FG targets $25bn investments from focused labs

The Federal Government is targeting $25 billion worth of new investments from the focused labs it is organising on March 5.

The Minister of Budget and National Planning, Udoma Udoma, said this yesterday while briefing State House reporters after a five-hour cabinet meeting presided by President Muhammadu Buhari.

Udoma explained that government was organising the labs because it was not yet satisfied with the positive indices in the economy.

He said local and foreign investors would be brought to explore areas of agriculture, transportation, power and gas, manufacturing and processing.

“All the indices in the economy, since the Economic Recovery and Growth Plan was launched by Mr President in April, have been moving positive. But we are not satisfied even though it is all positive because we feel that we can still do better.

“And that is why we are organizing the labs. The focused labs will be commencing in the week of the 5th of March. We will be bringing in investors, both domestic and international. We will be looking at three areas agriculture and transportation, power and gas, manufacturing and processing. It is going to involve many ministers in the federal executive council who are actually going to drive that process,” he said.

The Minister of Works, Power and Housing, Babatunde Fashola, said the council approved an augmentation of N892.177 million for the N8.66 billion Tin Can and Truck Park project in Apapa, Lagos.