1

MODIBO ADAMA UNIVESITY YOLA

POSTGRADUATES STUDIES

SCHOOL OF AGRIC

AN ASSIGNMENT

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR

THE

COURSE: AGE903

ADVANCE ENTERPRENIEURSHIP DEVELOPMENT

TOPIC

THE IMPORTANCE OF CAPITAL MARKET AND MONEY MARKET IN

BY

DAVID JOSEPH

PhD/AGE/19/0187

DEPARTMENT: AGRICULTURAL ECONOMICS

JUNE 2021,
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INTRODUCTION

The Sustainable Development Goals (SDGs), also known as the Global Goals, are a

universal call to action to end poverty, protect the planet and ensure that all people enjoy peace

and prosperity by 2030. Adopted by 193 countries, and aim is to foster economic growth, ensure

social inclusion and protect the environment. The SDGs encouragea spirit of partnership between

Governments, private sector, research, academiaand Civil Society Organisations (CSOs)–with

support of the UN. This partnership ensuresthat the right choices are made now to improve life,

in a sustainable way, for future generations.Agenda 2030 has fiveover narching themes, known

as the fivePs:people, planet, prosperity, peace and partnerships, which span across the 17

SDGs.They tackle the root causes of poverty covering areas such as hunger, health, education,

gender equality, water & sanitation, energy, economic growth, industry, innovation &

infrastructure, inequalities, cities & communities, consumption & production,climate change,

natural resources, and peace & justice. The SDGs are not standalone goals. They are all

interconnected. Working to achieve one goal leads to achieving another. Theyshould be seen as

indispensable pieces in a big and complex puzzle.

Question 2a.The recent transition from millennium development goals (MDGs) to sustainable

development goals (SDGs) was as a result of some basic issues that lead to asked the following

questions;

a. What were the MDGs?

b. Were the MDGs successful?

c. What makes the SDGs different?

d. What will make the SDGs successful

What were the MDGs?

Millennium Development Goals (MDGs) were;

1. Eradicate extreme poverty and hunger.

2. Achieve universal primary education

3. Promote gender equality and empower women

4. Reduce child mortality

5. Improve maternal health

6. Combat HIV/AIDS, malaria and other diseases

7. Ensure environmental sustainability

8. Develop a global partnership for development

Were the MDGs successful?

The effectiveness of the MDGs has been the subject of considerable debate. Supporters

argue that the development agenda promoted by the MDGs has spearheaded an unprecedented

internat ional movement against extreme poverty, reducing it by more than 50 percent globally.

Prior to their enactment, individual campaigns aimed at the thematic areas within the MDGs –

such as eliminating income poverty and promoting literacy – were already underway, but prior to

the MDGs they had not been conceived as a coherent catalog of goals at the global level.

Critics, on the other hand, note that progress on the specific targets set out by the MDGs

has been both regionally and thematically unbalanced. This is because many countries adopted a
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“piecemeal approach”, choosing to engage with some but not all of the MDGs. This has been

attributed to the fact that the MDGs only applied to countries of the global South, and that they

had collectively played a minimal role in their design. Consequently, the MDGs were perceived

by several critics as a platform that was imposed on the developing countries by the more

developed.

What makes the SDGs different?

In sharp contrast to the MDGs, the Sustainable Development Goals (SDGs) are

uniformly applicable to all countries of the world, removing the “developing” versus

“developed” dichotomy that left the MDGs open to criticism. And while there are similarities in

regard to the format of the MDGs and the SDGs – e.g. each framed the international

development agenda for a 15-year period – the SDGs have significantly expanded on the scale

and content of the MDGs.

The SDGs are focused on a global development with-and-for sustainability, and

demonstrate an understanding that the environment is not an add-on or in opposition to

sustainable development, but rather the base that underpins all other goals. As a result, whereas

the MDGs maintained a retrospectively narrow focus on poverty reduction, the SDGs include

new themes which reflect an approach that sees the environment, economy and society as

embedded systems rather than separate competing “pillars”: e.g. urban areas, water and

sanitation, energy, and climate change are all prominently featured.

