The federal government and the United Nations Industrial Development Organisation (UNIDO) have signed a $175 million programme for country partnership (PCP) deal to enhance Nigeria’s industrial capacity, drive technological innovation, and promote sustainable economic growth in the country.

At the signing ceremony, Minister of Budget and Economic Planning, Abubakar Bagudu, said the initiative aligns with the government’s agenda 2050, the National Development Plan, and the ‘Hope Agenda’ of President Bola Tinubu.

He added that the programme would support the federal government’s economic reforms aimed at repositioning Nigeria as a competitive economy.

He stated: “The total budget earmarked for the PCP 2024-2028 amounts to $174.585 million with a clear funding strategy. The government of Nigeria has committed a counterpart contribution of 14.3 percent amounting to $24.965 million while UNIDO will mobilise the remaining 85.7 per cent, totaling $149.19 million.”

The minister said the PCP will catalyse private sector participation, broaden access to capital, and enhance Nigeria’s ability to absorb investment.

“This is particularly for the private sector that is well represented here, to take advantage of this and broaden access to capital internationally.

“The financial framework demonstrates the government’s dedication to driving industrialisation while leveraging on international partnership to maximise impact,” he added.

Bagudu highlighted key economic policies, including the removal of oil subsidy, the introduction of a rule-based foreign exchange system, and the inauguration of a consumer credit programme.

“For a country of over 200 million people, consumer credit is essential to driving demand for locally manufactured goods. This will ensure that manufacturers, both small and big, can focus on efficiency rather than market absorption challenges,” he said.

In his remarks, President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, described the PCP as a tool for implementing the industrial component of Nigeria’s national development plan.

He said over 1,000 staff of manufacturing companies operating within various industrial zones are benefiting from the capacity-building component of the project.

Meshioye assured that the organised private sector and manufacturers are ready to provide the necessary resources and support for the programme’s implementation, and ensure that its key pillars are successfully executed.


https://www.vanguardngr.com/2025/04/nigeria-unido-sign-175m-deal-to-boost-industrialisation/