Infrastructure in Nigeria will take a new turn in few years- Osinbajo

The federal government has said that its newly launched Economic Recovery Growth Plan (ERGP), focus lab would help the country attract $24 billion worth of investments in few years, saying 80 per cent of the amount is expected to come from the private sector of the economy.

Vice President, Professor Yemi Osinbajo disclosed this on Thursday in Agbara, Ogun State during his working visit to Beloxxi Industries Limited.

Osinbajo explained that the focus lab was launched to accelerate the intervention of the government’s ERGP.

He said that the policy was a euphemism that describes a relationship between the public, private sector as well as other stakeholders coming together in a room to look at the problems plan together and resolve of investments in specific area.

“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 goal of this lab is to generate $24 billion worth of investment with 80 percent expected from the private sector, with 15 million jobs and a projected GDP growth of 3.5 percent this year and 7 percent growth by 2020.

“We look forward to collaborating with Beloxxi industries across this platform to ensure the economic growth and job creation,” he said.

Osinbajo added: “I therefore urge other indigenous manufacturers and businesses to ensure that they commit to Nigeria’s future and to keep on investing and pushing the frontiers of local businesses.

“I want to assure foreign investors that with the way this country is going, Nigeria will not be recognisable in terms of infrastructure in the next few years. This is the country to come in for investment,” he noted.

The Vice President inaugurated the second expansion of the company’s plant and laid the foundation for the expansion of the third phase.

Credit: THISDAY