Mobilizing finance for sustainable development goal

GODWIN .A. JONES
Copyright Godwin .A. Jones, 2015

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.
MOBILIZING FINANCE FOR SUSTAINABLE DEVELOPMENT GOAL

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 Corruption
Improving on tax system
Using private and public pension fund
Diaspora 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

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.

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.

Mobilizing finance for sustainable development goal

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