FEC Approves ₦458m for Economic Recovery Labs

Nigeria’s Federal Executive Council (FEC) has approved the sum of N458 million for the engagement of consultants to conduct pilot labs as part of the implementation strategy for the country’s Economic Recovery and Growth Plan (ERGP).

This was one of the decisions taken at Wednesday’s cabinet meeting presided over by Vice President Yemi Osinbajo in the Council Chambers of the State House.

Minister of Budget and Planning, Senator Udoma Udo Udoma, announced this while briefing State House correspondents on the outcome of the meeting.

He said the labs, which would last about three months, would be conducted in three phases with pre-lab activities taking four weeks while the main lab and post lab activities would take six and three weeks respectively.

He said each lab would have at least 100 people from a cross section of the public and private sectors.

“What the council has approved today is that we bring in some consultants who did a similar thing in Malaysia to help us build our own capacity,” Udoma said, adding “they will just help us at the beginning after that we will take over and do it ourselves.”

The National Planning Minister said three labs would be conducted in agriculture and transportation; power and gas; as well as manufacturing and processing.

According to him, the objectives of the labs include the identification of key stakeholders from the private and public sector that are crucial in the delivery and implementation of the ERGP initiative so as to create ownership in the development process.

The labs will also “review and evaluate the ERGP and other sectoral plans against set targets and progress” and “include identifying gaps in the current system and the key success factors.”

Senator Udoma said that the labs will further deliver detailed line by line implementation activities with identified entry-point projects.

The labs, he further said, would identify key performance indicators, break down silos and encourage key players.

“The focus of the lab is to mobilize private sector investment to finance specific capital projects,” he said.

myfinancialintelligence.com