Okwe Obi, Abuja
The Federal Government said the Economic Recovery Growth Plan (ERGP) would generate a potential investments worth $22.5 billion before the end of 2020.
Vice President Yemi Osibanjo, who disclosed this at the opening of the Focus Labs of ERGP, yesterday, in Abuja, also said over 513,981 jobs would be generated.
Meanwhile, about $10.9 billion worth of private investments is already on ground for the project.
“Focus Labs will not be isolated, but will be followed through to ensure sustainability and implementation. We are working to ensure that the promises made by the president comes through.
“Our focus was to deal first with the issue facing the private sector as the funds needed is mainly direct from the private sector,”Osinbajo said.
On his part, Minister of Budget and National Planning, Udoma Udo Udoma, said the Labs will span beyond 2020 given the projection of the cumulative investment value of the identified projects which could rise to $39.12 billion by 2025 and create about 716, 079 jobs.
“Specifically, disaggregating with respect to each of the work-stream, US$4.73 billion worth of investment have been identified in Agriculture and Transport Labs, with a potential of 378, 000 new jobs identified in the manufacturing and processing Labs, while US$8. 57 billion worth of investment will come from power and gas with the potential of creating up to 7,000 jobs,” he stated.
He added that several quick wins were achieved during the Labs such as Songhai Farms which, through networking in the Labs, engaged with another company-Autodex Ltd, to gain access to supply of local tractors, thereby eliminating the need to import and request for duty exemption.