According to a statement, the Integrated National Financing Framework for Sustainable Development for Nigeria will be unveiled by President Muhammadu Buhari on Friday in New York, the United States, in conjunction with the 77th session of the United Nations General Assembly.
This occurs two years after the nation, which had pledged to be an INFF champion, formally began the design process as an INFF pioneer country in 2020.
The INFF, according to the President’s spokesman, Femi Adesina, is a tool for nations to improve their planning procedures and get around current barriers to financing sustainable development at the national level.
Why is this important?
A signed statement by the President’s spokesman, Femi Adesina read, “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.”
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.”
In order to achieve long-term sustainable development goals and strengthen the alignment between public and private investments, it would also help governments and their partners develop more integrated approaches to financing. This would also result in greater coherence across the governance of public and private financing policies.