The United Nations says Nigeria now has a funding gap of $10bn per annum to meet the Sustainable Development Goals.
SDGs are global targets that aim to transform the world. They are a call to action to end poverty and inequality, protect the planet, and ensure that all people enjoy health, justice and prosperity.
Speaking on the amount of funds required to bridge the SDG gap in Nigeria, the Resident Representative to Nigeria, United Nations Development Programme, Mohamed Yahya, stated that about 410bn would be needed for this annually.
He disclosed this at the high-level steering committee meeting of the Integrated National Financing Framework for the SDGs, according to a statement issued in Abuja on Wednesday by the Office of the Senior Special Assistant to the President on Sustainable Development Goals.
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He said, “The financing constraint amid development challenges call for a coordinated approach to financing for SDGs and national development priorities.
“Nigeria has a funding gap of $10bn 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.”
The statement stated that the Ministry of Finance, Budget and National Planning, and the Office of the Senior Special Assistant to the President on Sustainable Development Goals, was being joined by the European Union and the United Nations Office in Nigeria to advocate for a specialised fund to accelerate the SDGs implementation in the country.
It said the fund would be operated as part of the Integrated National Financing Framework, adding that the Nigeria Integrated National Financing Framework was officially inaugurated by former President Muhammadu Buhari on the side-lines of the 77th Session of the UN General Assembly held in New York, in September 2022.
According to the SDGs office, the inauguration saw Nigeria becoming a pioneer country to launch an INFF, a planning and delivery tool for financing sustainable development.
It stated that the INFF fund proposal, aimed at helping ensure sustainability, was presented to members for buy-in during the high-level meeting recently.
