While the Government of Nigeria is committed to attaining the SDGs, the country faces a multitude of economic, social, security, and environmental obstacles that will continue to challenge developmental progress. In Nigeria, roughly USD 332 billion is needed to achieve the SDGs.
To support Nigeria in mobilising greater amounts of private and public resources to finance its development agenda, the government established a partnership with UNDP and the EU to development and implement an INFF. The proposed INFF will help the Government explore innovative financing options that link government with private sector and development partners to increase public revenue and private investments.
To kick off the INFF process, in 2020, a development finance assessment (DFA) was conducted, providing an up-to-date overview of the current financing landscape. The DFA identified opportunities to mobilise additional sources of finance and use existing financial resources more efficiently towards the achievement of the SDGs.
Initial findings from the DFA show that an INFF could accelerate SDG financing by identifying strategic approaches to mobilise and effectively invest available public and private finance flows. The INFF will bring together multiple financing reforms within a coherent overarching framework to help the government prioritise the most strategic way forward, avoid overlaps and address synergies across reform areas. The INFF process is particularly valuable in light of the new challenges have arisen due to the COVID-19 pandemic and government’s drive to mitigate and recover from this shock.