Achieving SDGs through financing partnerships

As the Sustainable Development Goals (SDGs) move towards 2030 target date, it has become imperative for the government to fast track process that would ensure a hitch free accomplishment of the goals; BENJAMIN UMUTEME writes.

The Sustainable Development Goals (SDGs) were born at the United Nations (UN) Conference on Sustainable Development in Rio de Janeiro in 2012.

The objective was to produce a set of universal goals that meet the urgent environmental, political and economic challenges globally.

The SDGs replaced the Millennium Development Goals (MDGs), which started a global effort in 2000 to tackle the indignity of poverty. The MDGs established measurable, universally-agreed objectives for tackling extreme poverty and hunger, preventing deadly diseases, and expanding primary education to all children, among other development priorities.

For 15 years, the MDGs drove progress in several important areas: reducing income poverty, providing much needed access to water and sanitation, driving down child mortality and drastically improving maternal health.

They also kick-started a global movement for free primary education, inspiring countries to invest in their future generations. Most significantly, the MDGs made huge strides in combating HIV/AIDS and other treatable diseases such as malaria and tuberculosis.

However, it was not enough as in 2015, all United Nations members adopted the MDGs with the SDGs with an achievement date of 2030.

Despite its shortcomings, the MDGs were able to lift more than 1 billion people out of extreme poverty; child mortality dropped by more than half; the number of out of school children dropped by more than half; and HIV/AIDS infections fell by almost 40 per cent.

The legacy and achievements of the MDGs provide us with valuable lessons and experience to begin work on the new goals. But for millions of people around the world the job remains unfinished.

SDGs

The 2030 agenda for Sustainable Development, adopted by all UN members in 2015, created 17 world SDGs. They were created with the aim of peace and prosperity for people and the planet while tackling climate change and working to preserve oceans and forests.

The SDGs highlight the connections between the environmental, social and economic aspects of sustainable development goals. In fact, sustainability is at the centre of the SDGs.

The 17 SDGs are: No poverty (SDG 1), Zero hunger (SDG 2); Good health and well-being (SDG 3); Quality education (SDG 4); Gender equality (SDG 5); Clean water and sanitation (SDG 6); Affordable and clean energy (SDG 7); Decent work and economic growth (SDG 8); Industry, innovation and infrastructure (SDG 9); Reduced inequalities (SDG 10); Sustainable cities and communities (SDG 11); Responsible consumption and production (SDG 12); Climate action (SDG 13); Life below water (SDG 14); Life on land (SDG 15); Peace, justice, and strong institutions (SDG 16); and Partnerships for the goals (SDG 17).

These goals are ambitious, and the reports and outcomes to date indicate a challenging path. Most, if not all, of the goals are unlikely to be met by 2030. Rising inequalities, climate change, and biodiversity loss are topics of concerns threatening progress.

The Covid-19 pandemic in 2020 to 2023 made these challenges worse. The pandemic impacted all 17 goals and emphasized the interconnectedness of global health, economic, social, and environmental challenges. Some regions, such as Asia, have experienced significant setbacks during that time.

The global effort for the SDGs calls for prioritising environmental sustainability, understanding the indivisible nature of the goals, and seeking synergies across sectors.

With regards to the political impact of the SDGs, it has been observed that they have mainly influenced global and national debates. By doing so, they have led to discursive effects for global and national debates. However, they have struggled to achieve transformative changes in policy and institutional structures.

The uneven prioritisation of goals reflects longstanding national development policies. This complicates the global endeavor towards sustainable development. For example, there has long been a tendency to favor socio-economic objectives over environmental ones.

Funding remains a critical issue for achieving the SDGs. Significant financial resources would be required worldwide. The UN, other international organizations, and national governments are trying to assist with funding efforts. Furthermore, the role of private investment and a shift towards sustainable financing are also essential for realizing the SDGs. Examples of progress from some countries demonstrate that achieving sustainable development through concerted global action is possible.

Meanwhile with a financing gap of $2.5 trillion, countries need to do more if the 2030 agenda is to be achieved.

SD-5 financing

Gathering in Abuja at a high-level dialogue on financing SDG-5 in Nigeria, experts emphasized the importance of private sector funding noting that with government funding declining, it was pertinent to get more private sector buy-in.

To achieve private sector buy-in, Senior Special Assistant to The President on SDGs, Princess Adejoke Orelope-Adefulire, said increased synergy between the government and private sector is crucial to achieving the Sustainable Development Goals (SDGs).

Orelope-Adefulire, noted that lack of an integrated approach to financing SDGs has further aggravated the challenges, thus posing a threat to meeting the financing requirements.

According to the UN in its Financing for Development Report (2023), SDG financing needs were growing, but development financing is not keeping pace.

The war in Ukraine, sharp increases in food and energy prices, and rapidly tightening financial conditions have increased hunger and poverty and reversed progress on the SDGs. If left unaddressed, a “great finance divide” will translate into a lasting sustainable development divide.

The report estimates that out of the $3 trillion required to finance the SDGs in developing countries, there is an annual financing gap of approximately $2.5 trillion.

“As at 2021, total investment requirements for the National Development Plan (2021-2025) were estimated at N348.1 trillion, with the public sector expected to commit N49.7 trillion, while the organised private sector is expected to finance the balance of N298.3 trillion. Thus, the role of the private sector in financing sustainable development cannot be overemphasized.

