FG SIGNS $174M PARTNERSHIP AGREEMENT WITH UNIDO

The Federal Government and the United Nations Industrial Development Organisation (UNIDO) have signed a Programme for Country Partnership (PCP) agreement to the tune of $174,585,000m for industrial development of the country. The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said the partnership with UNIDO is for a period of four years, from 2024 to 2028. Bagudu, who signed on behalf of the Nigerian Government, said the deal marked a milestone in efforts with UNIDO to strengthen industrial growth, job creation and economic transformation in the country. “Through this initiative, we aim to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices”, the Minister stated. He further 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 will provide counterpart funding of 14.3% or $24,965,655. He said so far, Nigeria has made a financial commitment of $1,276,658 as payment to UNIDO, just as he called on all stakeholders, including development partners, private sector and the civil society, to work collaboratively to ensure a seamless implementation of the programme. In his remarks during the signing ceremony, the Minister of State for Industry, Senator John Owan Enoh, said that UNIDO would serve as a technical and strategic partner in driving the Industrial Revolution Work Group (IRWG). On his part, the Director General of UNIDO, Mr. Gerd Muller, said that UN agency has the mandate of ensuring industrial development of member states through the PCP and the pursuit of Goal 9 as its core, adding that Nigeria has the potential to be the economic powerhouse in Africa.