Nigeria, UNIDO sign $174.6m industrial development partnership

A Programme for Country Partnership (PCP) agreement amounting to $174,585,000m for industrial development of Nigeria has been signed by the Federal Government of Nigeria and the United Nations Industrial Development Organisation (UNIDO).

The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, speaking during the signing of the agreement, explained that the partnership was for a period of four years, 2024-2028, marking a milestone in the government’s and UNIDO’s efforts to strengthen industrial growth, create jobs and drive economic transformation.

According to the Minister, “the initiative aims to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.”

The programme, Bagudu explained, would also provide economic opportunities that would impact Nigerians, particularly the youth and marginalised groups, explaining that the PCP has a funding strategy of 85.7% or $149,619,345 from donors/partners mobilised by UNIDO, while the federal government provides counterpart funding of 14.3% or $24,965,655.

So far, he stated that Nigeria has made a financial commitment of $1,276,658 as payment to UNIDO.

He enjoined all stakeholders that include development partners, private sector and civil society, to work collaboratively to ensure a seamless implementation of the programme.

Sen. John Owan Umoh, the Minister of State for Industry, expressed hope that UNIDO would serve as a technical and strategic partner in driving the Industrial Revolution Work Group (IRWG).

Gerd Muller, the Director General of UNIDO, explained that the agency has the mandate of ensuring industrial development of member states.

Otunba Francis Meshionye, the President of Manufacturers Association of Nigeria (MAN), expressed hoped that manufacturers in the country would benefit from the funding as he pledged MAN’s support in achieving key pillars of the programme.