The Nigerian President, Muhammadu Buhari, has formally launched what he called Focus Labs for Economic Recovery and Growth Plan (ERGP).

At the launch of the Focus Labs on Tuesday, President Buhari reeled out the objective of the Labs which he said were part of the many strategies of his administration to ensure that the economic growth plan was effectively implemented.

The Economic Recovery and Growth Plan are focused on achieving sustainable, diversified and inclusive growth, becoming self-sufficient in basic commodities to curtail food imports, diversifying the nation's economic base from crude oil dependence, empowering local businesses to create thousands of jobs and, improving the general wellbeing of Nigerians.

He told the gathering in Abuja that Focus Labs had been successfully used in other countries, while identifying the objectives.

1.    The Labs in Nigeria are designed as closed-door investment platforms to identify and accelerate high-impact projects with significant impact on GDP and job creation.

2.    The Labs will also enable pre-screened private sector investors to have access to senior government officials, regulators, and cabinet ministers.

Nigeria's Economic Recovery Growth Plan Focus Labs

3.    It is also aimed at efficiently and effectively resolving the most pressing bottlenecks delaying Nigerians’ proposed investments.

To ensure the goals are achieved, President Buhari has 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. 

While commending the Ministry of Budget and National Planning and other relevant agencies for piloting this process, which is being used for the first time in Nigeria, President Buhari expressed confidence that the Labs would open up new investments.

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He believes the investments will complement existing efforts in agriculture, manufacturing and infrastructural development across the country.

The President will receive regular updates on the progress of the Labs.