As the first phase of the Nigerian Economic Recovery Programmes Focus Labs draws to a close, six core sectors were identified for the federal government to focus its attention if its objective to grow the economy is to be realised.
The Ministry of Budget & National Planning said in a statement sent to PREMIUM TIMES on Sunday that over a six week period between March 12 and April 22, the Labs held in Abuja focused on agriculture and transportation, power and gas and manufacturing and processing (including solid minerals).
“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,” the statement said.
Besides, it said, 20 syndication meetings were held with subject matter experts, including senior government officials, corporations and entrepreneurs during the period.
The Vice President, Yemi Osinbajo, will preside over the ‘Open Day’ on Tuesday as part of activities marking the close of the first phase of the programme to be attended by the lead sector ministers: Tunde Fashola, Chubuike Amaechi and Audu Ogbeh.
The ministry said each of the ministers would present the outcomes of the labs for their sectors and discuss the way forward.
The recommendations from the presentations are expected to address identified bottlenecks and unlock investments capable of creating new jobs in the country.
Focus Labs are designed as workshop-style closed-door investment fora between private sector and senior government officials.
They also served as a forum for detailed discussions and interactions to address some of the bottlenecks and inhibitions of additional business investments in the economy.
The Minister for Budget and National Planning, Udoma Udoma, said during the period of the labs, participants had an opportunity to engage the government directly on the complex inter-agency issues that hinder investments.
“The frank and open discussions between investors and nine cabinet ministers and their teams, as well as several agencies and departments, are a critical first step to building trust and credibility between the public and private sectors and harnessing important partnerships that will unlock key investments to diversify the economy and create wealth and employment,” the minister said.
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