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ERGP Focus Labs to boost economic diversification — FG

By Emmanuel Elebeke

The Federal government says the proposed Economic Recovery and Growth Plan (ERGP) Focus Labs will focus on moving the economy away from an oil-dependent and fragile economy to a strong, diversified and inclusive one.

Udo Udoma

Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this yesterday, at a briefing on the ERGP focus Labs held at the Ministry’s headquarters in Abuja.

He said the country cannot continue to do things the old way and expect different results; hence the many initiatives embarked upon by the Federal Government to fast track the changes it is set to achieve.

The minister said the ministry is currently conducting the Focus Labs    in three key areas of: agriculture and transportation, power and gas, and manufacturing and processing and would be made public during the formal launch by President Mohammadu Buhari.

On how the Focus Labs will work, Udoma said:  “Potential and existing investors both foreign and Nigerian, who may be interested in investing in any of the three areas we are focusing on are to attend the closed-door sessions.    The Focus Labs will involve stakeholders from the public and private sectors working together in a single environment to think out practical and workable solutions for delivering the kind of result Nigeria needs.”

Continuing, he said the central objective of the Labs will be to bring in private capital to finance projects across the country.

“Our aim is to raise the level of productivity in Nigeria. We want more things to be grown in Nigeria. We want more things to be made in Nigeria. We want more opportunities created for Nigeria to be able to work. We are also inviting officials of state governments to participate. At the labs, we will also be able to identify new opportunities that investors may wish to exploit, or develop,” he added.



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