Nigeria Government Targets U.S.$25 Billion Investments From Economic Labs

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The federal government is targeting $25 billion new investments from the recently launched economic laboratories.

This was disclosed by the Minister of Budget and National Planning, Senator Udo Udoma, yesterday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the presidential villa.

Noting that the labs will start in the first week of March, Udoma said government is targeting three areas, including agriculture and transportation, power and gas, as well as manufacturing and processing.

He further explained that all the indices in the economy, since President Buhari launched the Economic Recovery and Growth Plan in April, have been moving positively.

He, however, added that the federal government is not satisfied, even as he contended that they could do better.

The minister said, “That is why we are organising the labs. The Focused labs will be commencing in the week of the 5th of March. We will be bringing in investors, both domestic and international. We will be looking at three areas Agriculture and Transportation, Power and Gas, Manufacturing and Processing.

“It is going to involve many ministers in the Federal Executive Council who are actually going to drive that process.

“The target for the labs alone is to generate $25 billion worth of new investments. Some of the investments will be in naira, while some will be in dollars because we are expecting significant amount of domestic investments and not just foreign investments”.

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