FG, UNIDO sign $174m grant for industrialisation

The Federal Government of Nigeria and the United Nations Industrial Development Organisation (UNIDO) have signed a Programme for Country Partnership (PCP) agreement amounting to $174,585,000m for industrial development of the country. Speaking during the signing the of agreement, the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, noted that the partnership which is […]

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

Speaking during the signing the of agreement, the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, 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.

The minister said this initiative aims to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.

He said the programme would also provide economic opportunities that would impact Nigerians particularly the youth and marginalised groups.

Bagudu explained 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, 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, private sector and civil society to work collaboratively to ensure a seamless implementation of the programme.

 

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

 

The Director General of UNIDO, Gerd Muller, said the agency 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 power house in Africa.

 

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