As the world prepares for the Fourth International Conference on Financing for Development (FfD4) scheduled for June 30, 2025, in Seville, Spain, Nigerian civil society groups are rallying for transformative reforms in both global finance systems and domestic economic policy.
Their unified stance is outlined in a newly released advocacy report titled “Financing for Development in Nigeria: Sectoral Context and Insights for the Fourth International Conference”. The document is the product of a coalition led by the Civil Society Legislative Advocacy Centre (CISLAC), in collaboration with Oxfam in Nigeria, Christian Aid, the International Budget Partnership, Connected Development, and other partners under the Africa Agenda on Financing for Development (Agenda Afrique).
Financing gaps threaten national progress
The report paints a sobering picture of Nigeria’s development landscape, highlighting chronic underfunding in key sectors such as:
- Education: Spending remains below UNESCO benchmarks
- Health: Public health funding is under 4% of GDP
- Agriculture & Climate: Largely under-resourced amid rising environmental risks
It also notes that illicit financial flows cost Nigeria over $18 billion annually, while the debt service-to-revenue ratio has soared above 70%, severely limiting funds for public investment.
“Nigeria faces a multidimensional financing gap,” the report warns, citing weak domestic resource mobilization, unjust global financial structures, and growing climate vulnerability.
Domestic challenges hindering development
Civil society leaders argue that while Nigeria has committed to ambitious frameworks like the AU Agenda 2063, ECOWAS Vision 2050, and the UN Sustainable Development Goals, poor implementation is undermining progress.
Key bottlenecks include:
- Corruption and weak budget discipline
- Outdated or unavailable development data
- Fragmented public financial management
- Lack of state-level development blueprints
“Without decisive efforts to bridge these gaps at both national and sub-national levels, Nigeria will continue to fall behind,” the report asserts.
Global advocacy: Time for a fair financial system
Ahead of FfD4, Nigerian stakeholders are also demanding global reforms to level the financial playing field for developing countries. Their key demands include:
- A fairer international tax system
- Simplified access to climate finance
- Reform of Special Drawing Rights (SDRs) to better support vulnerable middle-income nations
- Establishment of loss and damage financing mechanisms to help nations recover from climate disasters
Policy proposals for domestic action
To close the financing gap internally, the report recommends:
- Deploying digital tax tools to enhance transparency and fairness
- Simplifying trade and customs procedures to boost industrialization
- Launching national anti-corruption and asset recovery initiatives
- Creating development finance facilities to de-risk private investments in infrastructure
- Institutionalizing peer learning platforms for innovative sub-national financing
Brain drain: A symptom of underinvestment
The report also raises red flags on Nigeria’s growing brain drain crisis, noting that thousands of young, skilled professionals are leaving the country due to poor job prospects and weak economic inclusion.
“If we fail to invest in youth-centred policies and job creation, our best minds will continue to seek prosperity elsewhere,” the report warns.
A defining moment at FfD4
As the global community prepares to revisit its financial commitments at FfD4, Nigerian civil society is positioning the country as a moral and strategic leader in the fight for equitable development financing.
“This moment is pivotal,” the report concludes. “Nigeria stands ready to champion equity, accountability, and inclusion in the international financial system. The upcoming FfD4 conference presents a critical opportunity to reshape global financing and unlock the investments required for a just and resilient future.”
