The Federal Government is targeting $25 billion investments from the Economic Recovery and Growth Plan focus labs to tackle the high rate of unemployment in the country.
The Minister of Budget and National Planning, Udoma Udoma, explained this at the State House in Abuja at the formal launch of the labs on Tuesday.
Udoma had, after the cabinet meeting on February 14, told State House reporters that the government was targeting $25 billion investments from the labs.
Today, the minister said these investments would be mobilized from the private sector.
He disclosed that about 240 projects had so far been screened for the labs.
Many have asked whether we are not being too ambitious in targeting $25 billion. My answer is that we have no choice. We actually need multiplies of $25 billion or its equivalent in Naira, of new investments to create enough jobs to address the high unemployment rate in the country.
“So, we will not stop after the first set of labs, we will hold more labs and we shall keep on addressing all constraints to investments until we achieve the goals we have set for ourselves," Udoma said.