The Traffic

Nigeria Seals $175 Million Deal With UNIDO to Supercharge Industrial Growth

By Achimi Muktar

In a bold move to reposition Nigeria as a global industrial heavyweight, the Federal Government has inked a $175 million strategic partnership with the United Nations Industrial Development Organisation (UNIDO). The deal, unveiled at a signing ceremony in Abuja, is part of the Programme for Country Partnership (PCP) 2024–2028, aimed at turbocharging Nigeria’s industrialisation, spurring tech innovation, and fostering sustainable economic growth.

Minister of Budget and Economic Planning, Abubakar Bagudu, said the initiative aligns seamlessly with the federal government’s long-term economic blueprints—including the Agenda 2050, the National Development Plan, and President Bola Tinubu’s Hope Agenda.

“This programme supports our economic reforms to reposition Nigeria as a competitive economy,” Bagudu noted. “With a total budget of $174.585 million, Nigeria is contributing 14.3% of the funding, while UNIDO will mobilise the remaining 85.7%.”

Industrial Revolution Incoming?

The PCP is expected to unlock private sector investments, enhance access to capital, and strengthen Nigeria’s investment climate. According to Bagudu, “This financial framework shows our dedication to driving industrialisation by leveraging international partnerships to maximise impact.”

He also highlighted the government’s recent reform streak—from fuel subsidy removal, to the rule-based foreign exchange system, and the launch of a consumer credit programme designed to stimulate demand for locally made goods.

“For a nation of over 200 million, consumer credit is key. It ensures our manufacturers can focus on efficiency, not whether the market can absorb their products,” he said.

Private Sector Backs the Move

President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, hailed the PCP as a pivotal tool for executing the industrial segment of Nigeria’s development plan.

“Over 1,000 staff from manufacturing companies are already benefiting from the programme’s capacity-building initiatives,” Meshioye said, assuring that the private sector is fully on board to drive the programme’s execution.

With the deal now signed, experts say all eyes will be on how the PCP translates into real-world factories, jobs, exports, and economic resilience. The question remains: Could this be the long-awaited spark for Nigeria’s industrial revolution?