ICFD: NEITI Seeks Debt Justice, Equitable Climate Financing
By Juliet Ukanwosu
The Nigeria Extractive Industries Transparency Initiative (NEITI) has set agenda for the forthcoming International Conference on Financing for Development (ICFD) in Spain, as it urges delegates to canvass for debt justice, equitable financing and adoption of Extractive Industries Transparency Initiative (EITI) model of resource mobilization amongst other recommendations.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, stated this on Thursday in Abuja at the National Dialogue on Financing for Development in Nigeria organized by ActionAid Nigeria.
Dr Orji emphasized the need for delegates to be guided by well-defined national interests and speak with a unified voice, noting that “the current global economic order is rapidly evolving, and it is crucial that developing countries, especially those in Africa, demand a more equitable financial system”.
He urged the delegates to canvass for key priorities such as the re- definition of Development Financing Rules; Champion Debt Justice and Fiscal Sovereignty; Advance Equitable Climate Financing; Support Reform of International Financial Institutions and Promotion of EITI’s Global Resource Mobilization Agenda.
In redefining development financing rules, Dr Orji appealed to the delegate to “advocate for a more just global tax regime that curbs illicit financial flows, closes loopholes exploited by multinational corporations, and protects the tax base of developing resource-rich countries”.
He added that the delegates must also push for fairer debt restructuring mechanisms that reflect the realities of developing nations—especially those still reeling from the impacts of COVID-19, commodity shocks, and climate crises.
Speaking further Dr Orji added that “they should advance for equitable climate financing by demanding direct and accessible climate finance for countries like Nigeria, where communities are bearing the brunt of extractive activities and environmental degradation, yet receive a disproportionately small share of global climate funds”.
Dr Orji explained that as one of the leading implementing countries of the EITI, Nigeria must canvass international support for deepening the EITI’s global role in contract transparency, energy transition tracking, and digital disclosures to enhance revenue mobilization.
He used the platform to announce that NEITI is set to release Policy Briefs on Sub -National Debt and Development Financing and Nigeria’s Tax Reforms to interrogate the growing debt burden at the sub national and give insights into the on-going tax reforms in Nigeria.
In his remarks, the Governance Manager, ActionAid Nigeria, Mr. Celestine Odo who spoke on behalf of The Country Director, ActionAid Nigeria. Dr. Andrew Mamedu, stated that the upcoming Conference in Seville Spain presents a vital opportunity to advocate for reforms that center around domestic resource mobilization, financial accountability and inclusive economic growth.
According to a statement by Mr. Chris Ochonu, Deputy Director, Communication and Stakeholders Management, NEITI, Odo explained that the dialogue is an opportunity to share citizen driven strategies and more importantly, have a unified front that enables both government and civil society to speak with one voice as we prepare for Seville.
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