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Nigeria’s the Economic and Growth Recovery Plan (ERGP) Focus Laboratories launched on February 6, is expected to generate US$24 billion worth of investment. Vice President Yemi Osinbajo said that 80 per cent of the figure was expected from the private sector.
Vice President Yemi Osinbajo expressed the optimism at commissioning of the second phase expansion project and laid the foundation stone for the third phase expansion project of Beloxxi Industries in Lagos. He said that laboratory could also generate 15 million jobs and a projected Gross Domestic Product (GDP) growth of 3.5 per cent this year and seven per cent growth by 2020.
Osinbajo said that the policy laboratory, launched on Feb.6 was to accelerate the intervention of the Economic Recovery and Growth Plan (ERGP). According to the vice president , the laboratory is a euphemism that describes a relationship between the public, private sector. The vice president said that it would also involve some other stakeholders coming together in a room to look at how they could look at problems, plan together, and resolve problems in investments in specific areas.
Osinbajo said, “Some of the areas we intend to look at in our laboratory include oil and gas, manufacturing and processing, agriculture and transport. “The goal of this lab is to generate $24 billion worth of investment with 80 percent expected from the private sector. “With 15 million jobs and a projected Gross Domestic Product (GDP) growth of 3.5 per cent this year and seven percent growth by 2020.”
Osinbajo said the government looks forward to collaborating with Beloxxi Industries across the platform to ensure economic growth and job creation. He said, “I therefore urge other indigenous manufacturers and businesses to ensure that they commit to Nigeria’s future, keep on investing and pushing the frontiers of local businesses. “I want to urge foreign investors that with the way this country is going, Nigeria will not be recognisable in terms of infrastructure in the next few years. This is the country to come in for investment.”
The Managing Director of the Nigerian Export and Import Bank (NEXIM), Mr Abba Bello said that the bank’s mandate as an agency of the Federal Government is to grow the non-oil export by participating in financing it.