The Federal Government of Nigeria and the United Nations High Commissioner for Refugees (UNHCR) are collaborating on a plan to attract $10 billion in private investment to communities impacted by displacement and insecurity. This initiative, known as the Leadership Alliance for Enterprise, Acceleration and Prosperity (LEAP), aims to create jobs, rebuild livelihoods, and strengthen local economies in 10 states. The plan was discussed during a meeting between the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and a UNHCR delegation led by its Representative in Nigeria, Arjun Jain.
The proposed LEAP initiative seeks to address the challenges faced by displaced people and host communities. According to Bagudu, government intervention is necessary to make investments in areas where insecurity, poor infrastructure, and other risks make it difficult for businesses to operate. He suggested that public resources could be used to reduce some of the risks facing private investors, particularly in areas such as security support, access roads, and critical infrastructure.
The initiative is crucial in addressing Nigeria's displacement crisis, which has resulted in over 3.7 million internally displaced people and more than 140,000 refugees and asylum-seekers. Jain emphasized the need to move beyond short-term humanitarian assistance and focus on programs that enable affected people to earn incomes, establish businesses, and rebuild their lives. He noted that UNHCR's experience has shown that people generally want opportunities to become economically independent through employment and sustainable livelihoods.
The proposed LEAP program will bring together government, private companies, development finance institutions, and development partners to address the barriers preventing investment in fragile communities. Private companies will identify commercially viable opportunities, while development finance institutions will provide suitable financing. Governments and development partners will help address risks that could discourage investors. Jain mentioned that UNHCR has already held discussions with institutions such as British International Investment and the International Finance Corporation.
The $10 billion investment target is expected to cover various economic activities across the participating states, including agriculture, oil production, and sugar. Bagudu identified opportunities in these sectors, particularly in communities affected by displacement. He emphasized the need for agricultural models that take into account the security and economic realities of these communities.
Bagudu stressed that displacement should not be treated solely as a humanitarian problem, as it also disrupts production, destroys livelihoods, and puts pressure on local economies. He noted that people forced to leave their communities often lose access to farms, fishing grounds, livestock, and other productive assets. Returning displaced people to their communities without restoring their means of earning a living would not be enough to achieve sustainable reintegration.
The initiative is linked to Nigeria's long-term economic ambitions, with the goal of building a $1 trillion economy that generates opportunities across communities. Bagudu emphasized that prolonged displacement can affect family structures, social cohesion, and economic productivity, making economic rehabilitation crucial in rebuilding affected communities. The Federal Government is working to make development planning more responsive to local conditions, with a focus on identifying communities affected by displacement and areas hosting displaced populations.
Key points
- The Federal Government and UNHCR aim to attract $10 billion in private investment to support economic development in displacement-hit communities.
- The proposed LEAP initiative will focus on 10 states, with a goal of creating jobs, rebuilding livelihoods, and strengthening local economies.
- The initiative seeks to address the challenges faced by over 3.7 million internally displaced people and more than 140,000 refugees and asylum-seekers in Nigeria.
