The Manufacturers Association of Nigeria (MAN) has expressed its endorsement of the recently signed $174.59 million development pact between Nigeria and the United Nations Industrial Development Organization (UNIDO), which aims to boost industrial growth and sustainable development across the nation.
Specifically, the Association commends the $174.59m Programme for Country Partnership (PCP) agreement to boost Nigeria’s industrial development.
Otunba Francis Meshionye, pledged MAN’s unwavering support in collaborating with stakeholders to ensure the successful implementation of these initiatives. By focusing on job creation, the program aims to empower the workforce and reduce unemployment rates, thereby bolstering the economy. Furthermore, enhancing raw material availability is vital for manufacturers, as it will decrease production costs and improve competitiveness. The potential for increased exports will not only contribute to the nation’s foreign exchange reserves but also position Nigeria as a key player in the global market. Finally, attracting investments will provide the necessary capital for growth and innovation, ultimately driving the manufacturing sector forward. Under Meshionye’s leadership, MAN is committed to working hand-in-hand with the government and other relevant bodies to turn these aspirations into reality, paving the way for a more sustainable and prosperous manufacturing landscape in Nigeria.
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 recent partnership signed by Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, marks a significant milestone in the Nigerian government’s ongoing efforts to foster industrial growth, create job opportunities, and stimulate economic transformation.
In a statement, Bagudu emphasized the initiative’s potential to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable practices within the industrial sector. This strategic collaboration is poised to catalyze investments and streamline processes that will ultimately lead to a more robust economy, better equipped to meet the challenges of the 21st century.
“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.” he said.
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.
In a recent address, the Minister of State for Industry, Senator John Owan Umoh, articulated a vision for an invigorated partnership with the United Nations Industrial Development Organization (UNIDO) as a cornerstone of the nation’s industrial strategy. Speaking at the launch event for the country’s latest industrial initiative, Senator Umoh emphasized that UNIDO’s involvement is pivotal in both technical advisory and strategic capacity. Given UNIDO’s global expertise and track record in fostering sustainable industrial development, the agency is uniquely positioned to support the government in actualizing its Industrial Revolution Work Group objectives. He highlighted the critical value of harnessing UNIDO’s resources and insights to facilitate innovative solutions that can drive competitiveness and economic growth. By integrating UNIDO’s frameworks and methodologies, the program aspires to not only bolster industrial capacity but also to position the nation as a regional leader in sustainable industrialization efforts.
He urged stakeholders to move from potential to productivity and from policy to prosperity as the PCP is implemented.
The Director-General of UNIDO, Mr Gerd Muller, 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.
