FG targets $25bn investments from proposed economic labs

ABUJA—THE Federal Government, yesterday, said it has set a target of $25 billion in foreign and domestic investments from the launch of its economic ‘Focused Laboratories’ in March this year. Udo Udoma Minister of Budget and National Planning, Senator Udoma disclosed this to State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari, at the Council Chamber, Presidential Villa, Abuja. The minister said he briefed the FEC on the activities of his ministry in the past two years and that much work had gone into getting the labs off the ground by March. According to him, the policy has received considerable interest from stakeholders. He explained that the focused labs were part of measures to drive the Economic Recovery and Growth Programme, ERGP, of the administration, which was intended 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. He said the initiative was 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. Also briefing journalists, Minister of Power, Works and Housing, Mr Babatunde Fashola, said FEC approved an upward variation of the contract sum for the building of a trailer park at Tin Can Island Port in Lagos from N8.66 billion to N9.55 billion. Fashola said the augmentation of the contract sum by about N892.17 million was due to the need for increased scope of work, especially shoreline protection of the park, which is almost finished. On his part, Minister of Water Resources, Suleiman Adamu, said he presented to FEC a review of the activities of his ministry and that FEC approved similar action for the contracts earlier awarded for ongoing Ekiti and Katsina dam projects. Meanwhile, the FEC members observed a minute silence in honour of late former Minister of Internal Affairs, Brigadier-General John Shagaya (retd), who died in a road crash a few days ago.


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