Minister of Finance, Budget and National Planning, Zainab Ahmed, says for Nigeria to bridge the gap between poverty and insecurity, innovative financing must be embraced emphasizing that, it is a critical enabler for sustainable and inclusive development in Nigeria.
The Minister gave this submission in a paper delivered at this year’s Nigerian Defence Academy (NDA) convocation lecture titled ‘The Governance, Security and Development Nexus in Nigeria: Innovative Financing as an Essential Enabler’, explored the governance, security, and development nexus in Nigeria with a specific focus on the critical role that innovative financing must play; particularly against the backdrop of the COVID-19 pandemic, the 2020 drop in crude oil prices, and the recent increase in insecurity across the country.
She stated that progress in critical areas such as agriculture, human capital development, infrastructure, job creation and security is severely constrained due to low revenues, high debt servicing, and limited financing options.
While she harped on important nexus; and some of the innovative initiatives of this administration and specifically of the Ministry of Finance, Budget, and National Planning and its agencies that are aimed at ensuring financing for the country’s sustainable and inclusive development, particularly in the wake of the COVID-19 pandemic.
To buttress her point, Ahmed stated: “At the core of the programs and projects under implementation by this administration is the attainment of sustainable development. By sustainable development, I mean ‘development that meets the needs of the present without compromising the ability of future generations to meet their own needs’, a definition adopted by the United Nations (UN). It means development that is not only sustainable but is inclusive with the wellbeing of our citizens at its core.
She pointed out saying, “This definition is in line with the Addis Ababa Action Agenda, the global framework for the Sustainable Development Goals (SDGs), which defines three dimensions of sustainable development: the promotion of inclusive economic growth, protection of the environment, and promotion of social inclusion. Goals 16 and 17 of the SDGs specifically address the goal of sustainable development. The former seeks to promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels while the latter recognises the need for a strong implementation framework and global partnerships to achieve this goal.
“The goal of attaining sustainable development across the African continent is further distilled in Agenda 2063, the African Union’s masterplan for the transformation of the continent. The first aspiration of the agenda is a prosperous Africa marked by inclusive growth and sustainable development with the second and third aspirations referencing a desire for good governance, peace and security.
The minister stated further that, “these continental and global commitments to which Nigeria is a signatory align with this administration’s short to medium-term development plans, which centre on economic, social and environmental sustainability issues. Yet, with sustainable development as the goal, several underlying conditions in our domestic environment must be established and maintained. Governance, specifically good governance, and security are critical enabling factors for sustainable development.
Speaking on good governance and security as precursors to sustainable development, Mrs. Ahmed noted that governance is a ubiquitous phrase in development circles and its definition varies across development organisations. “The United Nations Development Program (UNDP) defines governance as ‘the system of values, policies and institutions by which a society manages its economic, political and social affairs through interactions within and among the state, civil society and private sector.’ For the European Commission, ‘governance concerns the state’s ability to serve the citizens and refers to the rules, processes, and behaviours by which interests are articulated, resources are managed, and power is exercised in society, she also noted’.
