By Chesa Chesa
The Federal Government has set a target of $25 billion in foreign and domestic investments from the launch of its economic ‘Focused Laboratories’ in March, according to the Minister of Budget and National Planning, Udoma Udo Udoma.
Udoma, who also briefed the Federal Executive Council (FEC) on Wednesday on the activities of his Ministry in the past two years, explained that much work had gone into getting the labs off to work by March and that the policy had received considerable interest from stakeholders.
The focused labs are part of measures to drive the Economic Recovery and Growth Programme (ERGP) of the administration and intends to bring together private and public sector officials necessary to achieve the specific policy or project objectives, in order to achieve the objective of over seven per cent growth plus exponential job creation by 2020.
The initiative is planned to include 100 relevant stakeholders drawn from the public and private sectors, who would sit together for many weeks, intensively working and brainstorming on practical steps to get the ERGP active and working for the good of Nigeria.
The laboratories will run for about three months in three separate phases of pre-laboratory, laboratory, and post-laboratory.
According to Udoma: “The Focused labs will be commencing on the 5th of March. We will be bringing in investors both domestic and international. We will be looking at three areas Agriculture and Transportation, Power and Gas, Manufacturing and Processing.
“It is going to involve many ministers in the Federal Executive Council who are actually going to drive that process.
“The target for the labs alone is to generate $25 billion worth of new investments. Some of the investments will be Naira, some will be dollars because we are expecting significant amount of domestic investments not just foreign investments.”
The FEC also approved an upward variation of the contract sum for the building of a trailer park at the Tin Can Island Port in Lagos from N8.66 billion to N9.55 billion.
The augmentation of the contract sum by about N892.17 million was disclosed to State House correspondents by the Minister of Power, Works and Housing, Babatunde Fashola, at a news briefing after the FEC meeting presided over by President Muhammadu Buhari.
The Minister explained that the augmentation of the price was due to the need for increased scope of work, especially shoreline protection of the park, which is almost finished.
“We expect that that truck park will now be completed this year and it will be one of the many multi-pronged efforts being pursued to give relief to the Apapa area, to facilitate vehicular truck and trailer movement and also maritime and import and export business and general economic activity for Apapa in particular, Lagos at large and the country as a whole”, Fashola stated.
The FEC equally okayed similar action for the contracts earlier awarded for ongoing Ekiti and Katsina dam projects.
Minister of Water Resources, Suleiman Adamu, who announced the augmentation for the water project contracts, had presented to FEC a review of the activities of his Ministry.
These include the Water Resources Policy Bill which is still being considered at the National Assembly; resuscitation of several abandoned projects; signing of MoUs with investors, with the hope of commissioning no fewer than ten projects this year.
Meanwhile, the FEC members observed a minute silence in honour of late former Minister of Internal Affairs, retired Brigadier General John Shagaya, who died in a road crash a few days ago.
FG targets $25bn investments from proposed economic labsFebruary 14th, 2018
By Chesa Chesa
- US Based Nigerian woman arraign in court over child theft
- Buhari signs 2018 Budget
- 43 years after, UniJos boundaries unsecured – VC
- INEC not against defection, says Oyo REC
- 2019: Eggon Gov aspirants mull consensus candidate to succeed Al-Makura
- Gov Bello tasked to embrace Audu’s family in politics
- Group raises alarm over open defecation at IDPs camps in FCT
- INEC decries non-collection of 73,109 PVCs in Edo
- Rivers residents pay cheapest bus fare in May – NBS
- Nigeria records over 20,000 refugees in 1 year, say UN,ECOWAS
- How 2017 Budget performed, by FG
- NAGAFF seeks return of SON, others to port
- LCCI flays FG, customs over poor trade facilitation at seaports
- KPMG’s audit work unacceptable, says UK watchdog
- Tariff: Markets fall as trade war fears mount
- Technology critical economic diversification plan – Onu
- NSE: Transactions remain negative after holidays
- Power generation rises as NNPC repairs gas pipeline
- Aba residents give Gov. Ikpeazu thumbs up for sprucing up the city’s roads
- Scores Feared Dead as Container Falls of Bridge in Ojuelegba (PHOTOS)
- Tension as Melaye taken to court in Lokoja
- Drama as Police re-arrest Melaye in Abuja hospital
- Breaking: Police arrest Sen. Dino Arrested at Abuja airport
- We Recovered Stolen Senate Mace Under Bridge – Police
- Breaking news: Thugs invade NASS, escape with Senate Mace
- Buhari officially declares to run for second term
- Ex-Nasarawa Governor, Doma, Dies At 75
- The Future Of Alaigbo & The Federal Republic Of Nigeria
- Ifeanyi Ubah Eulogizes Ekwueme, Says He Was a Bastion of Integrity
- We don’t have any data to back Ngige’s Claim of seven million new jobs – NBS
- Governor Simon Lalong rejects Cattle Colonies
- Ex- President, Olusegun Obasanjo writes Buhari, tells him not to seek Re-Election in 2019
- George Weah sworn in as President of Liberia
- 1 killed, another injured in attack on Plateau community
- Police investigate Gandujiyya/Kwankwasiyya clash
- Armed Forces Remebrance Day: Ganduje seeks better welfare for ex-service men
- 2019: FRCN barred me, says Buhari supporter
- Illegal Occupation: Court orders police to unseal Peace Corps’ office
- Charles Okah in safe custody, says NPS
- Meet the World’s Richest man : Jeff Bezos