Vice President Yemi Osinbajo has
tasked the Core Working Groups of the
Economic Recovery and Growth Plan
ERGP to focus on mobilising private
investment projects to meet the USD
245 billion investments and 15 million
job creation targets by 2020.
He stated this ysterday when he
inaugurated the ERHP in Abuja.
He made this known with a charge
to stakeholders to work collaboratively
as one entity focused on getting
new investment commitments and
assisting investors think through
implementation.
While inaugurating the group in
Abuja, the Vice President said the
Working Group comprising senior
public officers from the six pilot
Ministries and their agencies, has the
rare privilege of contributing to the
national assignment by providing
sector expertise and working with
the ERGP Implementation Unit to
successfully plan the three initial labs
and address inter-agency bottlenecks
investors might bring to the labs.
He was particularly excited that
the ERGP focus labs is one of those
targeted initiatives of the Muhammadu
Buhari Administration that drives
the three pillars of its medium-term
plan – restoring growth, building a
competitive economy and investing in
our people.
The Vice President said he was also
pleased that the implementation of
the ERGP less than one year after its
launching by the President has resulted
in early wins, from the targeted exit from
recession in Q2 last of 2017 to improved
stability in the fiscal and monetary
markets.
“As mentioned by the Honourable
Minister of Budget and National
Planning, most of our macro indices are
trending upwards but a lot more needs
to be done. And this administration will
definitely not relent until we bring these
headline improvements to visibly impact
the majority of our citizenry”, he added.
Prof Osinbajo said as the intent of
the focus labs are primarily to drive
new investments that create jobs for
the people across the 36 states of the
federation, all hands must be on deck to
get the labs project right.
He explained that the Central Steering
Committee comprising nine cabinet
ministers in Agriculture, Transport,
Solid Minerals; Industry Trade and
investment; Power Works and Housing;
Petroleum Resources, Finance, Justice
and Budget and National Planning
are tasked with steering the labs and
ensuring active collaboration with the
private sector to remove inhibitions that
may have impeded some of the priority
projects that they want to invest in, but
which have remained on the drawing
board for a long time.
While commending members of the
ERGP Implementation Team and all
those who have been working towards
the labs, the Vice President reaffirmed
the commitment of the President to
the labs’ initiative and look forward to
joining in the working sessions ahead of
the commencement of the labs in March.
Giving a background of the labs
concept, the Minister of Budget and
National Planning, Senator Udoma
Udo Udoma explained that though
significant work has been done on the
ERGP Implementation, and in the right
direction, more work needs to be done to
achieve targets.
Since it is not feasible to rely on
the Government to fund required
investments on its own due to its
ongoing fiscal deficit, he said private
investment is therefore key to catalysing
growth. “We have therefore chosen to
conduct Focus Labs in three selected
areas to deliver quick and fast results on
investments and job creation”.
The labs, he explained, are intended
to achieve two main objectives, namely:
new investments for critical projects
and resolution of complex inter-agency
problems that inhibit private sector
investment.
He pointed out that the ERGP Focus
Labs are not meant to replace existing
sectoral roadmaps and plans, rather it
is meant to identify entry projects to
act as showcase to bring back investor
confidence to Nigeria.
For the specified sectors, the Minister
explained that for Agriculture and
Transportation, the lab will look to
increase private sector investments
in selected crops and products (agrobusiness)
while investment along the
transport corridors will target rail,
roads and ports. For Manufacturing and
Processing, the Lab will look to increase
private sector investments in selected
manufacturing subsectors and products
as well as the processing of selected solid
minerals in Nigeria; while in the Power
and Gas sector, the Lab will look to
increase private sector investments in the
power sector i.e. electricity generationVice President Yemi Osinbajo has
tasked the Core Working Groups of the
Economic Recovery and Growth Plan
ERGP to focus on mobilising private
investment projects to meet the USD
245 billion investments and 15 million
job creation targets by 2020.
