FG, UNIDO Launch PCP Scheme to Drive Industrialisation

The United Nations Industrial Development Organization (UNIDO) and the Federal Ministry of Industry, Trade and Investment and the Federal Ministry of Budget and Economic Planning, have officially launched the Programme for Country Partnership (PCP) Flagship Strategy (2024-2028) and inaugurated its National Coordination Body (NCB) in Abuja.

The milestone initiative aims to promote, and accelerate Inclusive and Sustainable Industrial Development (ISID), stimulate economic growth, and foster innovation for Nigeria’s prosperity.

In his remarks yesterday, Minister of state for industry John Owan Enoh said industrialisation is in the heart of Nigeria’s economic policy as it creates mechanism for industrial growth.

“The Programme identifies productive base across priority areas and also identifies core pillars of industrialisation. They are aligned with government drive to foster export oriented growth and promote inclusive and regionally balanced development.

“The partnership with UNIDO, is to build synergy, promote technology and transfer opportunity as well as expand export competitiveness because the economy is expanding but production is not and that is where the problem lies which we want to correct,” Enoh explained.

Speaking at the event, Ambassador Philbert Johnson, UNIDO Representative to Nigeria and ECOWAS, emphasized the strategic importance of the initiative, noting.

“In Nigeria, the PCP serves as the framework for implementing the industrial development component of the country’s medium-term plan.”

While inaugurating the national coordination body, the minister of budget and economic planning, Atiku Bagudu noted that inflation and interest rates are now moderating which serves as a combination of opportunities for private investments and growth.

He added, “The government is already putting together the 2025 to 2030 development plan as Nigeria targets to be a $1trn economy and mobilising jobs in 8,809 wards.

He also added that “1.2 million dollars has been set aside by the federal government as a commitment to drive the programme.”