Aid: UN urges private sector to fill funding gap

United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, has called on the private sector to fill the gap in funding development in Nigeria. Speaking ahead of this year’s Africa Social Impact summit in Lagos, Falls said Nigeria and other African countries should begin to think of local sourcing of funds for development. […]

United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, has called on the private sector to fill the gap in funding development in Nigeria.

Speaking ahead of this year’s Africa Social Impact summit in Lagos, Falls said Nigeria and other African countries should begin to think of local sourcing of funds for development.

He spoke on the backdrop of the cut in Official Development Assistance (ODA) – a form of aid provided by governments of developed countries to developing nations, which form a large chunk of funding for development projects aimed at improving living standards and promoting economic growth in recipient countries.

Falls said: “We are entering a new era where ODA, where development financing, where humanitarian financing would never be the way it has been for the past decade.

“This is why we think that it is time for us to focus on what kind of alternative model will give the most value for financing development in a context like the one of Nigeria.

“And today financing development cannot find any more resource than the domestic resources.”

He therefore said the scheduled Africa Social Impact Summit is timely as it aimed at addressing the gaps of development.

Speaking on the summit, the Chief Executive Officer of Sterling Banks Plc, Abubakar Suleiman, said the summit aimed at providing space “where anyone who is trying to have a big impact can come and meet other like-minded people who are trying to do the same thing.”

The Africa Social Impact Summit is a continent-wide platform for deepening collaboration and driving impact on the Sustainable Development Goals (SDGs). This has been made possible through the continued support and commitment of partners.

No fewer than 2,500 participants are expected at this year’s Africa Social Impact summit.

The summit is anchored by the Sterling one foundation and other partners.