Mobilizing finance for sustainable development goal

MOBILIZING FINANCE FOR SUSTAINABLE

DEVELOPMENT GOAL

GODWIN .A. JONES

Copyright Godwin .A. Jones, 2015

MOBILIZING FINANCE FOR SUSTAINABLE DEVELOPMENT GOAL

Base on the above subject, the financial for development four weeks course, includes;Introduction to finance for development.The role of private sector financing in development.Private finance for development.The financing role of the multi-literal development banks.



During the lectures, both videos and books reading, it was clear that for all to achieve sustainable development goals, there are things that each country must consider, such as;Monitoring illicit financial flow.Fighting CorruptionImproving on tax systemUsing private and public pension fundDiaspora remittances, etc.


I suggested establishment of a good and strong global institution to fight corruption, which means each country will contribute an agent of economic and financial crime to monitor and return all looted fund or use it for a developmental project of the country so that the money may not fall into the hands of another fraudulent individuals,

Also as regards improvement of tax system, there should be an online or biometrics fast system for collection of taxes, but on the Diaspora remittances which contributes one of highest returns for development.

I thereby, created a bank system named “Diaspora Savings/Investment Bank”, because only domestic resources mobilization and proper monitoring through world bank agents, not government sponsored agent can be the only means of achieving sustainable development goal.


Copyright Godwin .A. Jones, 2015



DAISPORA SAVINGS/INVESTMENT BANK

Diaspora savings and investment bank is a bank which helps Nigerians or any citizen of any country all over the world to be part of infrastructural and other developments as well as investment opportunity in their country. Example, Nigeria’s independent National Electoral Commission is trying to make Nigerians in Diaspora to be part of democratic system in the country.

Therefore all Nigerians on cross posting must open an account (Diaspora Saving and Investment Account (DSIA) and this will involve government Collaboration with all multi-Nationals operating in Nigeria and any Company employing Nigerian in any Countries of the world, the companies must comply and open (DSIA) an account for all Nigerians working for them and those on cross posting.


The account should be one of essential packages for all companies willing to employ Nigerians, and before giving a VISA to a Nigerian to travel out, there should be space in the form to fill agreeing that if he or she gains employment abroad that he accepts some percentage of their money to be saved for them so that any day they visit or return home, they will have money to start life, in case of any difficulties. He must choose the percentage and the Nigerian embassy abroad and the country’s embassy in which the person is travelling to in Nigeria will have the record and details too, there must be memorandum of understanding (MOU) signed between Central Bank of Nigeria or of any country using the idea with government bodies involved, with all the country’s Ambassadors in Nigeria and any other country interested.


The account will have deposit point in abroad alone but no one can withdraw except when you return home, there should be an incentive attached to it to attract many Nigerians abroad who may be willing to have such account and also global media promotion and Campaign, Radio, Television, internet etc. There should be enough motivation, motivated information and education to inspire people to see wisdom in the idea! Which include awareness in all embassies, homes and abroad, Airports, Seaports, Immigration and Custom offices etc.


This should be part of travelling flyers inside plan, and document, we may start the banks in the embassies all over the world, all Seaports, Airport exits and entrance gates of the countries etc. While travelling there should be genuine proof that the travellers have the account and all Nigerians travelling for tourism or anything at all must have the account, whether it is a visit for short time or not, with minimum deposit of $100 or above refundable once you return if willing to collect , it is different from visa application fee. Also all visitors desperate to visit Nigeria should be given option to open an account called, Nigerian Investment Fund (NIF) with minimum deposit of $10,000 refundable, but those coming for school, tourism, and investors with evidence of investment on areas highly needed by Nigeria or any Nation having interest on these projects should be optional. When they return to their country they withdraw the money in any of the banks we work with, and visa should be given to those willing to open the account without delay, also there should be a space or option in the form to choose to contribute part or all for infrastructure. As regards the Diaspora Savings and Investment Account (DSIA) there should be a provision for someone else to open for his wife, brother, sister, children etc by using the person’s passport but the owner’s finger print and signature and the one opening.


ADVANTAGES OF THE BANK ACCOUNT

Many Nigerians abroad often die and all their money lost, no family members, or government benefit from their son’s or daughter’s hard work, and no process or provision by the government of the land for family members to claim their late child’s savings, as far as we are Nigerians, we owe the Nation, our country gratitude, appreciation and love for protecting us till we travel out alive, whether we benefit from government directly or not, we use government roads, hospitals, schools, many soldiers, police and other paramilitary loose their lives while Protecting the nation or serving us, although we pay for the use of the facilities, services, the truth is that Nigeria is the best country to live in and we live free life, we pay very little in all areas that we benefit than so many nation of the world and many of us doesn’t pay taxes, so we need to join hands to build, develop the nation, many countries abroad were like Nigeria many years ago.


Also Nigerians abroad send money to their relatives, by the time they return or visit home, relatives has misused the fund, this makes many to travel back with bitter anger and vow never to visit home again, while some ends in violence, frustration, shock, serious heart break, mental disorder, while some enter into legal battle, some die of shock, some get involved in serious crime. When we succeed to establish this bank and many are to helped open the account, any person who returns or visits home will be trained, educate free before they withdraw their money so that they may not venture into wrong business, at least they have to spend some days first to study the environment which may be new to them, the training should start from inside plan through magazines, tracts or small brochures.


This bank (Diaspora Savings and Investment Bank(DSIB) should be open to illegal immigrant with no restrictions, whether the illegal immigrant have document to show that they are legal or not, the bank should accept passport, phone numbers of them and any other person they wish, finger print, this means automatically this will help illegal immigrant find their way home after some years, which only government alone know, and no police, immigration officers etc should harass illegal immigrants as far as they show evidence of having the account ,after confirmation, instant confirmation through their picture or finger print. The bank should be made popular and government should preach it so that all illegal immigrants will be away with assurance that they are free to open the account if they want to remain in your country but if they refuse to open, then they must return to their country, which means the visa for illegal immigrants to remain in your country is the account, the opening deposit for illegal immigrant must not be too much so that as many as will be willing to open. But government must not educate illegal immigrant of the fact that after some years or months that they will be repatriated to their country and no information or education should be given to illegal immigrants that they will not be able to withdraw the money in the country which they are living except in their home country or country of permanent residence.


So therefore this Banking System and account will Help so many countries or all countries to know and be able to return illegal immigrants home after some years or months best known to the government, this will assist in insecurity, if we make it a must and compulsory before any person will enter any country, even though it may not be up to $10,000,it may be $200, opening deposit with agreement to keep saving, it will help to track all the people that enter your country or Nigeria and government can send them home after some years or months depending on country and how individuals behaves.

Finally if one person save $100 each day for twenty days, that will amount to $2000, that means if a million Nigerians save $100 each day for twenty days, that will amount to $2,000,000,000, if a million Nigerians save $100 for 360 days, that will amount to $36,000,000,000. This is just an example, some may save more than $100, but central bank has to monitor the bank to avoid misuse of fund and government will use donations for infrastructure to develop the nation, also make law that will help them use the money for infrastructure and ready to refund anytime the customer’s request for it.


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Mobilizing finance for sustainable development goal