Nigeria to benefit from UNIDO’s $60 million investment in trade, others

Nigeria is set to benefit from a $60 million investment from the United Nations Industrial Development Organization (UNIDO). According to the organisation, its plan is to infuse the money into nine sectors with a view to enhancing their performances.

This was made known in a press statement attributed to the Federal Ministry of Works and Housing. It was disclosed in the press release that the Minister of Works and Housing, Babatunde Fashola received a delegation from UNIDO.

UNIDO’s request: Jean Bakole, who led the delegation, told the Minister of the organisation’s plans to pump $60 million into agriculture and agro-based businesses, trade and capacity building, housing and construction, infrastructure development, energy and environment, among other sectors.

Nigeria to benefit from UNIDO's $60 million investment in trade, others 

The motive is to increase the performance of these sectors. However, while the Minister was truly elated with Bakole and the move of the organisation, he suggested that the money should be infused into two or three critical areas for maximum impact. Fashola noted that doing this would be more effective.

$60 million is a huge amount of money. But it is not the money that is the issue but how it is being used. My thoughts are that instead of spreading this money thin over a large area, as you said, why not use it on one or two projects that could be of impact to the people.”

Fashola urged Bakole to build a massive industrial complex that would become an example in Africa instead. Highlighting the Federal Government’s roles in enhancing agriculture, he noted that though the effort was not in futility, food prices have continued to be on the rise. He assured the delegation that the prices would come down significantly.

In a recent Nairametrics article, Fashola disclosed that 524 road projects were currently ongoing in the six geopolitical zones of the country. The Minister noted that the essence of the road project was to open up the economy and make business easier for everyone.



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