The first phase of the Nigerian Economic Recovery Programmes, ERGP, Focus Labs has identified over $22.5 billion investment potentials across the country, the Minister of Budget and National Planning, Udoma Udo Udoma, said Tuesday.
Udoma, who spoke at ERGP event in Abuja, said about $10.9 billion worth of private sector investments were categorised under the ‘most ready to go’ group.
He said the jobs would be generated from the execution of about 164 different project streams in the six core sectors considered during the various lab sessions as most viable in the economy.
About $4.73 billion worth of investments was identified in the agriculture and transport lab with a potential to create about 129,000 jobs.
In the manufacturing and processing sector, about $9.25 billion worth of investments were identified, with about 378,000 new jobs expected to be created.
Investment opportunities identified in the power and gas sectors were valued at about $8.57 billion, with the potential to create about 7,200 jobs.
The minister said the multi-phased ERGP focus lab had the potential to generate cumulative investments/projects and jobs valued at about $39.4 billion and over 716,079 jobs by 2025.
He said the focus labs held over a six-week period between March 12 and April 22 were part of initiatives under the Economic Recovery and Growth Plan, ERGP, to identify sectors with potentials to drive speedy economic recovery.
“The Labs produced 67,200 man-hours of effort within a six-week period and involved 180 organisations including the relevant ministries, government agencies, authorities and private sector companies as well as banks,” the minister said.
He also said that 20 syndication meetings were held with subject matter experts, including senior government officials, corporations and entrepreneurs, during the period.
In his keynote address, the Vice-President, Prof. Yemi Osinbajo, pointed out that the ERGP was unlike other plans introduced by governments in the past.
Given the political will of the current administration, Osinbajo said government was working to ensure that the promises made in the President’s manifesto came to fruition for the people of Nigeria.
He said “At its core is a focused approach to its implementation, supported in particular, by the highest level of political will from the President himself through to our civil servants on the ground… It is no longer business as usual for us in government.
“It is our aim to make these Focus Labs a success so that Nigeria can take a transformative step towards sustained economic prosperity and social livability.”
He assured the private sector that government would deal frontally with all issues raised during the conduct of the labs, adding that the feedback emanating from there would help to improve the business environment for the growth of the economy.