The Grassroots Entrepreneurship Skills Acquisition (GESA) Initiative, an NGO, has called on the Nigerian government to look inwards and review the country’s governing and borrowing policies and develop a framework that could reduce debt servicing.
Cynthia Obazee, National Coordinator of GESA Initiative, said this on Monday in Marrakech, against the backdrop of the just concluded World Bank/International Monetary Fund (IMF) Annual Meetings.
GESA Initiative is a member of the World Bank Civil Society Policy Forum.
Obazee said that the step was necessary in order to improve transparency and accountability in the utilisation of borrowed funds, and also reduce the rate of borrowing.
According to her, the impact of the global challenges has been unfairly disproportionate to third world countries in fragile situations such as Nigeria.
“Least developed countries are becoming an epicentre of extreme poverty, hunger, inflation, instability and devaluation of currencies.
“While collective action and commitments can address the challenges, we also need transformative policies, and actions rooted in shared understanding to address poverty, build resilience and stability in Nigeria.
“We need a framework that recognises the types of capacities we need to systematically build to address risks, crises, insecurities , poverty and violence, and also to address their root causes,” she said.
Obazee said that the meetings provided ample opportunity for stakeholders to dialogue with the World Bank Group to further enable professional development; to learn more about its policies and participate in key policy sessions.
She said that Civil Society Organisations, represented by GESA Initiative, seized the opportunity of the meetings to catalyse new partnerships to support the efforts of the Federal Government in addressing key social issues that affect citizens’ wellbeing.
“We are working in collaboration with stakeholders to improve access to education for the population of out of school children.
“We are also providing innovation, digital skills and human capital development programmes for young people, while improving the skills gap and empowering women and girls in education, entrepreneurship and sexual reproductive health and rights,” Obazee said.
She commended the World Bank/IMF for a well organised programme of events for the meetings, and the government and people of Morocco for being wonderful hosts.
“Marrakech is a beautiful place with beautiful people. the people are lovely and quite receptive,” Obazee said.
During the meetings, the World Bank Governing body approved its new vision statement to create a world free of poverty on a livable Planet.
The group incorporated its new vision to tackle climate change and endorse new steps to allow the use of debt-like hybrid capital and a new portfolio guarantee platform that could together yield up to 100 billion dollars in new lending over a decade.