Another significant difference between the MDGs and SDGs is how they have been

created: the crafting of the SDGs has been regarded as an unparalleled participatory policy

process, and this is reflected in their scale and ambition. A UN Open Working Group (OWG)
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made up of 70 countries sharing 30 seats was established in 2013 to draft the SDGs and was

tasked with incorporating a range of stakeholders into their negotiation process. As a result,

developing countries have been able to provide significant input into the content, as have local

and subnational governments, and prominent actors from civil society and the private sector.

What will make the SDGs successful?

The experience of the MDGs demonstrates that when presented with ambitious targets for

development, nations will often opt to use their own goals as a benchmark for progress. Because

of this, empowering a variety of non-state actors for implementation will be a key driver of their

success. For although it seems that monitoring progress on the SDGs will be focused at the

national level, cities and urban areas are where a great amount of the implementation and

monitoring will occur. Local government authorities and communities need to be empowered

accordingly. This means establishing a collaborative balance between local governments, states,

and national governments, as well as involving and maximizing the contributions from

stakeholders and all levels of administration within cities and regions - as well as the

communities they serve.

Another key to making the SDGs a success will be making sure the cross-cutting issues

of sustainable production and consumption are a priority. This can be accomplished by moving

towards economic models that are at once sustainable and inclusive. Cities, which are the central

hubs of both innovation and the global economy, are where the transition to such sustainable

economic models will continue to occur. However, this transition does not only refer to the

world’s iconic megacities; small and medium-sized cities comprise the statistical majority of

urban areas and are experiencing rapid growth rates, yet they are currently facing the most
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significant resource/capacity gaps. Targeted sustainable economic and institutional development

within these urban areas will have a positive impact on the success of the SDGs.

Lastly, with global urbanization forecasted to continue throughout the course of the 2030

Agenda for Sustainable Development, we will likely see the persistence of challenges to the

SDGs – such as planning, employment, resource management, demographics, and service

provision. These challenges require a strategic long-term planning perspective with focus on the

inter-linkages within regions, because progress on the SDGs will not be made if a country is only

considered as a separate unit or if a district or city is considered in isolation.

Success within the SDGs that are particularly cross-cutting can best be achieved through

effective vertical integration; this means all levels of government working together to align and

accelerate strategic actions, mobilize appropriate resources, and engage key stakeholders.

Question 2b.The major differences between the SDGs and the MDGs are:

A.Zero Goals: The MDG targets for 2015 were set to get us “half way” to the goal of ending

hunger and poverty, with similar proportional goals in other fields. The SDGs are designed to

finish the job – to get to a statistical “zero” on hunger, poverty, preventable child deaths and

other targets. This approach will call for very different strategies: getting “halfway there”

encouraged countries to “do the easiest parts first.” Getting to zero requires a real focus on the

empowering the poorest and hardest to reach. Much of the impetus and evidence for the success

of zero-based goals comes from Brookings Institute, the new World Bank “Zero Poverty” goals,

and the second inaugural address of US President Obama.

B.Universal Goals: The MDGs were in the context of “rich donors aiding poor recipients.”

Since then the world has changed dramatically. Official development assistance (ODA) is now
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tiny compared to other resources flows, and the majority of the poorest people live in the middle-

income countries. Inequality is the issue, not national-level poverty – and this applies to rich and

poor countries alike. The SDGs will then be a set of goals applicable to every country.

C.More Comprehensive Goals: There were 8 MDGs. The High Level Panel recommended 12

Goals, and the Open Working Group final report recommends 17 “Focus Areas” that go beyond

the symptoms of poverty, to issues of peace, stability, human rights and good governance. This

will undoubtedly make mobilization around these goals more difficult, but everyone would agree

that the complexity of sustainable global development was not fully represented by the MDGs.

D.Addressing THP Pillars: While THP celebrated and firmly committed to the MDGs, they

largely ignored the three pillars of what we see as crucial for the sustainable end of hunger:

empowering women, mobilizing everyone, and partnering with local government. The SDGs

address these critical elements (to date) much more effectively, with far stronger gender goals,

people’s participation and government “at all levels.”

E.Inclusive Goal Setting: The MDGs were created through a top-down process. The SDGs are

being created in one of the most inclusive participatory processes the world has ever seen with

face-to-face consultations in more than 100 countries, and millions of citizen inputs on from

Civil society has been well-organized throughout – coordinated globally through Beyond2015.

