Ahead of UN Summit: Nigerian Civil Society Demands Global Financial Reforms, Domestic Action
As the international community gears up for the Fourth International Conference on Financing for Development (FfD4) scheduled for June 30, 2025, in Seville, Spain, Nigerian civil society organisations are calling for urgent global financial reforms and strategic domestic actions to tackle the persistent development financing challenges confronting Nigeria and the broader Global South.
This urgent call to action is contained in a newly released advocacy report titled “Financing for Development in Nigeria: Sectoral Context and Insights for the Fourth International Conference”. The report is a collaborative effort of the Civil Society Legislative Advocacy Centre (CISLAC) in partnership with Oxfam in Nigeria, Christian Aid, International Budget Partnership, Tax Justice & Governance Platform, Connected Development, and other stakeholders under the Africa Agenda on Financing for Development (Agenda Afrique).
Financing Gaps Undermining Development Goals
The report offers a sobering analysis of Nigeria’s development financing landscape, highlighting what it describes as a “multidimensional financing gap.” This gap, it notes, is driven by a combination of underperforming domestic resource mobilisation, inequitable global financial rules, and increasing vulnerability to climate change impacts.
Critical sectors such as education, health, agriculture, and climate resilience continue to suffer from chronic underfunding. The report reveals that Nigeria’s education spending remains below UNESCO’s recommended benchmarks, while health expenditure lingers below 4% of the country’s Gross Domestic Product (GDP). Alarmingly, Nigeria loses over $18 billion annually to illicit financial flows, further straining its fiscal capacity.
Adding to the concern is Nigeria’s soaring debt service-to-revenue ratio, which has now exceeded 70%. This leaves the government with limited fiscal space to invest in essential public services, exacerbating social and economic inequalities.
Implementation, Not Policy Deficiency, is the Core Problem
Despite the existence of comprehensive global and regional development frameworks — including the African Union’s Agenda 2063, ECOWAS Vision 2050, and the United Nations Sustainable Development Goals (SDGs) — the report underscores that the real issue lies in weak domestic implementation.
“Corruption, poor budget execution, outdated development data, and fragile public financial management systems continue to undermine Nigeria’s development progress,” the report notes. Furthermore, it laments that most Nigerian states lack measurable development blueprints, making it difficult to track progress or attract meaningful investments.
Nigeria’s Global Reform Agenda for FfD4
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In anticipation of the FfD4 conference, Nigerian civil society is advocating for transformative reforms in the international financial architecture. The report outlines several key demands, including:
Reforming global tax rules to ensure a fairer distribution of taxing rights and curb tax evasion by multinational corporations.
Improving access to climate finance, particularly for vulnerable developing countries grappling with climate-induced challenges.
Establishing concessional financing frameworks that reflect the realities of countries with large populations living in poverty.
Prioritising loss and damage financing to support countries facing severe climate impacts.
Reforming the allocation and use of Special Drawing Rights (SDRs) to better support middle-income countries with high poverty burdens.
Domestic Policy Recommendations for Financial Resilience
Beyond global advocacy, the report proposes a comprehensive set of domestic policy actions aimed at strengthening Nigeria’s financial capacity and accelerating development outcomes. These include:
The adoption of digital tax systems to improve efficiency and equity in revenue collection.
Simplifying trade processes to promote industrialisation and economic diversification.
Scaling up anti-corruption initiatives and asset recovery efforts to recoup stolen public funds.
Establishing development finance facilities to de-risk private investments in critical infrastructure and social sectors.
Institutionalising peer learning platforms to share best practices and foster innovation in sub-national financing strategies.
Brain Drain: A Looming National Crisis
The report also highlights the urgent need to address Nigeria’s growing brain drain crisis. It links the mass migration of skilled professionals, particularly young Nigerians, to the lack of inclusive economic opportunities at home.
“Without decisive investments in youth-centred policies and robust job creation strategies, Nigeria risks an accelerated loss of its most talented and productive citizens to other countries,” the report warns.
Positioning Nigeria as a Global Advocate for Financial Equity
As preparations for FfD4 advance, Nigerian civil society aims to position the country as a leading voice in the push for a more equitable, accountable, and inclusive global financial system.
“This moment is pivotal. The upcoming FfD4 conference presents a unique opportunity to reshape global financing norms and unlock investments necessary for a just and resilient future. Nigeria is ready to champion this cause,” the report concludes.
The call for global action and domestic reform comes at a critical time, as developing countries worldwide grapple with overlapping economic, social, and environmental crises, amidst shrinking fiscal spaces and widening inequalities.
For Nigeria, the success of these advocacy efforts will not only influence global financing decisions but also determine the country’s ability to achieve its long-term development aspirations.
By PRNigeria
