Buhari launches ERGP Focus Labs, targets 1m tonnes of rice in 2018
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President Muhammadu Buhari on Monday formally launched the Focus Labs for our Economic Recovery and Growth Plan (ERGP), with a plan to along other targets, ensure local production of one million metric tonnes of fertiliser this year.
The ERGP is the Buhari administration’s flagship economic agenda, with the key goals of achieving sustainable, diversified and inclusive growth, becoming self-sufficient in basic commodities to curtail our food imports; fiversifying our economic base from crude oil dependence; empowering local businesses to create thousands of jobs; and improving the general wellbeing of our people.
In his remarks at the launch, which held at the State House Conference Centre, Abuja, Buhari said “we plan to build upon the success of the Presidential Fertilizer Initiative to double the 500,000 metric tons of fertilizer delivered to States, agro-dealers and farmers in 2017, by achieving production output of one million metric tons in 2018. end of quote
He also noted that economic growth returned in second quarter of 2017 due to a clear follow-through of some economic initiatives, thus consolidating on the recovery path and reaching a Real GDP growth of 1.92% by the fourth quarter of 2017.
The President explained that Focus Labs have been successfully used in other countries, and that in Nigeria they are designed as closed-door investment platforms to identify and accelerate high-impact projects with significant impact on GDP and job .
The Labs will also enable pre-screened private sector investors to have access to senior government officials, regulators, and cabinet ministers. The goal is to efficiently and effectively resolve the most pressing bottlenecks delaying their proposed investments.
The President said he had consequently directed the relevant Ministers and heads of government agencies to be available to the participants at the labs to respond to their inquiries and issues.
He further noted that “we have also restored stability in foreign exchange market and have recorded improvements in our foreign reserves which have grown from $24 billion in September 2016 to $42 billion by mid-February 2018 and now $46 billion”, largely as a result of the recovery of oil prices on the international market.
The Minister of Budget and National Planning, Udoma Udo Udoma, in his remarks said “we are targeting to mobilize at least $25 billion or its equivalent in Naira, in private investments and about 240 projects have so far been screened for the labs. Many have asked whether we are not being too ambitious in targeting $25 billion.
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