Nigeria, UNIDO Sign $174.6m Deal To Trigger Industrial Development

The Nigerian Government and the United Nations Industrial Development Organisation (UNIDO) have signed a Programme for Country Partnership (PCP) agreement totalling $174,585,000 for the country’s industrial development.

Nigeria’s Minister of Budget and Economic Planning (BEP), Sen. Abubakar Atiku Bagudu, who signed on behalf of the Federal Government, noted that the partnership, which is for a period of four years, 2024-2028, marks a milestone in the government’s and UNIDO’s efforts to strengthen industrial growth, create jobs and drive economic transformation.

According to the minister, “Through this initiative, we aim to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.”

The programme will also provide economic opportunities that will impact Nigerians, particularly the youth and marginalized groups.

Sen. Bagudu explained that the PCP has a funding strategy of 85.7% or $149,619,345 from donor/partners mobilized by UNIDO, while the Federal Government provides counterpart funding of 14.3% or $24,965,655.

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

The minister called on all stakeholders, which include development partners, the private sector and civil society, to work collaboratively to ensure a seamless implementation of the programme.

He commended UNIDO for its steadfast partnership and unwavering support for Nigeria’s industrial agenda.

The Minister of State for Industry, Sen. John Owan Enoh, while making remarks during the signing ceremony, expressed hope that UNIDO will serve as a technical and strategic partner in driving the Industrial Revolution Work Group (IRWG). The Minister also urged the stakeholders to “Let us move together from potential to productivity, from agreement to execution, from policy to prosperity” as the PCP is being implemented.

The Director General of UNIDO, Mr. Gerd Muller, informed all that UNIDO has the mandate of ensuring industrial development of member states through the PCP and the pursuit of Goal 9 as its core, while stating that Nigeria has the potential to be the economic powerhouse in Africa.

The PCP focuses on a select number of priority areas essential to the government’s industrial development agenda. They are job creation, availability of raw materials, export potential, and ability to attract investments.

The Permanent Secretary of the Ministry of Budget and Economic Planning, Dr. Emeka Vitalis Obi, noted that the series of engagements between the Federal Ministry of Budget and Economic Planning, the Federal Ministry of Industry, Trade and Investments (FMITI), and UNIDO have solidified the government’s commitment to laying a firm foundation for the take-off of PCP in Nigeria.

The President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshionye, speaking on behalf of the private sector, expressed hope that manufacturers in the country would benefit from funding provided by the programme, pledging MAN’s support in achieving the key pillars of the national initiative. He called for more impactful projects that would enhance the manufacturing sector in the country.