Modupe Gbadeyanka
By Modupe Gbadeyanka
Nigeria may need an extra six years to meet its Sustainable Development Goals (SDGs), the Managing Director of the International Monetary Fund (IMF), Ms Kristalina Georgieva, has said.
Speaking on Tuesday during a meeting with the United Nations (UN) High-Level Political Forum on Sustainable Development, the IMF chief said the delay would come from the devastating effect of the COVID-19 pandemic, which struck in 2020.
She pointed out that one of the goals, eradication of poverty, was worsening as a result of the global health crisis, lamenting that, “For the first time in 20 years, the unthinkable is happening. We are losing the fight against poverty. Global poverty is significantly increasing. It is an economic calamity—and a human tragedy.”
In order to address this issue, she advised policymakers to “take the necessary actions now to vaccinate at least 60 per cent in all countries by mid-2022.”
“As Dr Tedros mentioned, together with the World Bank, the WHO, and the WTO, we formed a war room to track, coordinate and advance the delivery of COVID-19 health tools to developing countries to mobilize relevant stakeholders and to remove roadblocks.”
“You might have seen, IMF staff came up with a plan to accelerate the exit from the pandemic at a cost of around $50 billion.
“The benefits are overwhelming—boosting global output by $9 trillion between now and 2025—the best public investment in our lifetime,” she stated.
Speaking further, Ms Georgieva noted that, “Our staff recently presented new research on how the crisis has set back the path to the SDGs. We analysed the financing gaps to achieve the SDGs in five key sectors: education, health, roads, electricity, and water and sanitation.
“And we applied this framework to four country case studies—Rwanda, Nigeria, Pakistan, and Cambodia. Not surprisingly, achieving the SDGs will be even more challenging after the pandemic.
“To be more specific, what we are assessing is that the financing needs of the SDGs will increase by an average annual 2½ percentage points of GDP or almost $60 billion per year for all low-income countries.
“In other words, the road to travel has become tougher. Enormous challenges are faced by all countries with high vulnerabilities.
“In Nigeria, for instance, because of the pandemic, the country faces a six-year delay in achieving SDGs. In Rwanda, it is five years.”
“As we work to beat the pandemic and safeguard the recovery, we must also work to give everyone a fair shot at the future that is sustainable, more resilient, and more inclusive,” she submitted.
