The Association of Nigerian Development Finance Institutions’ chairman, Mr. Olukayode Pitan, has stated that in order to close the financial gap and spur the necessary transformational changes in Nigeria, DFIs require new perspectives, inventive strategies, and coordinated efforts.
According to The Punch, Pitan made this statement on Thursday in Abuja at the third annual general meeting of the Association of Nigerian Development Finance Institutions, which had the topic “Innovative financing for developmental impact.”
According to Pitan, Nigeria’s population, which is currently predicted to be 200 million, will expand by the most in all of Africa by 2050, reaching roughly 400 million.
He claimed that it had become increasingly obvious that conventional finance models were insufficient as the nation worked to meet its goals for sustainable development and tackle global issues.
In order to close the funding gap and bring about the dramatic reforms that our nation sorely needs, Pitan added, “We need new ideas, imaginative strategies, and cooperative efforts.
“This is where innovative finance techniques that will support current DFI funding sources comes into the picture. We, as DFIs, are able to serve as growth catalysts for the expansion of the Nigerian economy by leveraging specific funding arrangements combined with non-financial services.
“As we all know, DFIs are crucial to guaranteeing sustainable economic and social development. he continued. The importance of DFIs in both developed and emerging economies is clear in this regard.”
He claimed that it had become increasingly obvious that conventional finance models were insufficient as the nation worked to meet its goals for sustainable development and tackle global issues.
“In order to unlock revolutionary projects, we must consistently collaborate while utilizing our knowledge, resources, and networks. We must also collaborate with the organized private sector and our respective governments.
“We can provide Africa with the level of sustainable social and economic development it requires if we work together.
Pitan stressed the value of global collaboration and solidarity in pursuing innovative funding for developmental benefits and suggested that wealthy countries assist countries in need by donating resources, transferring technology, and building up their capacities.
Therefore, he stated, “Multilateral institutions have an important role to play in coordinating efforts, mobilizing resources, and ensuring the effective implementation of innovative financing mechanisms.”
