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 Nigeria officially kicked off the design process as an INFF pioneer country in 2020, having committed to being a champion of INFF.
“For Nigeria, the INFF is also expected to help in the recovery from the effects of the COVID-19 pandemic as well as help address the 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, that strengthen the alignment between public and private investments and longer-term sustainable development objectives and build greater coherence across the governance of public and private financing policies.
Expected at the launch are some Heads of Government, the Deputy Secretary General of the United Nations, Amina Mohammed and representatives from countries and international Organisations.
When Nigeria officially kicked off the design process as an INFF pioneer country in 2020, it set up the INFF Steering Committee chaired by the Ministry of Finance, Budget and National Planning.
The committee also included the Minister of State, Budget and National Planning, the Governor of the Central Bank of Nigeria, the Executive Chairman of the Federal Inland Revenue Service, the Chairman of the Nigeria Governors Forum, the Director General of the Budget Office of the Federation, the Director General of the Debt Management Office, and the Statistician-General of the National Bureau of Statistics.
Others are the Senior Special Assistant to the President on SDGs, the UN Resident Coordinator, Resident Representative of the United Nations Development Programme, the Head of Development Cooperation of the European Union mission, the Resident Representative of the International Monetary Fund, the Country Director for the World Bank, and the Co-Chair of the Private Sector Advisory Group.