Africa needs N1.2trn to achieve SDGs –UN

An estimated N1.2 trillion yearly is needed by Africa to achieve its Sustainable Development Goals (SDGs), the United Nations has said.

Director, United Nations Information Centre (UNIC), Mr. Ronald Kayanja, made the disclosure at the launch of the UN Conference on Trade and Development (UNCTAD) Economic Development in Africa Report (EDAR) for 2016.

‘‘Trillions of dollars are needed. It is estimated that Africa will need between $600 billion to $1.2 trillion every year to achieve the goals and most of this money will have to be mobilised locally within countries,” said Kayanja.

He explained that for 16 years, UNCTAD has been releasing the report yearly to raise key issues affecting Africa’s development, adding that the 2030 development agenda will guide global collective action for sustainable development over the next 15 years.

He maintained that the 17 SDGs offer a blueprint on how the global economy, society and the environment should look in 2030 alongside specific actions that will be required at global, regional and national levels.

He, however, hinted that countries this year have just begun the challenging task of implementation.

But to achieve the N1.6 trillion annual SDGs target, Kanya said financing must flow to the sectors and countries that need it most, so that the infrastructure needed to develop sustainability and limit global climate change is available to all.

“The successful actions we will need over the next 15 years, especially in the areas of trade, investment, technology and finance require that we tap the full potential of all actors, promote innovation and correct unsustainable trends.

“There are worrying signs that people in Africa are increasingly unhappy with the state of their countries’ economies,” he said, adding that the global trade slowdown and a lack of productive investment have sharpened the deep divides between those who have benefited from globalisation and those who continue to feel left behind.

“Our message is that the SDGs represent the change we need to restore people’s trust in our economies in Africa. The SDGs represent an enormous opportunity to make our economies work for dignity for all, prosperity for all and a better planet for all,” said Kayanja.

In his report presentation, Director General, West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, advised the country to diversify its economy and depend less on oil.

“From these reports, it means that Nigeria has no choice but to diversify its economy and depend less on oil. If you diversify the economy and industrialise, you make more revenue outside of oil, and when you make more revenue, you can pay your debt because Gross Domestic Product (GDP) does not pay debt, revenue pays debt,” said Ekpo