No Country Can Finance Its Development On External Dependence Only – FG

Taiwo Oyedele

The Federal Government has said that no nation can finance its development on the basis of external dependence alone. The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, recently had his say at a high-level capacity-building session with chairpersons of state revenue services and the joint revenue board.

According to him, while aid and foreign investment are important complements, they cannot replace the sovereign capacity to generate, manage and deploy public resources effectively.

He added that the future of development financing will not be determined solely by the resources available to us, but by effective mobilization.

His words, “Africa faces a significant financing gap in meeting the Sustainable Development Goals and the aspirations of Agenda 2063. Traditional concessional finance is becoming increasingly constrained, while climate pressures and post-pandemic recovery continue to stretch fiscal systems across the continent.

This is not cause for despair. Rather, it is an opportunity to rethink how development is financed and to ensure that every available source of capital is aligned with national priorities.

The Integrated National Financing Framework is not bureaucratic nomenclature. It is a fundamentally different way of thinking about how nations mobilise, align and deploy financing for sustainable development.

The future of development financing will not be determined solely by the resources available to us, but by how effectively we mobilise, align and deploy those resources in support of national priorities.

Nigeria is proud to share what we have learned, and equally eager to learn from our Ethiopian counterparts.

WOW.