In a bold step towards revitalizing its economy, the Nigerian government has teamed up with the United Nations Industrial Development Organisation (UNIDO) in a groundbreaking $175 million partnership aimed at transforming the nation's industrial landscape.
The signing of this Programme for Country Partnership (PCP) marks a pivotal moment in Nigeria's journey towards becoming a competitive global economy.
Abubakar Bagudu, Nigeria's Minister of Budget and Economic Planning, emphasized that this ambitious initiative aligns perfectly with the country's Vision 2050, the National Development Plan, and President Bola Tinubu's 'Hope Agenda'. The program is set to drive technological innovation, create sustainable growth, and enhance Nigeria's industrial capacity for the future.
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Bagudu explained that the total budget for the PCP from 2024 to 2028 is set at $174.6 million, with the Nigerian government contributing 14.3% (roughly $25 million), while UNIDO will bring in the remaining 85.7%, or about $149 million. This partnership will help strengthen Nigeria's industrial foundation and attract investments from the global stage.
The deal aims to open doors for private sector involvement, broaden access to capital, and make Nigeria more investment-friendly.
Bagudu also highlighted key economic reforms, such as the removal of oil subsidies and the introduction of a new foreign exchange system, which are expected to further strengthen the country's industrial framework.
"Nigeria is ready to make big strides," Bagudu said, stressing that the new consumer credit program would help drive demand for locally made goods, empowering manufacturers both big and small.
For Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), the PCP is a game changer. It's the key to unlocking the industrial potential outlined in Nigeria's national development plan—a critical move in creating a self-sustaining, competitive economy.
With this monumental partnership, Nigeria is poised for an industrial renaissance, setting the stage for a brighter, more prosperous future.
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