FG secures $22.5bn investment commitments from ERPG Focus Labs

VICE President Prof. Yemi Osinbajo has disclosed that Federal Government has so far secured investment commitments totalling $22.5bn from the private sector through the Economic Recovery and Growth Plan (ERGP) Focus Labs.

Speaking on Tuesday in Abuja at the Open Day of the Focus Labs of the ERGP, Osinbajo Osinbajo said in the six weeks that Focus Labs had been conducted, officials of government has had 20 syndicate meetings with 300 participants from 180 organizations.

The Focus Labs of the ERGP was inaugurated on March 13, 2018 objective was to urgently mobilise at least $25bn in private investments into three selected areas of agriculture and transport, manufacturing and processing, as well as power and gas.

The $22.5bn according to him was made by investors on 164 projects spread across the six geopolitical zones and were expected to create 513,981 jobs by 2020.

“From the regular updates presented to me throughout the six weeks duration and my personal visit to the Lab, the Lab will achieve what it is set out to do.

“That is to provide a platform where the private sector will have direct access to regulators, government officials and relevant cabinet ministers in a single location to resolve regulator or bureaucratic delays inhibiting their businesses.

“Following the six weeks, we as a government are clearer today as to what we can do to remove the regulatory and bureaucratic bottlenecks within the ambits of the law.

“The ERGP Focus Labs have succeeded in identifying $22.5bn in private investments from about 164 projects.”

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Speaking earlier, Minister of Budget and National Planning, Senator Udo Udoma explained that about $10.9 billion of the pledged $22.5 billion were ready to be implemented immediately.

Giving a breakdown, Udoma disclosed that $4.73 billion will be invested in agriculture and transport Labs, with a potential to create about 129,000 jobs; $9.25bn will go to manufacturing and processing Labs with potential of 378,000 new jobs; while $8.57bn was committed to power and gas with a potential of creating up to 7,000 jobs.

He added that government had assisted investment promoters to develop detailed implementation plans for each of the projects already identified in the Labs.