02/04/2025
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, welcomed the Director-General of the United Nations Industrial Development Organization (UNIDO), Mr. Gerd Müller, to the Federal Ministry of Budget and Economic Planning on Wednesday, April 2, 2025, for the signing of the Program for Country Partnership (P*P) 2024-2028. This strategic partnership is set to drive Nigeria’s industrial transformation, economic diversification, and sustainable development.
During his address, Mr. Müller expressed his deep appreciation for Nigeria’s steadfast commitment to industrial growth and its longstanding cooperation with UNIDO, which has spanned four decades.
Highlighting UNIDO’s ongoing collaboration with Nigeria, he noted the success of previous programs, including the establishment of the UNIDO Investment and Technology Promotion Office in Lagos in 2015, which is the only such office in Africa. He emphasized that UNIDO is actively engaged in 15 ongoing projects in Nigeria
with a total Budget of $30 million, aimed at enhancing industrialization and economic competitiveness.
“With the signing of this new Program for Country Partnership, we are elevating our cooperation to a new level. This P*P introduces a structured framework for industrial development, fostering collaboration between federal and state ministries, as well as private sector partners,” Mr. Müller said.
He outlined six key focus areas of the P*P 2024-2028:
1. Industrial policy development,
2. Innovation, technology, and the digital economy for SMEs and startups,
3. Fostering special economic zones, industrial parks, and clusters,
4. Enhancing value chains and local value addition in agribusiness and mining,
5. Sustainable energy development and environmental management,
6. Building trade capacity within the African Continental Free Trade Area (AfCFTA).
Mr. Müller reaffirmed that the P*P aligns with Nigeria’s National Development Plan, the Renewed Hope Agenda of President Bola Ahmed Tinubu, and the African Union’s Agenda 2063.
The Honourable Minister, Senator Bagudu, responded by emphasizing Nigeria’s unwavering commitment to sustainable industrialization and economic transformation.
“This partnership is a testament to our shared vision of inclusive growth and prosperity. The P*P aligns with our long-term development plans, including Agenda 2050, which prioritizes industrialization, job creation, and technological advancement,” Senator Bagudu stated.
He disclosed that the total budget earmarked for the P*P 2024-2028 stands at $174,585,000, with a clear funding strategy. "The Nigerian government committed a counterpart contribution of 14.3%, amounting to $24,965,655, while UNIDO will mobilize the remaining 85.7%, totaling $149,619,345million," the minister noted.
“This collaboration will serve as a catalyst for investment and expand access to capital, particularly for the private sector,” the Minister added.
Senator Bagudu also highlighted Nigeria’s recent economic reforms, including the removal of fuel subsidies, the creation of a rule-based foreign exchange market, and the introduction of a consumer credit program to stimulate economic activity.
“Our bold reforms have repositioned Nigeria’s economy for resilience and competitiveness. We are committed to creating an enabling environment where businesses can thrive, industries can flourish, and jobs can be created for our enterprising youth,” he added.
Furthermore, he praised UNIDO’s efforts in expanding renewable energy solutions, promoting circular economy initiatives, and advancing waste management practices.
“With this signing, Nigeria signals its determination to leverage international partnerships to achieve economic transformation. We will work diligently to ensure the successful implementation of the P*P, unlocking new opportunities and fostering industrial growth for the benefit of all Nigerians,” Senator Bagudu concluded.