“Thus, to address the financing challenge, Nigeria has designed its Integrated National Financing Framework (INFF) in 2022. The INFF serves as a planning and delivery tool to finance sustainable development at the national level.

“It helps policymakers lay out a strategy to increase investments for sustainable development, manage financial and non-financial risks, and ultimately achieve sustainable development priorities.

“While a country’s national development plan spells out what needs to be financed, the INFF shows how it will be financed and implemented. Implementing the INFF for sustainable development in Nigeria will enable an integrated approach for leveraging the diverse opportunities to mobilize resources required to finance the SDGs in Nigeria,” she said.

Critical role of SDG-5

For UN Women, Country Representative to Nigeria and ECOWAS, Ms Beatrice Eyong, the gathering is a reminder of the critical importance of SDG 5 in our collective efforts to build a more equitable and inclusive society.

According to her, gender equality is not just a fundamental human right, but a necessary foundation for a peaceful, prosperous, and sustainable world.

She said, “The journey toward achieving SDG 5 has made significant strides, yet we acknowledge that substantial work remains, particularly in the area of financing. Ensuring adequate and targeted financial resources is crucial to closing the gender gaps that persist across various sectors in Nigeria.

“We also believe that Gender Responsive Budgeting provides a well-established policy approach to support the increased alignment of public resources with gender equality objectives, in view of this, UN Women Nigeria is partnering with ministry of budget and economic planning to institutionalize gender responsive budgeting and build capacities of budget desk officers on implementing Gender Responsive Budgets.”

Eyong stressed that the UN Women will continue to support UN member States as they set global standards for achieving gender equality and work with governments and civil society to design laws, policies, programmes and services needed to ensure that the standards are effectively implemented and truly benefit women and girls worldwide.

“It works globally to make the vision of the Sustainable Development Goals a reality for women and girls and stands behind women’s equal participation in all aspects of life, focusing on four strategic priorities,” Eyong added.

Analysts have also said that the money to develop Nigeria is within Nigeria. Likewise, the money to develop Africa is within Africa. According to them, “We have to embrace domestic resource mobilization and create a system where funds are judiciously distributed with full accountability and transparency.

‘Achieving SDGs not insurmountable’

UN Resident and Humanitarian Coordinator Mr. Mohamed Malick Fall said that working on a financial solution for SDG 5 will accelerate the 2030 Agenda for Sustainable Development.

“Gender equality is not just a goal in itself; it is a catalyst for progress across all SDGs, amplifying efforts in education, health, economic growth, climate action, peace and security.

“As we gather today, it is crucial to reflect on the current state of our journey towards the SDGs. Nigeria, like many other nations, faces significant challenges in meeting these goals. According to the latest data, Nigeria is currently off-track on nearly 60 per cent of the SDG indicators, with gender inequality and the marginalization of Women and girls being a significant barrier to progress.

“Women and girls continue to experience disproportionate levels of poverty, limited access to education and healthcare, and significant barriers to economic participation and decision-making.

“The status of women and girls in Nigeria highlights these challenges. Over 70% of women in rural areas lack access to basic education and healthcare. Nigeria ranks 130th out of 166 countries in the Global Gender Gap Index, indicating severe disparities in economic participation, education, health, and political empowerment. Gender-based violence remains pervasive, affecting nearly one in three women. Women also represent less than 5 per cent of Nigeria’s national parliament, reflecting significant underrepresentation in decision-making processes.

“Addressing these challenges requires a strategic and well-financed commitment to SDG 5. Funding SDG 5 can transform the lives of women and girls by providing access to quality education, healthcare, and economic opportunities. It can reduce gender-based violence through targeted programs and legal reforms, ensuring a safer environment for all.

“From a system-wide perspective, gender-responsive budgeting is critical for ensuring adequate financing for SDG 5. This approach ensures that public resources are allocated effectively to address gender disparities and that the impact of spending is maximised for women and girls.

“By prioritising gender-responsive budgeting, Nigeria can ensure that sufficient resources are allocated to critical areas such as women’s health, education, economic empowerment, and political participation, thereby accelerating progress towards SDG 5 and beyond.

“The journey towards achieving the SDGs by 2030 is challenging, but it is not insurmountable. By leveraging the transformative power of SDG 5 and implementing gender-responsive budgeting practices, we can make significant strides in bridging the gender gap and fostering a more equitable, inclusive, and prosperous Nigeria for all,” Fall explained.

Harnessing private sector funding

For Development Researcher, Adefolarin Olamilekan, said authorities need to take advantage of the private sector as it strives to achieve the 2030 date with regards to implementing the SDGs.

On the other hand, the private sector with so much funds continues to engage in Corporate Social Responsibility (CSR) and new novel investment opportunities.

He said the government needs to be proactive in its quest to achieve the SDGs.

“First is there is a need for a public -private SDGs implementation initiative. This would provide the framework for engagement between the government and private sector detailing areas of mutual trust for funds resources deployment.

“Another is creating incentives that would attract private sector participation in SDGs focal goals as part of their CSR engagement.

“In addition, the government would also need to attract private funds into SDGs by guaranteeing transparency, accountability and efficient use of funds. What this means is that funds have visible impactful with records.

“Lastly, we acknowledge that at this critical point of our national economic life, the SDGs framework is imperative to curbing the current situation of our economic stress. Bringing on board private funds into SDGs implementation targeting the poverty, food production and transportation sector is vital,” Adefolarin told Blueprint Weekend.