The Federal Government has
concluded plans to inaugurate the Joint Working Group for the Economic Recovery
and Growth Plan’s Focus Labs.
According to a statement on
Monday by the Senior Special Assistant to the Vice President on Media and
Publicity, Mr. Laolu Akande, the inauguration of the first set of the policy
labs would hold today (Tuesday) at the Presidential Villa, Abuja.
Akande explained that the
establishment of the focus labs was expected to boost economic growth and
ensure that Nigeria continued its journey of building a competitive economy.
He said, “The objectives of the
Buhari administration’s Economic Recovery and Growth Plan include eradicating
corruption in government procurement and processes, prudent management of
resources, social inclusion, overcoming power constraints and skills shortages,
and further promoting private sector inclusion.
“In less than a year, following
its launch by President Muhammadu Buhari, the implementation of the ERGP has
seen the country’s economy record significant strides, including its exit from
recession last year and improved stability in the fiscal and monetary markets.
“Also, in last year’s World Bank
Doing Business index, Nigeria jumped 24 places and was listed among the 10 most
reforming economies globally, feats that have attracted wide applause and
commendation for the economic policies of the Buhari administration.
“In line with the
administration’s economic focus and direction, which includes restoring growth
and building a competitive economy, the ERGP focus labs are aimed at driving
new investments that will create hundreds of thousands of jobs for Nigerians
across the 36 states of the federation and, in the long-term, continue to grow
the economy.”
Akande added that a central
steering committee and joint working group of the ERGP focus labs would be
formed by the ministers of agriculture; transport; solid minerals; industry,
trade and investment; power, works and housing; petroleum resources; finance;
justice; and budget and national planning.
The responsibilities of the
central steering committee, he explained, would include steering the labs and ensuring
active collaboration with the private sector to remove inhibitions that might
have impeded some of the priority investment projects that had been stalled for
too long.
He added that the joint working
group would comprise of senior public officers from the six pilot ministries
and their agencies.
Other tasks of the members of the
core sector teams in the group include generation and validation of sector
data, provision of sector specific information and context, and provision of
technical perspective and government policy position.
The working group will also be
tasked with making decisions on behalf of the government that promote
investment and national interest, build institutional memory, strengthen
institutional capacity, and encourage institutional ownership.
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