Nigeria’s President to launch $100bn SDG financing framework

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Nigeria's President Muhammadu Buhari gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union - African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/File Photo
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The President, Major General Muhammadu Buhari (retd.), will, on Friday, launch Nigeria’s Integrated National Financing Framework for Sustainable Development on the margins of the 77th session of the United Nations General Assembly in New York, the United States.

This comes two years after the country officially kicked off the design process as an INFF pioneer country in 2020, having committed to be a champion of INFF.

“For Nigeria, the INFF is also expected to help in the recovery from the effects of COVID-19 pandemic as well as help address lack of an integrated approach to financing SDGs, which has been a key challenge to meeting the financing requirement, estimated at $100bn over the next 10 years,” a statement signed by the President’s spokesman, Femi Adesina, read on Monday.

The statement entitled, ‘President Buhari to launch Nigeria’s Integrated National Financing Framework for Sustainable Development in New York,’ read in part:

“Proposed within the broader Addis Ababa Action Agenda, the Integrated National Financing Framework is a planning and delivery tool to finance sustainable development at the national level.

The INFF helps policymakers lay out a strategy to increase investments for sustainable development, manage financial and non-financial risks, and ultimately achieve sustainable development priorities. While a country’s national development plan spells out what needs to be financed, the INFF shows how it will be financed and implemented.

“The 2030 Agenda for Sustainable Development presents an ambitious, complex and interconnected vision that countries around the world have committed to working towards. Realizing this vision will require mobilization of a diverse range of public and private resources.”

Adesina also described the INFF as a tool to help countries strengthen planning processes and overcome existing impediments to financing sustainable development at the national level.

It would also help governments and their partners to build more integrated approaches to financing to strengthen the alignment between public and private investments as well as achieve longer-term sustainable development objectives while building greater coherence across the governance of public and private financing policies.

Expected at the launch are some heads of governments, the Deputy Secretary General of the United Nations, Amina Mohammed, and representatives from countries and international organisations.