F.Distinguishing Hunger and Poverty: In the MDGs, Hunger and Poverty were lumped

together in MDG1 – as if solving one would solve the other. So much has been learned about

nutrition since that time, and the SDGs treat the issue of poverty separately from Food and

Nutrition Security.
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G.Funding: The MDGs were largely envisioned to be funded by aid flows – which did not

materialize. The SDGs put sustainable, inclusive economic development at the core of the

strategy, and address the ability of countries to address social challenges largely through

improving their own revenue generating capabilities.

H.Peace Building: Over the past 15 years, we’ve seen that peaceful, reasonably well governed

countries prosper. After 2015, experts predict that the majority of those in extreme poverty will

live in conflict-affected states. The inclusion of peace-building is thus critical to the success of

ending hunger and poverty — yet was totally ignored in the MDGs. It is controversial in the

SDGs, but so far it has remained there.

I.Data Revolution: The MDGs said nothing about monitoring, evaluation and accountability –

the SDGs target by 2020 to “increase significantly the availability of high-quality, timely and

reliable data disaggregated by income, gender, age, race, ethnicity, migratory status, disability,

geographic location and other characteristics relevant in national contexts.”

J.Quality Education: The MDGs focused on quantity (eg, high enrollment rates) only to see the

quality of education decline in many societies. The SDGs represent the first attempt by the world

community to focus on the quality of education – of learning – and the role of education in

achieving a more humane world: “education for sustainable development and sustainable

lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence,

global citizenship, and appreciation of cultural diversity and of culture’s contribution to

sustainable development.”
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Question2c.Several of the SDGs have placed prominence on the need to enhance the role of

Technical and Vocational Education and Training (TVET).  SDG 4, 6, 8 and 13 all have specific

targets for TVET to strive to achieve. In particular, the SDGs call on the need for the greening of

TVET institutions, to provide the skilled labour forces needed for country like Nigeria to meet

their national SDG commitments. There is hope that reorienting TVET to address sustainability

will be a major means to assist small to medium sized enterprises (SME) to undertake both the

greening of existing enterprise and the development of new SME to meet the emerging

sustainable economy. Because of these challenges, at the birth of the new millennium, the world

come together in year 2000 todiscuss the future and the condition of humanity, there wasabject

poverty, famine, pestilences, wars and drought. As aresult, they formulated a fifteen years’ plan

known asMillennium Development Goals (MDGs) to address the abovelisted challenges and

more that are be-plaguing humanity.

With fifteen years of successful implementation, leaders of theworld in partnership with

United Nation DevelopmentProgramme agreed to push development further and in

2015,Sustainable Development Goals (SDGs) were formulated. Theaim of these goals is to bring

hunger, poverty, inequality andplagues to an end by the year 2030.Sustainable development as

defined by Brundtland (1987) isdevelopment that meets the needs of the present

withoutcompromising the ability of future generations to meet theirown needs.National

Sustainable Development Strategy, Belgrade (2007)defines sustainable development as targets-

oriented, long-term(continuous), comprehensive and synergetic process withimpacts on all

aspects of life (economic, social, environmentaland institutional) at all levels.Sustainable

development principlesThere are many who believe that sustainable development is acomplex

concept therefore subject to many varying principles.However, the general principle of

sustainable developmentlies in its very definition: progressive and dynamic ways ofmeeting

today’s needs and opportunities in ways that will notundermine or jeopardize the integrity of the

environmentalfactors that created that enabling atmosphere so as to be ableto meet tomorrow’s

needs, opportunities and challenges.These needs include economic development, social

equality,environmental protection, availability and accessibility ofquality health care delivery,

housing and accommodation,banishment of poverty, and adequate food for all.Due to the

conflicting challenges in striking a balance betweenprocesses of economic and technological

advancement and theprocesses of protecting and preserving the environment,nations are

expected to draw out a national sustainabledevelopment strategy that will serve a guiding

principle. Atemplate on ways to have a progressive national economicdevelopment at the same

time protecting environmentaldegradation, inequality and poverty that may result from

theseprocesses of advancement.

