The Nigerian government is collaborating with the European Union and the United Nations Office in Nigeria to advocate for a specialized fund to accelerate the implementation of the Sustainable Development Goals (SDGs) in the country.
The Ministry of Finance, Budget and National Planning, and the Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs) are the vehicles through which the move is being made.
This Fund would be operated as part of the Integrated National Financing Framework (INFF).
The Nigeria Integrated National Financing Framework was officially launched by former President Muhammadu Buhari, on the sidelines of the 77th Session of the UN General Assembly in New York, last September 2022.
The historic launch saw Nigeria becoming a pioneer country to launch an INFF, a planning and delivery tool for financing sustainable development.
The INFF Fund proposal, aimed at helping ensure sustainability, was presented to members for buy-in during the High-Level Steering Committee Meeting held on 5th May 2023 in Abuja.
Speaking during the meeting, the INFF Chairperson, former Minister of Finance, Budget and National Planning, Dr Zainab Ahmed extended appreciation to partners for supporting the process.
“I am grateful to all our partners including the European Union, United Nations, and the Private Sector Advisory Group for being an integral part of the INFF and for partnering with us to have an inclusive process. As a leader in the INFF process, Nigeria has been able to stand out and share valuable lessons with other countries.
“As we now look towards the development of an INFF Fund, we hope we can count on the support of all our partners as we work to ensure a more coherent structure for financing inclusive, gender-responsive, and climate-resilient development in Nigeria,” she said.
Relevance
The INFF Fund is proposed as a collaboration with key partners and stakeholders in the full implementation of the INFF to strengthen the development financing envelope of the government to help achieve the SDGs by 2030.
The multi-donor financial contribution will enable Nigeria to finance the implementation of the INFF action plan through public and privately funded initiatives and reforms.
During her opening remarks, Senior Special Assistant to the President on SDGs, Adejoke Orelope-Adefulire, stated that “as the largest economy in Africa and an important player in the global arena, Nigeria’s progress on the SDGs could go a long way in improving the wellbeing of the poor, and strengthening peace and security on the continent.”
Princess Adejoke Orelope- Adefulira concluded by stating that the INFF Fund presents a more efficient strategy for addressing the challenges of financing sustainable development.
She emphasized that everyone should be fully committed and should re-double their efforts to effectively implement the Nigeria INFF in the coming years.
Foreign Support
Mr. Mohamed Yahya, UNDP Resident Representative to Nigeria added that “the financing constraint amid development challenges call for a coordinated approach to financing for SDGs and national development priorities.
He further added that “Nigeria has a funding gap of $10 billion per year to meet the SDGs. Hence, more integrated financing policy solutions and reforms are thus needed to ensure resilient, inclusive, and sustainable growth in Nigeria.”
Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi, represented at the occasion, pledged more support for Nigeria.
He said: “The European Union is a strong supporter of INFFs globally – a key tool for countries to achieve the SDGs and Paris Agreement.
“This is why the EU has partnered with Nigeria as a front-runner of the INFF since 2020. We believe strongly in Nigeria’s capacity to transform its development landscape. I thus would like to pledge the European Union’s unwavering support to Nigeria as we move forward with the INFF.”
UN Resident Coordinator in Nigeria, Matthias Schmale likewise pledged the UN’s continuous support and engagement to drive the INFF forward and to see the actualization of the INFF Fund in Nigeria.
