• UNIDO Funding Set To Ignite Job Creation and Drive Industrial Growth
The Federal Government of Nigeria and the United Nations Industrial Development Organisation (UNIDO) have signed a $174.59 million Programme for Country Partnership (PCP) agreement.
The agreement is said to be aimed at spurring industrial development, creating jobs, and fostering sustainable growth.
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 four-year initiative, spanning 2024 to 2028, is designed to bolster technological innovation, promote environmentally sustainable industrial practices, and strengthen Nigeria’s position as a potential economic powerhouse in Africa.
Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, who signed on behalf of the government, hailed the partnership as a “milestone” in Nigeria’s quest for industrial progress and economic transformation.
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.
“Through this initiative, we aim to enhance Nigeria’s industrial capacity, drive technological innovation, and provide economic opportunities that will impact Nigerians, especially the youth and marginalized groups,” Bagudu stated.
Bagudu emphasized that the program would catalyze private sector participation and broaden access to international capital, noting that Nigeria’s absorptive investment capacity runs into hundreds of billions of dollars.
UNIDO Director-General Gerd Müller also underscored the alignment of the PCP with Sustainable Development Goal 9, which focuses on industry, innovation, and infrastructure.
He noted that Nigeria has the potential to become an economic powerhouse in Africa.
Also, the President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshionye, expressed optimism that local manufacturers would benefit significantly from the funding and opportunities generated by the partnership.
Meshionye pledged MAN’s support in achieving the key pillars of the PCP, including job creation, raw material availability, export potential and investment attraction.
