Nigeria’s economy suffered a setback in 2016 when crude oil prices crashed. This precipitated a decrease in the government funds for financing the country’s sustainable development initiatives. The Covid-19 pandemic further depleted those funds which meant diverse or greater funding sources were needed to meet funding needs for Nigeria’s national priorities and its Sustainable Development Goals (SDGs).
Momentus (formerly IFCL) was engaged by the United Nations Development Programme (UNDP) to help write and operationalize the Integrated National Financing Framework (INFF) in Nigeria. The INFF is a tool to help countries strengthen planning processes and overcome existing impediments to financing sustainable development at the national and state level.
We provided technical support by developing the integrated financing strategy, a monitoring and evaluation framework, governance and coordination mechanism and framework for fiscal federalism and coordination.
Our analysis entailed increasing Nigeria’s fiscal envelope, by mobilizing more government and private funds, as well as external funding and borrowings to operationalize the development agenda in a sustainable manner.