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Nigeria LGIFD tenure comes to an end

16 January 2014, 17:26

Abuja - The country’s tenure as President of the Leading Group on Innovative Financing for Development (LGIFD) comes to an end tomorrow (Friday) when Abuja hosts the 12th plenary session of the organization.

The National Planning Commission is scheduled to host the event Transcorp Hilton Hotel.

Nigeria hosts the 12th plenary of the organization in line with the practice of the 63-country Group, which prescribes that the possessor of the Presidency should be responsible for hosting of the plenary in a particular year to signify the end of its tenure.

“Nigeria through the National Planning Commission was elected president of the Leading Group at the end of the 11th Plenary held in Helsinki in Finland on the 6th of February, 2013. The ten months tenure of Nigeria’s presidency of the group lasted from March 1 – December 31, 2013,” a report made available to this agency stated ahead of the event.

The Supervising Minister of National Planning, Bashir Yuguda, said the aim of the Group was to fill the widening gap between the financial mobilisation mechanism, provision towards the attainment of Millenium Development Goals and the actual resources available through the traditional funding sources. He further pointed out that the group aimed to establish predictable and stable mechanisms for raising funds for development to complement the Official Development Assistance (ODA).

While highlighting the activities conducted by the group in the past months under the Nigerian presidency, Bashir Yuguda indicated that the group has been engaging global promotion of the instrumentality of innovative financing for development in line with the transformation agenda and the Nigerian Vision 20:2020.

– CAJ News


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