Nigeria to attract $22.5bn investment with ERGP
Nigeria hopes to attract an additional investment worth $22.5 billion from 164 different projects across the country, through the Economic Recovery Programmes, ERGP, Focus Labs.
The minister of Budget and National Planning, Sen. Udo Udoma, who made this known at an open day event to mark the conclusion of the ERGP Lab, said the business opportunities have prospects for creating over 513,981 jobs by 2020.
He said that the initial set of the lab is aimed at unlocking the private investments commitment in the agriculture and transport, manufacturing and processing as well as power and gas sectors and create more jobs for Nigerians.
According to the minister, “the lab which is aimed at unlocking the private sector investment was able to identify 164 projects spread out over all the 6 geopolitical zones of the country with a total potential investment worth $22.5 billion and 513,981 jobs by 2020, of the total amount projected, $10.9 billion worth of private investment are categorized as most ready to go adding”
Udoma said $10.9 billion worth of private sector investments are categorised under the ‘most ready to go’ group. An investment opportunity worth $4.73 billion worth was also identified in the agriculture and transport labs with a potential to create about 129,000 jobs, while $9.25 billion investment with a potential of 378,000 new jobs was identified in the manufacturing and processing labs.
Investment opportunities identified in the power and gas sectors were valued at about $8.57 billion, with the potential to create about 7,200 jobs.
In addition, Udoma said the multi-phased ERGP focus lab has the potential to generate cumulative investments/projects and jobs valued at about $39.4 billion and over 716,079 jobs by 2025.
The focus labs held over a six-week period between March 12 and April 22 were part of initiatives under the Economic Recovery and Growth Plan to identify sectors with potentials to drive speedy economic recovery.
“The Labs produced 67,200 man-hours of effort within a six-week period and involved 180 organisations including the relevant ministries, government agencies, authorities and private sector companies as well as banks,” the minister said.
Also he said 20 syndication meetings were held with subject matter experts, including senior government officials, corporations and entrepreneurs during the period.
He added that investment projects identified in the lab will span beyond 2020 adding that by projection, while the cumulative investment value of the projects could rise up to $39.12 billion by 2025 and create about 716,079 jobs.
Vice President Yemi Osinbajo, expressed satisfaction that the labs have achieved their objective of creating channels for sustained and diversified economic growth.
He said government was committed to continue to support all efforts to development investment opportunities to help create jobs and grow the economy.