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Trump endorses Cybersecurity Technology Book on Fake News,...

2019: Elections spending won’t stop capital projects, FG...

Police nabs notorious Abuja fraudsters

UCH, Oyo State Government team up against Ebola...

Senator sends SOS over hunger, poverty, malnutrition in...

Zinox Boss to FG: Use technology to eradicate...

Group accuses Bayelsa APC of recruiting cultists for...

Ex-Pensions Director re-arraigned for N81.4m fraud

IPOB accuses Aba church of sabotage

Lagos Govt. arrests 200 cart pushers, says Cleaner...

Shiites dismiss Army’s allegation of assassination attempt on...

Umahi’s acceptance to contest in 2019 the best...


Latest News British PM Theresa May survives vote of confidence 2019: Agbaje lashes Sanwo-Olu; insists Lagosians in bondage, need liberation Why there will be no peace in APC: Communications Minister Adebayo Shittu Cashier, wife, mother-in-law docked for bank fraud APC, Presidency designing plots to frustrate PDP governors: Secondus Whistle blowers charged with conspiracy to rob Gov. Dickson to remain in prison Police most violator of human rights, survey finds DTSG assures of effective healthcare coverage Sack Tambuwal from office, APC begs S’Court NPA concessions Terminal B, Warri Old Port FG blames N’Assembly for delay in 2019 Budget presentation Kaduna Polytechnic joins ASUP strike


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,907 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,845 views) Shameless Genevieve Nnaji exposes breasts in public (327,723 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (281,144 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,839 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,277 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,123 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,329 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,619 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,459 views) Lagos plane crash: Journalist releases victims’ names (167,245 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,703 views)


Zenith Zero Balance First Bank chat banking


Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,875) Business Verdict (54) Columnists (973) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (313) International (2,814) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (69) News (41,381) Opinion (1,151) Pidgin (13) Politics (8,147) Religion (913) Sports (1,817) Stock Watch (35) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera