The Federal Government and the United Nations have identified private capital as a critical source of financing to accelerate the implementation of the Sustainable Development Goals (SDGs) in Nigeria as the 2030 deadline approaches.
The call was made during the opening of the two-day Joint Steering Committee Meeting of the United Nations Sustainable Development Cooperation Framework (UNSDCF) for Nigeria, where government officials and development partners discussed strategies to address the financing gap for the SDGs.
Speaking at the event, the Minister of Budget and Economic Planning, Abubakar Bagudu, said there is an urgent need to accelerate progress towards achieving the global development targets, noting that only a few years remain before the 2030 deadline.
“2030 is around the corner, and for the United Nations, as well as for many countries, there is urgency. There is a need to do more in the very short time that remains for the Sustainable Development Goals to be realised,” he said.
Bagudu explained that global economic and geopolitical challenges have placed increasing pressure on multilateral cooperation, making it more difficult for countries to mobilise the resources required to achieve the SDGs.
He noted that Nigeria has spent the past three years implementing economic reforms aimed at creating a more stable and predictable macroeconomic environment capable of attracting investment. According to him, these reforms have also helped redirect public resources previously spent on inefficient subsidies toward development priorities.
Despite these efforts, the minister acknowledged that public resources alone will not be enough to finance the SDGs.
“To achieve the Sustainable Development Goals, we require more resources than are available to governments,” he said.
Bagudu stressed that the government is increasingly looking to the private sector to help bridge the financing gap.
He noted that many of the SDGs present investment opportunities that can attract private capital, adding that government reforms and ongoing economic diplomacy are designed to encourage greater private sector participation in national development.
According to him, unlocking private investment will be essential to scaling development interventions across sectors where funding needs continue to outpace available public resources.
He expressed confidence that collaboration with the United Nations would help generate innovative financing solutions capable of attracting the volume of private capital required to accelerate progress toward the SDGs.
Bagudu also linked the country’s development ambitions to President Bola Tinubu’s vision of building a $1 trillion economy by 2030, saying the goal aligns with efforts to reduce poverty and advance sustainable development.
“We believe that our ambition of a $1 trillion economy that lifts everyone out of poverty by the year 2030 is a unifying theme because, even for the United Nations, achieving that would be a significant contribution to the Sustainable Development Goals,” he said.
Also speaking at the meeting, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, expressed concern over the slow pace of global progress toward achieving the SDGs, underscoring the need for stronger partnerships and increased investment to meet the 2030 targets.
The meeting forms part of ongoing collaboration between Nigeria and the United Nations to strengthen development planning, mobilise resources, and accelerate the implementation of programmes aimed at improving livelihoods and promoting sustainable economic growth.