Sen. Udoma Udo Udoma, Minister of Budget and National Planning on Tuesday, said the focus labs of the Nigeria Economic Recovery and Growth Plan (ERGP) has identified 164 projects for investment across the country. Udoma disclosed this at the Open Day of Focus Labs of ERGP in Abuja organized by the Vice President, Yemi Osinbajo, to mark the end of the first phase of the Labs.
The minister said the labs were able to identify the 164 projects spread over the six geopolitical zones with a total investment worth 22.5 billion dollars and the potential to create 513,981 jobs by 2020. He said of the amount, private investments worth 10.9 billion dollars were categorized as `most ready’ to go.
The Focus Labs was designed as a workshop-style closed-door investment forum between private sector and senior government officials. It served as a forum for detailed discussions and interactions to address some of the bottlenecks and inhibitors of additional business investments in the economy.
The first phase of Labs took place over a six-week period in Abuja, Nigeria’s Capital city, from March 12th to April 22nd. It focused on six core sectors: Agriculture and Transportation, Power and Gas, as well as Manufacturing and Processing (including solid minerals).
The target was to mobilize at least 25 billion dollars, or its equivalent in Naira in private investment.
Udoma said specifically with respect to each of the work-stream, investment worth 4.73 billion dollars had been identified in Agriculture and Transport labs, with the potential to create about 129,000 jobs.
He also said investment valued at 9.25 billion dollars, with the potential of creating 378,000 new jobs was identified in the Manufacturing and Processing labs.
“Also, 8.57 billion dollars’ worth of investments will come from the Power and Gas sector with the potential of creating up to 7,000 jobs. It is important to note that these investment projects identified in the labs will span beyond 2020.
“By projection, the cumulative investment value of the identified projects could rise to up to 39.12 billion dollars by 2025 and about 716,079 jobs could be created,” the minister said.
Udoma, however, said the ministry had assisted the promoters of the projects already identified to develop detailed implementation plans for each of the projects.
He said the document showed the key performance indicators, detailed activities, responsible entities and expected delivery dates.
“This is required for tracking the monitoring of the implementation to achieve the targets.
“We have also set out the commitments Government has undertaken to support the realization of the projects.
“These commitments are, of course, for the benefit, not just of the investors who participated in the labs, but for all investors who wish to invest in the particular sector,” said Udoma.
According to him, the aim is to improve the business climate for all investors.
In addition, Udoma said the ministry would organize public town-halls, from time to time, during the implementation phase, to display new projects and get public feedback.
The Labs produced 67,200 man-hours of effort within a six-week period.
It involved 180 organizations, including the relevant Ministries, Government agencies, authorities and private sector companies.
Twenty syndication meetings with subject matter experts, including senior Government officials, corporate organizations and entrepreneurs were also held at the Labs.
The ERGP is a medium-term plan, 2017-2020, launched by the President, in April 2017.
ERGP sets out Government policy direction for the economy to put it on the path of strong, diversified, inclusive and sustainable growth.
Sen. Udoma Udo Udoma, Minister of Budget and National Planning on Tuesday, said the focus labs of the Nigeria Economic Recovery and Growth Plan (ERGP) has identified 164 projects for investment across the country.
Udoma disclosed this at the Open Day of Focus Labs of ERGP in Abuja organized by the Vice President, Yemi Osinbajo, to mark the end of the first phase of the Labs.
The minister said the labs were able to identify the 164 projects spread over the six geopolitical zones with a total investment worth 22.5 billion dollars and the potential to create 513,981 jobs by 2020.
He said of the amount, private investments worth 10.9 billion dollars were categorized as `most ready’ to go.
The Focus Labs was designed as a workshop-style closed-door investment forum between private sector and senior government officials.
It served as a forum for detailed discussions and interactions to address some of the bottlenecks and inhibitors of additional business investments in the economy.
The first phase of Labs took place over a six-week period in Abuja, Nigeria’s Capital city, from March 12th to April 22nd.
It focused on six core sectors: Agriculture and Transportation, Power and Gas, as well as Manufacturing and Processing (including solid minerals).
The target was to mobilize at least 25 billion dollars, or its equivalent in Naira in private investment.
Udoma said specifically with respect to each of the work-stream, investment worth 4.73 billion dollars had been identified in Agriculture and Transport labs, with the potential to create about 129,000 jobs.
He also said investment valued at 9.25 billion dollars, with the potential of creating 378,000 new jobs was identified in the Manufacturing and Processing labs.
“Also, 8.57 billion dollars’ worth of investments will come from the Power and Gas sector with the potential of creating up to 7,000 jobs.
“It is important to note that these investment projects identified in the labs will span beyond 2020.
“By projection, the cumulative investment value of the identified projects could rise to up to 39.12 billion dollars by 2025 and about 716,079 jobs could be created,” the minister said.
Udoma, however, said the ministry had assisted the promoters of the projects already identified to develop detailed implementation plans for each of the projects.
He said the document showed the key performance indicators, detailed activities, responsible entities and expected delivery dates.
“This is required for tracking the monitoring of the implementation to achieve the targets.
“We have also set out the commitments Government has undertaken to support the realization of the projects.
“These commitments are, of course, for the benefit, not just of the investors who participated in the labs, but for all investors who wish to invest in the particular sector,” said Udoma.
According to him, the aim is to improve the business climate for all investors.
In addition, Udoma said the ministry would organize public town-halls, from time to time, during the implementation phase, to display new projects and get public feedback.
The Labs produced 67,200 man-hours of effort within a six-week period.
It involved 180 organizations, including the relevant Ministries, Government agencies, authorities and private sector companies.
Twenty syndication meetings with subject matter experts, including senior Government officials, corporate organizations and entrepreneurs were also held at the Labs.
The ERGP is a medium-term plan, 2017-2020, launched by the President, in April 2017.
ERGP sets out Government policy direction for the economy to put it on the path of strong, diversified, inclusive and sustainable growth.
