Economic recovery labs to generate $24b investment

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Vice President Yemi Osinbajo Has said the Economic and Growth Recovery Plan (ERGP) Focus Laboratories launched on February 6, is expected to generate US$24 billion worth of investment adding that 80 percent of the figure was expected from the private sector.

Osinbajo expressed the optimism while commissioning the second phase expansion project; he 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 percent this year and seven percent growth by 2020.

He disclosed that the policy was to accelerate the intervention of the Economic Recovery and Growth Plan (ERGP) saying that the laboratory is a euphemism that describes a relationship between the public and private sector.

He assured that the policy would also involve some other stakeholders coming to plan together, and resolve problems encounter in investments and other specific areas.

According to him, “Some of the areas we intend to look at in our laboratory include oil and gas, manufacturing and processing, agriculture and transport.

Osinbajo said the government is looking forward to collaborating with Beloxxi Industries across the platform to ensure economic growth and job creation.

Meanwhile, the Managing Director of the Nigerian Export and Import Bank (NEXIM), Mr. Abba Bello has 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.

 

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