Civil Society Organisations (CSOs) in the country have identified ways Nigeria could bridge development and climate financing gap which runs into trillions of naira if the country is to fulfil its commitments towards achieving the Sustainable Development Goals (SGGs), a communique issued at the end of a two-day workshop in Abuja has revealed.
The proffered solutions include the review of the existing legal and institutional frameworks applicable to debt management in the country in order to close the loopholes in the debt management programme in Nigeria. They also suggested that there should be enhanced transparency, and enforcement while empowering institutions such as the Fiscal Responsibility Commission and the Debt Management Office to have the power to sanction breaches of the existing laws and regulations, among others.
Last week, Heinrich Boll Abuja Office, in collaboration with many CSOs organised a two-day conference on Nigeria’s Debt, Development and Climate Challenges.
Some of the CSOs that attended the conference included the Accountability Lab, Action Aid Nigeria, Advocacy for Information Advocacy for Peace, African Centre for Leadership, Strategy and Development (CentreLSD), African Initiative for Transparency Accountability and Responsible Leadership (AfriTAL), African Network for Environmental and Economic Justice (ANEEJ), Agora Policy, BudgIT Foundation, and the Center for Gender Economics (CGE Africa).
Others were the Centre for 21st Century Issues, Centre for Climate Change and Development (CCCD), Centre for Development Support Initiatives (CEDSI Nigeria), Centre for Journalism Innovation and Development (CJID), Centre for Media Policy and Accountability (CMPA), OXFAM Nigeria, Paradigm Leadership Support Initiative (PLSI), and Policy Alert, just to mention a few.
They also recommended that Nigeria should reduce reliance on borrowings from the international capital market and commercial loans by strictly adhering to the laws governing concessional loans.
“Nigeria is a leading economy and political power on the African continent. Given the country’s physical climate and transition risks, the Nigerian government should use its position and influence to help champion initiatives that seek to reform the international financial architecture in a way that will help to make it fairer and fit for climate. Specifically, Nigeria should join the Emergency Coalition for Debt Sustainability and Climate Prosperity led by the V20, rally behind the Bridgetown Initiative and actively engage in the reform package on the international financial architecture suggested by the UN Secretary-General,” they recommended.
Some of the key demands made by the above-named CSOs include the suggestion that Nigeria should embrace enhanced debt sustainability analysis that makes provision for climate and other sustainability risks, as well as the financing need that Nigeria requires for climate change adaptation, mitigation and to achieve the 2023 SDG agenda.
They advised Nigeria to pursue a debt restructuring framework that encompasses adequate incentives which will ensure creditors participate and bear a fair share of the debt burden.
