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Federal government Tuesday said it sees the unlocking of over $22.5b investments in 164 projects that will create about 500,000 new jobs under the Economic Recovery and Growth Plans ( ERGP) .
This is just as government has applauded the ‘Focus Labs’ for meeting its target saying that the ” Labs have achieved what it is set out to do”
Vice President Yemi Osinbajo while addressing the ” Open Day” meeting of the Focus Labs in Abuja on Tuesday, identified $10.9b out of the $22.5b projects as ” most ready projects” to be unlocked soon through private sector initiatives
According to Osinbajo , in six weeks, ” the Lab has largely achieved what it set out to do: that is, to provide a platform for private sector investors to have direct access to regulators, senior government officials, and relevant cabinet ministers in a single location to resolve problems with regulatory or bureaucratic delays inhibiting their businesses.
” Indeed, the Lab was set up to fast-track the resolution of these tough issues, particularly the inter-agency bottlenecks and the regulatory delays with licensing and approvals that private sector investors face in the course of their normal businesses” he said.
The ERGP was established to focused on implementation of government ease of doing business supported by the highest level of political will, from the President himself through to our civil servants on the ground.
In February 2018, government had commenced Wave 1 of the ERGP Focus Labs to accelerate the implementation of the ERGP.
For six weeks, the participants of the labs, made up of both public and private sector representatives, rigorously drilled down the issues with the projects presented, and brain-stormed on how to resolve them , as well as the bureaucratic reforms needed to fast-track the development.
” The ERGP Focus Labs have succeeded in identifying more than US$22.5 billion in private investments from about 164 projects, that can be unlocked.
“Of this amount, USD $10.9 billion of them are what we call ‘Most Ready’ projects, that is we are almost sure to unlock these projects and accelerate their delivery by the private sector.
“These projects are forecast to create more than half a million new permanent jobs for the people of Nigeria up until the year 2020, demonstrating the far-reaching impact of the ERGP Focus Labs in unleashing a brighter future for our country.
Over 300 individuals from the government participated, working to resolve issues and problems presented by many industry players from the private sector.
Tony Ailemen, Abuja
