By: Mercy Peter
United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall has tasked the private sector on the need to bridge development funding gaps.
This is as there is a global cut in Official Development Assistance, ODA.
ODA is a form of aid provided by governments of developed countries to developing nations, which form a large chunk of the source of funding for development projects aimed at improving living standards and promoting economic growth in recipient countries.
Speaking ahead of this year’s Africa Social Impact summit, scheduled for July 10-11 2025 at the Eko Convention Centre, Lagos, Falls said there is a need for a shift. That Nigeria and other African countries should begin to think of local sourcing of funds for development.
Fall said the summit is meant to provide a space where focus is on solutions to climate and local sourcing of funds development.
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.
“And we are aware of it, we are mindful of it, and we will. 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 explained that not just domestic resources from the state, but domestic resources also from the private sector.”
He streseed that the era which the states aline fund education, health amd other segments of the society is gone.
“Because the time where the state as a segment of society undertake everything, have the tax that they require to finance education, finance health, finance livelihood, finance water and sanitation, finance food security, that time too is past,” he said.
He therefore said the scheduled Africa Social Impact Summit is timely as it aimed at addressing the gaps of development.
The UN official said: “That’s why we believe that today this summit is taking place at a time when we really need to put together our effort, our reflection, and see which direction we need to take to make sure that the private sector comes to the development financing not only as a charity or not only as a corporate social responsibility, but as an investment for development, with the shared value and the shared understanding that any investment or any gain you make in development is going to benefit the private sector, bringing in what I call the shared value or the win-win concept of the partnership.”
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.”
He stressed that the summit is not about telling people how to have a better partner or how to invest or how to invest money.
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.
