The Federal Government and the United Nations have identified private sector investment as a key solution to bridging the funding gap for the Sustainable Development Goals (SDGs) as Nigeria works toward meeting the 2030 targets.
Speaking at the opening of a two-day Joint Steering Committee Meeting of the United Nations Sustainable Development Cooperation Framework (UNSDCF) in Abuja, the Minister of Budget and Economic Planning, Abubakar Bagudu, said the limited time left before 2030 requires urgent action to accelerate progress.
Bagudu noted that global economic and geopolitical challenges have placed increasing pressure on multilateral cooperation, making it more difficult to deliver on international development commitments.
He explained that Nigeria’s recent economic reforms were aimed at creating a more stable macroeconomic environment, attracting investment, and freeing up resources previously spent on inefficient subsidies for more productive development initiatives.
Despite these reforms, the minister acknowledged that government resources alone are insufficient to achieve the SDGs, stressing the need for greater participation from private investors.
According to him, mobilising private capital will complement public funding and could eventually become the primary driver of sustainable development projects in the country.
Bagudu also expressed optimism that collaboration with the United Nations would help generate innovative financing models capable of unlocking more private investment to support Nigeria’s development agenda.
He added that the government’s ambition of building a $1 trillion economy by 2030 aligns with the broader objective of lifting millions out of poverty while advancing the Sustainable Development Goals.
Also speaking at the event, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, warned that progress toward achieving the SDGs remains too slow, with many targets either off track or advancing at a pace that makes the 2030 deadline difficult to meet.
He urged stakeholders to closely examine available data and develop practical strategies to address the country’s development challenges.
Fall noted that Nigeria, like many other countries, has experienced setbacks caused by both domestic and global factors, making it necessary to adopt new approaches to financing development.
He called for increased domestic resource mobilisation, innovative financing mechanisms, stronger private sector participation, and greater collaboration with civil society organisations.
The UN official also encouraged the United Nations system to reassess its support strategies to help Nigeria accelerate progress toward the SDGs.
Meanwhile, the Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard M. Doro, reaffirmed the Federal Government’s commitment to reducing poverty and ensuring that vulnerable Nigerians are not left behind.
He said the government would continue implementing policies aimed at strengthening social protection, improving resilience, and promoting inclusive development under its poverty reduction initiatives.
Doro highlighted the One Humanitarian, One Poverty Response System (OHOPRS) as a coordinated framework designed to align humanitarian assistance, social protection, and poverty reduction efforts among government institutions, development partners, civil society organisations, and the private sector.
He further stated that the forthcoming National Development Plan 2026–2030 would provide a roadmap for national development priorities while incorporating various financing options, including private sector funding, concessionary loans, vendor financing, and other innovative funding mechanisms.
According to the minister, expanding access to affordable financing and strengthening partnerships with international organisations will be crucial to achieving Nigeria’s development goals and advancing the SDGs before 2030.
