Nigeria Urges Africa to Boost Domestic Revenue Generation

On Wednesday, during a high-level capacity-building engagement in Abuja, Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, urged African leaders to focus on strengthening domestic revenue generation to reduce excessive dependence on foreign funding.

He warned that sustainable development cannot be achieved solely through external assistance. The event featured officials from the Federal Government of Nigeria and the Ethiopian Federal Democratic Republic, who shared insights on integrating national financing frameworks to accelerate the attainment of Sustainable Development Goals (SDGs).

Oyedele noted that Africa's development aspirations require innovative financing strategies anchored in stronger domestic resource mobilization. He highlighted the increasing constraints on traditional sources of concession financing and emphasized the importance of aligning all available capital sources with national priorities.

Princess Adejoké Orelop Adefulire, Senior Special Assistant to the President on Sustainable Development Goals, stressed the critical role of state governments in delivering services that directly impact citizens and the necessity for sub-national fiscal capacity to achieve meaningful development outcomes.