He stated this ysterday when he
inaugurated the ERHP in Abuja.
He made this known with a charge
to stakeholders to work collaboratively
as one entity focused on getting
new investment commitments and
assisting investors think through
implementation.
While inaugurating the group in
Abuja, the Vice President said the
Working Group comprising senior
public officers from the six pilot
Ministries and their agencies, has the
rare privilege of contributing to the
national assignment by providing
sector expertise and working with
the ERGP Implementation Unit to
successfully plan the three initial labs
and address inter-agency bottlenecks
investors might bring to the labs.
He was particularly excited that
the ERGP focus labs is one of those
targeted initiatives of the Muhammadu
Buhari Administration that drives
the three pillars of its medium-term
plan – restoring growth, building a
competitive economy and investing in
our people.
The Vice President said he was also
pleased that the implementation of
the ERGP less than one year after its
launching by the President has resulted
in early wins, from the targeted exit from
recession in Q2 last of 2017 to improved
stability in the fiscal and monetary
markets.
“As mentioned by the Honourable
Minister of Budget and National
Planning, most of our macro indices are
trending upwards but a lot more needs
to be done. And this administration will
definitely not relent until we bring these
headline improvements to visibly impact
the majority of our citizenry”, he added.
Prof Osinbajo said as the intent of
the focus labs are primarily to drive
new investments that create jobs for
the people across the 36 states of the
federation, all hands must be on deck to
get the labs project right.
He explained that the Central Steering
Committee comprising nine cabinet
ministers in Agriculture, Transport,
Solid Minerals; Industry Trade and
investment; Power Works and Housing;
Petroleum Resources, Finance, Justice
and Budget and National Planning
are tasked with steering the labs and
ensuring active collaboration with the
private sector to remove inhibitions that
may have impeded some of the priority
projects that they want to invest in, but
which have remained on the drawing
board for a long time.
While commending members of the
ERGP Implementation Team and all
those who have been working towards
the labs, the Vice President reaffirmed
the commitment of the President to
the labs’ initiative and look forward to
joining in the working sessions ahead of
the commencement of the labs in March.
Giving a background of the labs
concept, the Minister of Budget and
National Planning, Senator Udoma
Udo Udoma explained that though
significant work has been done on the
ERGP Implementation, and in the right
direction, more work needs to be done to
achieve targets.
Since it is not feasible to rely on
the Government to fund required
investments on its own due to its
ongoing fiscal deficit, he said private
investment is therefore key to catalysing
growth. “We have therefore chosen to
conduct Focus Labs in three selected
areas to deliver quick and fast results on
investments and job creation”.
The labs, he explained, are intended
to achieve two main objectives, namely:
new investments for critical projects
and resolution of complex inter-agency
problems that inhibit private sector
investment.
He pointed out that the ERGP Focus
Labs are not meant to replace existing
sectoral roadmaps and plans, rather it
is meant to identify entry projects to
act as showcase to bring back investor
confidence to Nigeria.
For the specified sectors, the Minister
explained that for Agriculture and
Transportation, the lab will look to
increase private sector investments
in selected crops and products (agrobusiness)
while investment along the
transport corridors will target rail,
roads and ports. For Manufacturing and
Processing, the Lab will look to increase
private sector investments in selected
manufacturing subsectors and products
as well as the processing of selected solid
minerals in Nigeria; while in the Power
and Gas sector, the Lab will look to
increase private sector investments in the
power sector i.e. electricity generation across its value chain and energy
mix and the gas industries including
expansion of domestic market.
Responding after the inauguration,
the Minister of Trade Industry and
Investment, Dr Okey Enelamah
emphasized the need for commitment
by all concerned to realize the objective
of the project, pointing out that the
challenge Nigeria often faces is not
crafting good plans, but that id diligent
implementation.
He also charged members of the
groups to approach the assignment
from the perspective of “the right thing,
not the right person” as there will be no
“high tables, but work tables”.

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