Sustainable Development Goals (SDG)Word web dictionary (2016) defines a goal as the

state ofaffairs that a plan is intended to achieve and that (whenachieved) terminates behavior

intended to achieve it. MerriamWebster online dictionary (2017) on the other hand sees goalas

the end toward which effort is directed.In August 2015, the United Nations outlined a number

ofgoals to address the issue of global sustainable developmentprograms across boards. They

include:Micah, Ehud Monday et al / Technical and Vocational Education and Training as a Tool

for National SustainableDevelopment in Nigeria3986 The International Journal of Social

Sciences and Humanities Invention, vol.4, Issue 9, September, 20171. No Poverty: End poverty

in all its forms everywhere2. Zero Hunger: End hunger, achieve food security andimproved

nutrition, and promote sustainable agriculture3. Good Health and Well-being: Ensure healthy

lives andpromote well-being for all at all ages4. Quality Education: Ensure inclusive and
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equitablequality education and promote life-long learningopportunities for all5. Gender Equality:

Achieve gender equality and empowerall women and girls6. Clean water and Sanitization:

Ensure availability andsustainable management of water and sanitation for all7. Affordable and

Clean Energy: Ensure access toaffordable, reliable, sustainable, and modern energy forall8.

Decent Work and Economic Growth: Promotesustained, inclusive and sustainable economic

growth, fulland productive employment and decent work for all9. Industry, Innovation and

Infrastructure: Build resilientinfrastructure, promote inclusive and sustainableindustrialization

and foster innovation10. Reduced Inequalities: Reduce inequality within andamong countries11.

Sustainable Cities and Communities: Make cities andhuman settlements inclusive, safe, resilient

andsustainable12. Responsible consumption and Production: Ensuresustainable consumption and

production patterns13. Climate Action: Take urgent action to combat climatechange and its

impacts14. Life Below Water: Conserve and sustainably use theoceans, seas and marine

resources for sustainabledevelopment15. Life on Land: Protect, restore and promote

sustainableuse of terrestrial ecosystems, sustainably manage forests,combat desertification, and

halt and reverse landdegradation and halt biodiversity loss16. Peace, Justice and Strong

Institution: Promote peacefuland inclusive societies for sustainable development,provide access

to justice for all and build effective,accountable and inclusive institutions at all levels17.

Partnerships for the Goals: Strengthen the means ofimplementation and revitalize the global

partnership forsustainable development.

Nigeria needs strategic action for realization of SDGs 4,6,8,9 and 13that were identified

as related to TVET. Some of the actions are;

A.Human development.A crucial ingredient for the successful implementation of any

programme is people – the human resources that are used in delivering the programme. For this
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to be effective, the human resources that are used on the programme have to be both of sufficient

numbers andhave the appropriate skills set that are needed for executingthe job.Assessment of

the human resource capacity and capabilitiesthat have been deployed to implement the SDGs

isadjudged as being inadequate most especially in TVET. This is in terms of both thecollective

skills set needed to successfully coordinate theprogramme, as well as deficits in the numbers of

technicalexperts available to execute projects in specific sectors.

B.Job creation through growth and diversification: There has been dramatic increase in the

size of the labour in Nigeria. The Government will meet the challenge of generating

employment for an increasing labour force by fostering creation of productive and inclusive jobs

in the economy. Higher growth will be achieved through higher investment in TVET, public and

private sectors,as well as foreign direct investment. Improving management skills, improving

technology, upgrade labour skills, reducing regulatory barriers and ensuring energy supply will

be critical for investment.Diversification has to be achieved in several directions. While

continued emphasis on food security will remain, agricultural diversification will receive

emphasis through higher land and labour productivity and assured supply of quality inputs,

appropriate mechanization and infrastructure and reduced rent seeking. In manufacturing, while

emphasis on other programmes will continue, other potential labour intensive sectors such as

leather, footwear, plastics, toys, electronics, jute goods and light engineering will need to

flourish.

C.Adresssing disperity in education.Disparity in education has increased in all types of

education over the years. The gap has to be close to ensure access of all children to education.

More emphasis is should now be placed on ensuring access to quality education as poor quality

education leading to low skills fails to get poor children out of poverty. Other types of disparity
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in education such as disparity by disability and ethnic groups need to be addressed. The complex

issue of providing quality education at the primary and secondary levels has to be addressed.

