Addis Ababa, where Barack Obama will travel Monday, July 27, recently hosted the UN Conference on Financing for Development. The former Finance Minister of Nigeria, Ngozi Okonjo-Iweala her vision on the development of Africa and its solutions for more inclusive growth.

Q: The Third United Nations Conference on Financing for Development in mid-July in Addis Ababa, ended without strong ad. What conclusions do you draw?

If you compare this conference on Financing for Development to previous, it was a success on a way point. It took place before the adoption of sustainable development goals (SDGs) in September in New York.

Last time, it was done in the opposite direction: we have adopted targets for the Millennium and we wondered how we would fund, making the process much more difficult! Moreover, it has made good progress on the issue of costs. How much will cost such as infrastructure development? The study published in late June by experts from New Climate Economy shows that 80% of the resources required for ODD will be on infrastructure and it will be 5 billion to 6 billion dollars per year. The study also concluded that 50 to 80% of these funds will have to come from domestic sources, public and private.

It is imperative to reform tax systems to increase domestic revenue, even if the international financial system and the private sector should also participate in this fundraiser.

Q: This mobilization of international finance for development can it succeed without this double contribution, public and private?

No! One source will absolutely not be sufficient to fund the ODD. It must be a combination of public, private contributions and interventions of international finance.

If there are so many actors of multilateralism - World Bank, EBRD, African Development Bank, etc. - Is because the international community recognizes that multilateral banks have an important role to play. They have a dual mission. The first is to increase their own funding: they have announced that in the next three years, they would inject $ 400 billion. The second is to use the money to attract thousands of billions of dollars from the private sector.

Q: Major economies emerging in Africa, Asia, Latin America. North-South inequalities remain one of the main challenges of financing for development?

Inequality is still a major problem in today's world. Inequalities within countries, between rich, poor and middle class. And inequalities between countries, between those who are getting richer and those who are lagging behind in development.

The goal of SDO is really to find an answer to this critical question. If we fail to eradicate poverty, we are not going to end situations of instability. Nigeria has increased quite rapidly this decade, but inequalities are growing too. We must build a better growth. This is what economists claim as Thomas Piketty or Joseph Stiglitz. How to move towards a better, more inclusive world, do not let anyone on the roadside.

Q: How to move precisely to this company more "inclusive"?

By encouraging the growth of sectors that create jobs. In Africa, people do not want donations or even state aid. For them, the most important thing is to find a real job.

To improve the quality of growth, we must turn to the most promising sectors. To the agricultural sector for example. But not subsistence farming, modern agriculture, high value added. This is also true for the industrial sector. It is impossible to consider economic development without wave of industrialization. We cannot all export, it must also develop the domestic market to create sustainable jobs.

Q: UN negotiations are based on the principle of "common but differentiated responsibility", which requires an extra effort from developed countries. Is this a good prism to address these problems?

Each of us has a responsibility. The states of the South, who have the responsibility to find new domestic resources to finance ODD. Northern donors have a responsibility. Many of them have promised to allocate 0.7% of their gross national income to official development assistance (ODA) and have not honored this promise, except the United Kingdom and the Scandinavian countries. France, in particular, must make an effort to increase its ODA level, which is currently only 0.36%.

Q: What arguments could convince developed countries to increase official aid?

These are not the African countries that have asked to make such a commitment, it is not for us to convince them to do more in terms of ADP, it is for them to respect their promise! They must be up for several reasons.

The first is related to climate change, which requires a global responsibility. If you do not take the necessary steps, you will be hit by the effects of global warming. Some countries are faced with large pollution problems. But the pollution of air or water are not contained in one place, they cross borders. The question also applies to health.

SOURCE: http://www.lemonde.fr/afrique/article/2015/07/24/il-faut-eradiquer-la-pauvrete-pour-mettre-fin-aux-situations-d-instabilite_4697451_3212.html

Exactly...

How well did you eliminate poverty as a minister?

How can you eradicate poverty without firstly eradicating CORRUPTION? On a moral ground,you are incompetent to alter statement like this. Remember,you are one of the minister of the most CORRUPT government in the world history.

Eff off woman.
This woman increased poverty in the midst of plenty during a boom.

Do what you have to do and stop making unnecessary noise.
Useless politicians!

NOIConnect:
...

...By encouraging the growth of sectors that create jobs. In Africa, people do not want donations or even state aid. For them, the most important thing is to find a real job.
To improve the quality of growth, we must turn to the most promising sectors. To the agricultural sector for example. But not subsistence farming, modern agriculture, high value added. This is also true for the industrial sector. It is impossible to consider economic development without wave of industrialization...

It's amazing that the above comment came from an African country's Finance Minister under whose watch just about ten per cent of budget expenditure was allocated to capital projects! Her passion for alleviating poverty is much too commendable!

Nonsense...eradicate poverty,like she did anything meaningful when she was the coordinating minister of the continent largest economy


Gbogbo won lo n kolobi

Wan Dori TV won soro gidi...in sound sultan voice

Volksfuhrer:


It's amazing that the above comment came from an African country's Finance Minister under whose watch just about ten per cent of budget expenditure was allocated to capital projects! Her passion for alleviating poverty is much too commendable!

They tend to know what is right when they are out of office!

Once a Nigerian is out of public office... The right idea begin to come in

But see its not rocket science but ending extreme poverty in Nigeria is quite easy... but our leaders are not creative... . We need to think outside the box... . Which Nigerians don't do

This woman should stop uttered rubbish

Mr Adams is not comfortable hearing this woman makes news headline

Good points from her.Ma,we've always known you to be laden with ideas but the problems lies in the implementation of these ideas.What measures have been taken to ensure these ideas see the light of the day and better the lives of the common man?

Cc:lalasticlala,seun

SamuelAnyawu:
Exactly...

How well did you eliminate poverty as a minister?

we all know that to eliminate poverty is not possible but I'm sure you meant alleviate,right?

Only gud in Theories,pratical 0..