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Home Economy Finance

Nigeria Needs over N127tr to Close Development Gaps, says United Nations

by Yinka Okeowo
July 27, 2022
in Finance
0
UBA
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Many countries in the world are working towards achieving the Sustainable Development Goals in 2030, but it seems Nigeria might not be able to hit the target due to huge development gaps.

Africa’s largest economy will need at least $300 billion (₦127,850,970,900) to accelerate SDGs.

SDGs are a collection of 17 interlinked global goals designed to be a blueprint to achieve a better and more sustainable future for all.

Matthias Schmale, United Nations Resident and Humanitarian Coordinator, Nigeria, said aside from the funds to close gaps, there is a need for the elimination of silo executions and embracing collaborations by all sector players.

“Also, there is the need for intensive partnerships among African leaders across the public and private sectors including the civil society groups to aid the achievement of not just the 2030 goals but also, the African Union’s 2063 goals.

Schmale referred to the economic regression across Africa occasioned by the pandemic, the volatilities caused by the Ukraine war, and the fact that there is still 8 years to go before 2030.

However, the Nigerian government has reiterated that it is committed to achieving the SDGs and their effective implementation.

Vice President, Yemi Osinbajo said: “Nigeria has established six SDGs innovation hubs, one in each geo-political zone; this provides an opportunity for states to leverage and dialogue with all relevant stakeholders to accelerate innovative solutions, prioritizing social protection as a tool to overcome the bottlenecks and expanding financing options to accelerate the achievement of SDGs in Nigeria.

“Permit me to let you know that since the adoption of the AU Agenda 2063 and the UN Agenda 2030, the Nigerian Government has embarked upon a process of domesticating these agendas at the national and sub-national levels.

“Interestingly, the new National Development Plan 2021-2025 has strategies that aim at achieving the targets set under each of the goals in both Agendas while the capacities of policymakers are being strengthened to ensure their implementation in an integrated and coherent manner in order to facilitate an inclusive implementation process across all relevant sectors.”

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    Yinka Okeowo

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