Honourable: finance for the middle income countries
H.E (Name) The Governor of
H.E (Name) The Federal Finance
Excellences and media
Sector and the SDGs implications for Civil Society:
The United Nations Sustainable
Development Goals (SDGs) have set out to shape and transfer the global
development landscape for the next 15 years.
SDGs lay out a more
comprehensive approach in terms of the goal’s scope and actors responsible for
The SDGs set out a substantial
role for the private sector and assume its ability to make contributions to the
achievements of the SDGs.
The essential role of the
private sector in the SDGs highlights the shift towards a new development
paradigm: one in which the private
sector no longer only a development tool but rather a development agent
The paradigm attributes a more
productive sustainable development role to the private sector than under the
market liberalisation approaches of the 1980s and 1990s.
The power of the private sector
has altered the global development system. Private financial flow has become
the dominant source of external development finance for the middle income
countries and even in 30% of low income countries; foreign direct investment is
now larger than official development assistance.
As a result, aid donors
increasingly aim to recruit the private sector as a development partner and to
mobilise private investment to invest in developing countries.
However, there are few challenges
which need to be addressed jointly but in timely manners few of them are;
First a ‘business case’
approach that looks to the SDGs as commercial opportunities signals alignments
between business and society’s interest.
Second meaningful engagement with
the SDGs by businesses requires going beyond cherry picking SDGs based on
narrow win-win opportunities;
Third the private sector needs
to think in more transformative way about its future role in sustainable
development. There is also need to explore new business models aligned in
An organized and empowered
civil society is also a key accountability mechanism for the private sector and
the SDGs. Therefore, its civil society role to take active participation in the
whole process. This is also the
responsibility of the civil society to localise the SDGs and help to create
more balancing environment.
To sum up I would like to say
that this is a two-way street and we all have to work together for a sustained
and prosperous future for all generation across the globe.