The Federal Government and the United Nations Industrial Development Organisation have signed a $174.59m Programme for Country Partnership agreement to boost Nigeria’s industrial development.
According to a press statement by Mrs Julie Osagie-Jacobs, Director of Information and Public Relations at the Ministry of Budget and Economic Planning, on Wednesday, the agreement, which will run for four years from 2024 to 2028, seeks to enhance the country’s industrial capacity, drive technological innovation and promote sustainable industrial practices.
The Minister of Budget and Economic Planning, Abubakar Bagudu, who signed on behalf of the Federal Government, described the partnership as a significant milestone in the government’s efforts to strengthen industrial growth, create jobs and drive economic transformation.
In the statement, Bagudu said, “Through this initiative, we aim to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.”
The statement added, “The Federal Government of Nigeria and the United Nations Industrial Development Organisation have signed a Programme for Country Partnership agreement amounting to $174,585,000 for industrial development of the country.”
Bagudu noted that the programme would provide economic opportunities, particularly for young people and marginalised groups.
The minister disclosed that the funding strategy for the PCP involves 85.7 per cent, or $149.62m, from donor partners mobilised by UNIDO, while the Federal Government will provide 14.3 per cent, or $24.97m, as counterpart funding.
He noted that Nigeria had already made a financial commitment of $1.28m as payment to UNIDO.
Bagudu called on stakeholders, including development partners, the private sector, and civil society, to collaborate for the seamless implementation of the programme.
He also commended UNIDO for its continued partnership and support for Nigeria’s industrial agenda.
The Minister of State for Industry, John Umoh, expressed hope that UNIDO would serve as a technical and strategic partner in the implementation of the programme, particularly in driving the Industrial Revolution Work Group.
He urged stakeholders to move from potential to productivity and from policy to prosperity as the PCP is implemented.
The Director-General of UNIDO, Gerd Müller, said the PCP aligns with UNIDO’s mandate to promote industrial development among member states, with a focus on Sustainable Development Goal 9.
He noted that Nigeria has the potential to become an economic powerhouse in Africa.
The Permanent Secretary, Ministry of Budget and Economic Planning, Dr Emeka Vitalis Obi, said the series of engagements between the Ministry of Budget and Economic Planning, the Ministry of Industry, Trade and Investment and UNIDO have reinforced the government’s commitment to ensuring the successful implementation of the PCP.
The President of the Manufacturers Association of Nigeria, Francis Meshionye, expressed hope that manufacturers in the country would benefit from the programme’s funding.
Meshionye pledged MAN’s support in achieving the key pillars of the PCP, including job creation, raw material availability, export potential and investment attraction.