In continuation of the engagement between the Executive and Legislative arms of government on critical plans and activities of government, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Wednesday briefed a joint session of the National Assembly leadership on the economic recovery focus labs which kicks off in Abuja, next month.
The Minister explained that the focus labs were aimed at driving the critical sectors of the economy to achieve the strategic objectives of the ERGP which were restoring economic growth, investing in the people and building a globally competitive economy.
According to a statement by his Special Adviser (Media), Akpandem James, Udo Udoma explained that it was because of government’s determination to actualise the strategic objectives of the major enabling sectors of the ERGP that it decided to set up the focus labs with a view to unlocking investment potentials that are being stalled due to bureaucratic bottlenecks.
He said the effort would fast track the projects to enable investors mobilise their investments.
The labs, according to the minister, therefore were aimed at fast-tracking attainment of the set objectives.
He said it would also aid the quick delivery of result to the citizens by identifying actionable projects and removing roadblocks that has been impeding their implementation.
Senator Udoma told the legislators that since government alone could not shoulder the provision of critical infrastructure and provide investment capital needed to drive the process, it had decided to not just partner with the private sector for investment funds, but also make the environment attractive to investors.
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To achieve its goal, he explained that government must target its investment drive significantly at investors with the capacity to boost the economy and create jobs for Nigerians.
He said that was why it was embarking on the labs to fashion out a strategic direction and then conduct a mass crowd sourcing of ideas to mobilise resources into the focused areas.
For the ERGP implementation programme, the labs, he said, would therefore provide an avenue to further drill down government’s economic recovery efforts in the initial focused areas of Agriculture and Transportation, Manufacturing and Processing, and Power and Gas.
The labs will also identify catalytic Entry Point Projects (EPPs) that would mobilise private investment projects to spearhead investment and job creation in the specific sectors, and drive the economy towards achieving the ERGP targets by 2020, he added.
The three main objectives of the labs, he said, are mobilising new investments for critical projects, resolution of complex inter-agency problems that inhibit private sector investment and job creation for Nigerians.
The labs are being executed in three phases: Pre-lab January, 15 to March 4; Main lab, March 5 to April 15 and Post lab, April 15 to May 13, 2018.
