The federal government of Nigeria has formalised a major financial agreement with the United Nations Industrial Development Organization at the 53rd session of the UNIDO Industrial Development Board in Vienna, Austria.
At the high-level meeting in Vienna, the Minister of State for Industry, Senator Owan Enoh, co-signed the Industrial Development Fund (IDF) administrative arrangement with the Director General of UNIDO, Gerd Muller
The landmark agreement is being hailed as a quantum leap for Nigeria’s industrialization efforts.
Stakeholders say for the first time in four years, a unified funding mechanism is being put in place to consolidate financial resources from all of UNIDO’s technical assistance programmes in Nigeria.
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They say funding for industrial projects had been fragmented, spread across multiple accounts, limiting efficiency and oversight.
But with the establishment of the IDF, all resources will now be pooled into a single, dedicated UNIDO account.
Senator Enoh emphasised that the new arrangement will enhance efficiency, transparency, and accountability unlocking greater impact for industrial development initiatives nationwide.
(Editor: Paul Akhagbemhe)
