Vice President Yemi Osinbajo, on Tuesday expressed satisfaction so far with the outcome of the Economic Recovery and Growth Plan (ERGP) launched by President Muhammadu Buhari last August.
Speaking at the ERGP Focus Labs Open Day in Abuja, he said the Labs are focused on priority sectors such as: Manufacturing, Processing, Power, Gas, Agriculture and Transport, expected to unlock half a million new permanent jobs for Nigerians by 2020.
He also expressed satisfaction that the “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,” while unleashing a brighter future for the country.
conomic Recovery and Growth Plan (ERGP) Focus Labs.
He explained further that the Lab was set up to fast-track the resolution of 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.
“And I must say that it has indeed been very gratifying that less than one year after the Cabinet Retreat of August 2017 themed: “Getting Implementation Right”, where we made this decision to take this Lab approach, the progress has been commendable,” Osinbajo added.
He also noted that the regular updates he got throughout the six-week duration and personal visit, shows that “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.”
The Vice President also recalled that during the six weeks of lab work, which included “the participation of around 300 individuals from the government, working to resolve issues and problems presented by captains of industry, we as a government are clearer today as to what we can do today to remove the regulatory and bureaucratic bottlenecks within the ambits of the law.
“The reality is that if we say that we are committed to improving the business environment and serious about making our economy more market-driven, we cannot but take the outcomes of the Labs very seriously. I am also very confident that we will deliver the change that the President had promised during his inaugural speech, and more recently at the formal opening ceremony of the Focus Labs.”
The Federal Government commenced Wave 1 of the ERGP Focus Labs in February 2018, he explained, to accelerate its implementation and that participants over the six weeks comprised of both public and private sector representatives, rigorously drilled down the issues with the projects presented, and brain-stormed on how to resolve these issues, and the bureaucratic reforms needed to fast-track the development of our country.
Photo Caption: From left, Minister of Finance, Mrs Kemi Adeosun in a chat with Vice President Yemi Osinbajo during the Open Lab of the Economic Recovery and Growth Plan (ERGP) Focus Labs in Abuja on Tuesday, May 15, 2018, while Minister of Budget and National Planning, Senator Udoma Udo Udoma looks on.
