UN Supports Nigeria’s Economic Sustainability Plan with $250m

The United Nations (UN) has boosted Nigeria’s Economic Sustainability Plan with $250 million.

The offer, which is aimed at complementing Nigeria’s COVID-19 economic recovery efforts under the Nigerian Economic Sustainability Plan (ESP) initiative, was hailed by Nigeria’s Vice President Yemi Osinbajo at the launch of the United Nations Plus Offer for Socio-Economic Recovery in Abuja.

The offer was made by the UN Deputy Secretary-General, Ms. Amina Mohammed, and top officials of the world body, as an initiative of the UN in Nigeria as well as the Nigeria Development Partners’ Group.

A statement Tuesday by Osinbajo’s media aide, Mr. Laolu Akande, said his principal acknowledged that the offer aligned with the federal government’s Economic Sustainability Plan.

Highlighting a breakdown of the proposed use of the money, the statement said the offer would mobilise about $250 million with $13.78 million earmarked for the provision of a fund to  develop health response system; $53.3 million to protect people; $30.7 million for macroeconomic stability and economic recovery and $26.6 million for social protection to assist communities in building back better.

Osinbajo stated: “I think that the offer aligns with the government’s Economic Sustainability Plan. It seeks to mobilise close to $250 million and will provide targeted support to the development of health response systems ($13.78 m); protecting people ($53.3); macroeconomic stability and economic recovery ($30.7); as well as social protection ($26.6m) to assist communities in building back better.  Rallying support and thinking through a programme such as the UN Plus Offer for socio-economic recovery is a demonstration of the kinship that we developed with our partners and the United Nations.”

Earlier, Mohammed had said the launch of the initiative was a demonstration of an effective partnership between the UN system and the administration of President Muhammadu Buhari.

According to her, various components of the initiative will expedite interventions in four key areas which are also being addressed under the Nigerian Economic Sustainability Plan.

“This offer is aimed at supporting Nigeria in its immediate efforts at risk mitigation by cushioning vulnerable communities, and through medium-term measures that will aid socio-economic recovery while addressing structural drivers of exclusion, inequalities and discrimination as a component of recovering better,” she said.

The statement also quoted   the United Nations Development Programme (UNDP) Resident Representative and Chair of Nigeria Development Partners Group, Mr. Mohammed Yahya, as saying that the offer is in response to the UN Secretary General’s call for action, noting that the offer was conceived to support the government’s action on post-COVID-19 medium-term socio-economic recovery.

James Emejo

Follow us on: