Nigeria Advocates UN Tax Convention to Boost Economic Development. Nigeria has called for the establishment of a United Nations Framework Convention on International Tax Cooperation to support Africa’s economic development, emphasizing its potential to spur growth and meet Sustainable Development Goals (SDGs).
This urgent call was made by Nigeria’s Chargé d’Affaires, Syndoph Endoni, during the 79th United Nations General Assembly (UNGA) in New York at a high-level roundtable on sustainable investments.
The event, co-organized by Merited Negotiating Consulting and the Ministry of Foreign Affairs, brought together key stakeholders to discuss economic challenges and opportunities for Africa.
Endoni stressed the need for stronger international tax frameworks, noting that many developing nations, including Nigeria, lag in achieving critical SDGs such as decent work, infrastructure development, and responsible consumption.
Endoni cited the UNCTAD World Investment Report 2024, which revealed that Africa’s share of global foreign direct investment (FDI) had dropped to 3.5%, with investment declining by 3% to $53 billion in 2023.
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Nigeria Advocates UN Tax Convention to Boost Economic Development: Nigeria’s Potential
He pointed out that Nigeria is leading efforts at the UN for a comprehensive international tax framework aimed at improving global cooperation on taxation, particularly in areas such as digital economy taxation, cross-border services, and addressing high-net-worth individuals.
To improve Nigeria’s investment climate, President Bola Tinubu recently established a Presidential Committee on Fiscal Policy and Tax Reform.
Endoni explained that this initiative aligns with Nigeria’s broader push for international tax cooperation, aimed at boosting FDI and fostering economic growth across sectors like agriculture, textiles, and entertainment.
Endoni also highlighted the need for reforms to the international financial system, advocating for a rules-based, equitable trading environment where African businesses can flourish. He acknowledged the positive impact of Nigeria’s Renewed Hope Agenda but noted that more can be achieved with international cooperation.
During his remarks, Nigeria’s Consul General in New York, Abubakar Jidda, emphasized the significance of sustainable investments in driving economic progress.
Speaking at the High-Level Roundtable on Sustainable Investments, Jidda described Nigeria as “the gateway to the future of trade and investment in Africa” and underscored the ongoing reforms under President Tinubu designed to create an investor-friendly environment.
Jidda urged participants to seize the opportunity to form partnerships that would lead to transformative projects, especially in sectors like infrastructure, technology, and renewable energy.
He thanked the event organizers and reaffirmed Nigeria’s strong position as a prime destination for sustainable investment in Africa.
Hon. Kunle Yusuff, Executive Vice Chairman of Merited Negotiating Consulting, echoed these sentiments, explaining that the roundtable’s goal was to forge global partnerships that could enhance sustainable investments and grants targeting areas like climate change, agribusiness, and youth development.
Yusuff emphasized Nigeria’s strategic importance due to its large population and market, noting that the country’s development would positively impact 20% of the global Black population.
He also stressed the need for trust in international partnerships, thanking participants for their contributions toward building a sustainable future.
The roundtable served as a vital platform for cooperation, financing, and sustainable investments aimed at achieving the UN’s Sustainable Development Goals, ensuring that Nigeria remains at the forefront of discussions on economic growth and development in Africa.
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