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Nigeria has called for the urgent establishment of a United Nations Framework Convention on International Tax Cooperation to support economic growth and development in Africa. This was highlighted by Syndoph Endoni, Nigeria’s Minister/Chargé d’Affaires Ad Interim to the United Nations, during a high-level roundtable on sustainable investments, grants, and interventions held at the 79th United Nations General Assembly (UNGA) side event in New York.
The event, organized by Merited Negotiating Consulting in collaboration with the Ministry of Foreign Affairs, the United Nations Institute for Training and Research (UNITAR), and other partners, addressed critical issues surrounding Africa’s economic challenges. Endoni emphasized that African economies are struggling due to a steady decline in foreign direct investment (FDI) and portfolio investment, with Africa’s FDI falling by 3% to $53 billion in 2023, according to the UNCTAD World Investment Report 2024.
Endoni noted that President Bola Tinubu’s administration is actively working to improve Nigeria’s business climate. A Presidential Committee on Review of Fiscal Policy and Tax Reform has been established to attract FDI and enhance economic development. Nigeria has also taken the lead in discussions at the UN regarding the adoption of a Framework Convention on International Tax Cooperation.
“A month ago, the UN unanimously adopted the Terms of Reference for this framework, which outlines the objectives, principles, and mechanisms for addressing issues such as digital economy taxation, cross-border services, and high-net-worth individuals,” Endoni explained.
He called for reforms to the international financial system, urging for a fair and rules-based global trading environment that would allow African businesses to thrive. Endoni also stressed the importance of local production in diversifying African economies, particularly in agriculture, textiles, and entertainment.
At the same event, Nigeria’s Consul General in New York, Abubakar Jidda, highlighted the importance of sustainable investments in driving economic growth and solving global challenges. He described Nigeria as “a gateway to the future of trade and investment in Africa,” emphasizing the ongoing reforms aimed at creating a favorable investment environment under the Tinubu administration.
Jidda encouraged investors to explore opportunities in infrastructure, technology, and renewable energy, asserting that Nigeria is committed to sustainable development and economic inclusivity.
Kunle Yusuff, Executive Vice Chairman/CEO of Merited Negotiating Consulting, also emphasized the importance of global partnerships in achieving sustainable investments and grants, focusing on areas such as climate change, agribusiness, and youth development. He underscored Nigeria’s strategic role in Africa, noting that development in Nigeria could positively impact 20% of the global Black population.