D.Institutional review and skills capacity assessment. A com-prehensive review needs to be

conducted on the key insti-tutions, organisations and personnel responsible for delivering the

SDGs. This will clarifythe mandates and objectives of each of the organisations. A determination

needs to be made about the skill sets thatare needed in each organisation to make them

effectiveimplementers of the SDGs.Once known, a skills gap analysis needs to be conducted

toestablish the extent of the skills gap that exists between whatis needed and what already exists.

This will inform the natureof future recruitment and capacity building that is institutedfor the

SDGs programme regime.

Question 2d.The immediate concern is that the targets established within the SDGs will be

considered as the “ceiling” for achievement rather than the “floor” which is necessary for

international sustainability. This concern has not been lessened by the challenges to how the

SDGs will be implemented, monitored, and financed. In general, the challenges likely to affect

the success of the SDGs are;

1. Missing out on integration potential - A major challenge facing the successful

implementation of the SDGs is the possibility that national governments will choose to focus

only on the goals that align with their existing development agenda. The challenge posed by this

approach is that the SDGs were designed as an integrated vehicle for sustainable development;

wherever possible, cross-cutting indicators have been put in place, particularly in regard to

housing, health, gender equality, production and consumption, and employment. Lack of action

on one goal can compromise their collective success.

2. Data and monitoring challenges - As was the case for the MDGs, monitoring of the SDGs

will be performed by national statistical offices with the support of various UN agencies.

However, many countries were unable to access the capacity necessary to collect, analyze, and

disseminate the data required for reporting their progress on the MDGs. There is concern that the

SDGs will suffer similar shortfalls in regard to capacity for monitoring, as there are now even

more goals and targets which must be monitored.

3. Financing & the North-South divide - The most contentious challenge facing the SDGs is in

regard to how they will be financed, as current projections estimate the needs for financing their

implementation and monitoring to be around $17 trillion. It is within this debate that the

“developed” versus “developing” country dichotomy re-emerges. “Developed” countries are

pushing for the mobilization of domestic resources, wherein each UN member state will be

responsible for securing its own funding, whereas “developing” countries are calling for

financing to be provided by the “developed” countries through aid agreements. A solution may

lie within a development finance model that can leverage and catalyze a combination of private

investment, international and domestic public resources; however, without an answer to the

finance question, the ambitious scope of the SDGs may be curtailed.

Looking at Nigeria, specifically focusing on Vocational and Technical Education (VTE),

there are specific challenges that are likely affectthe pursuit of sustainable development

goals.Vocational and Technical Education in Nigerian is be-deviled by many surmountable

challenges that are likely to affect the success of SDGsdespite general acceptance of the fact that

VTE has a majorrole to play when it comes to achieving Sustainable Development Goals. These

factors that may led to the failure of VTE as averitable tool for sustainable development

particularly inNigeriainclude the following:

I. Institutional and infrastructural inadequacy

Despite all that is said about the importance of VTE as important machinery in the

process achieving Sustainable Development Goals and national development,there is a general

shortage across board in the number ofinstitutions that offer courses in VTE. From secondary

level totertiary levels. The secondary schools/colleges that are designated astechnical

schools/colleges are crippled structure deficiency interms of offices, workshops, classrooms,

tools and equipment.Where these are available, they are dilapidated, archaic ornon-

functional.The tertiary institutions established to provide VTE at highereducational level have

many been converted to colleges of artsplacing more emphasis on social sciences courses at

thedetriment of their mandate, goals and objective.

ii. Man-power deficiency

One of the nagging challenges of institutions mandated in Nigeria for human development is

theendemic shortage of man-power in these few availableTechnical Institution or colleges. Out

of the few availableteachers/lecturer, many lack the requisite qualification,training, skill or

capacity to appropriately inculcate practicaland theoretical knowledge. Apart from that,

manyworkshops/laboratories do not have technologist/laboratoryattendants to oversee practical

activities. Where these areavailable, they mostly are secondary school leavers or dropout who

have zero ability to plan, guide or assist in practicalactivities.

iii. Budgetary and subvention deficit

Another challenge that has plagued all VTE institution that are supposed to gear the

success of SDGs both atfederal and state level is the challenge of funding. VTE is anexpensive

venture but with an outstandingly matchlesseconomic developmental benefits. With the issue
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ofunderfunding, inappropriate or poor subvention, many of theseinstitutions rely heavily on

theoretical instructionalmethodology and rote learning is the order of the day.

