Minister of Budget and National Planning, Udoma Udo Udoma says Nigeria’s economy is growing fast, sequel to the implementation of the economic policies of government.
He disclosed this to Journalists while briefing them on the activities of his ministry form 2015 to date.
Briefing State House Correspondents after Wednesday’s Cabinet meeting, presided over by President Muhammadu Buhari, Udoma said: “All the indices in the economy since the Economic Recovery and Growth Plan were launched by the President in April have been moving positive. But we are not satisfied even though is all positive because we feel that we can still do better.”
The Budget Minster however said in recognition of the fact that more needs to be done; government has introduced focus labs that will help the country consolidate on its economic gains.
He said the labs would generate about $25 billion for the country.
“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.
The target for the labs alone is to generate $25 billion worth of new investments. Some of the investments will be Naira, some will be dollars because we are expecting significant amount of domestic investments not just foreign investments,” he said.
Meanwhile, the Minster of Information and Culture, lai Mohammed told Journalists that a minute of silence was observed at Wednesday’s Cabinet meeting in honour of former Minister of Internal Affairs, General John Shagaya (Rtd.) who died in a fatal car accident on Sunday.