By Emmanuel Elebeke

ABUJA—Minister of Budget and National Planning, Senator Udoma Udo Udoma, said yesterday, that the first phase of Nigerian Economic Recovery Programmes, ERGP, Focus Labs has identified over $22.5 billion investment potentials across the country.

Udo Udoma

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 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 Labs 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 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.