iv. Public negative perception

One of the challenges that may likely affect the success of SDGs, is negative public

perception about TVE institutions which is responsible for low patronage among Nigerian

students. From secondarylevel parent abhor seeing their children attend technicalschools/colleges

and at tertiary level majority prefer law,accounting, business administration medicine etc

thantechnology education, creative arts, home management andhospitality agriculture and related

sciences. With chunk ofstudents gaining admission into these other preferred courses,VTE

unfortunately is at the bottom of the food chain.

v. Reluctance in policies and recommendations implementation

There are so many policies to drive the progressive development of VTE towards the

successful achievement of SDGs at all levels and making it the envy ofall, unfortunately, many

of these policies remain on paper withlittle or no attention. Many have argued that one of

theproblems of VTE that government should use in achieving SDGs is the poor commitment in

implementing educational policies. The government, educational agenciesand individual

institutions sometimes are guilty ofprocrastination in implementations of reforms needed to

improve the quality of VTE.

vi.Sub – standard teaching-learning process and unavailability of strict supervision

Poor standard teaching facilities, such as classrooms,furniture, team-boards projectors,

textbooks, and pedagogy isunfortunately a challenge preventing VTE from serving as a veritable

tool for success of Sustainable Development Goals in Nigeria.There is also the challenge of poor
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curriculum design and unavailability of VTE Quality Assurance Unit to ensure thatstandards are

sustained at all time.

Question 2f.To overcome the identified above challenges, theremust be;

1. An educational programme whose goals are directedtoward the achievement of economic

growth of the citizens,skill acquisition and empowerments. The system of education in Nigeria

that provides training for skillacquisition, economic development, and emancipation ofcitizens

from poverty is Vocational and Technical Education (VTE). From its goals and objectives, VTE

is a veritable tool toachieve sustainable development not only at a national levelbut globally.

This is because the goals of Sustainable Development and that of VTE place emphasis on

economicgrowth and development of individuals, which will eventuallylead towards the

betterment of humanity in general. Kehindeand Adewuyi (2015) believes that Vocational and

technicaleducation has been integral part of national developmentstrategies in many societies

because of the impact on humanresource development, productivity and economicdevelopment.

It holds the key to national development of mostnations. In the same vein, Vijay (2017) states

that, TechnicalEducation is instrumental in making the remarkablecontribution to economic

growth of the Developing Countriesby way of suitable manpower production according to

theneeds of the Industry, Society and the Global World as awhole.

2. Establishment of more TVE institutions

New TVE based schools should be established at state andfederal level and it should be

ensured that they stick to theirestablishing mandates. More resources should be committed

torevamping and overhauling the dilapidating structures of theexisting institutions. Existing

laboratories and workshops should be upgraded withmodern machineries, tools and equipment.

Regular powersupply should be made available to be able to care for theelectrical need of the

laboratories and workshops.Offices and classroom should be upgraded and equipped withmodern

technologies such as the internet, air conditioning and other social amenities.

CONCLUSION

Sustainable Development Goals (SDGs), which are an urgent call for action by all

countries - developed and developing - in a global partnership. They recognize that ending

poverty and other deprivations must go hand-in-hand with strategies that improve health and

education, reduce inequality, and spur economic growth – all while tackling climate change and

working to preserve our oceans and forests.The SDGs are a bold commitment to finish and

tackle some of the more pressing challenges facing the world today. All 17 Goals interconnect,

meaning success in one affects success for others. Dealing with the threat of climate change

impacts how we manage our fragile natural resources, achieving gender equality or better health

helps eradicate poverty, and fostering peace and inclusive societies will reduce inequalities and

help economies prosper. In short, this is the greatest chance we have to improve life for future

generations.

References

ICLEI (2015). From MDG’s to SDG’s: What are the Sustainable Development Goals? Accessed
on 10th November, 2019, from https://www.sustainabledevelopment.un.org/?meaning
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The Millennium Development Goals Report (2015). Time for Global Action for People and
Planet. United Nations, New York. Accessed on 10th November, 2019 from
www.undp.org/content/undp/en/home
United Nations (2015). Transforming our World: The 2030 Agenda for Sustainable
Development. Accessed on 10th November, 2019, from
https://www.un.org/development/desa/disable