Economy

FG to organise Focused Labs for economic growth

Following Federal Executive Council’s approval, the Ministry of Budget and National Planning says it is ready to organise Focused Labs.

These Labs would be used to bring together relevant stakeholders in the public and private sectors into weeks of intensive working sessions to brainstorm on practical steps to overcome any identified challenge in the implementation of the country’s Economic Recovery and Growth Plan (ERGP).

The Ministry in a statement said the labs will serve as an effective tool for ensuring robust engagement between the public and private sectors to resolve challenges within a specified sector.

It is a fall-out of the Federal Government Cabinet Retreat on ERGP Implementation held in Abuja on the 10th of August this year with the theme “Getting Implementation Right.”

A major outcome of the retreat was the need for Nigeria to conduct focused labs, drawing from the Malaysian model, which will drive quick delivery of the major outcomes of the ERGP.

Also, the planned labs will be directed by relevant Ministers and senior government officials, with the participation of captains of industry and potential investors, both Nigerian, as well as major international companies.

Young and aspiring entrepreneurs will also be invited to participate.

Already the Federal Government has set up an ERGP implementation team located in the Ministry of Budget and National Planning who will be coordinating the labs.

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