On Tuesday, the Nigerian government highlighted the urgent need for a United Nations Framework Convention on International Tax Cooperation to support economic development across Africa. Syndoph Endoni, Minister/Chargé d’Affaires Ad Interim of Nigeria’s Permanent Mission to the UN, made this call during a side event at the 79th United Nations General Assembly (UNGA) in New York.
Endoni pointed out that many developing nations are lagging in achieving the Sustainable Development Goals (SDGs), particularly SDG 8 (decent work and economic growth), SDG 9 (industry, innovation, and infrastructure), and SDG 12 (responsible consumption and production). He cited declining foreign direct investment (FDI) in Africa, which fell by 3% to $53 billion in 2023, according to the UNCTAD World Investment Report 2024.
To address these challenges, Endoni emphasized that Nigeria is leading discussions at the UN for the adoption of a Framework Convention on International Tax Cooperation. He also noted the establishment of Nigeria’s Presidential Committee on Fiscal Policy and Tax Reform to boost investment and ease of doing business.
Endoni explained that the UN had unanimously adopted the Terms of Reference (TOR) for the convention, focusing on taxation in the digital economy, cross-border services, and high net worth individuals. He called for targeted measures to encourage local production in sectors such as agriculture, textiles, and entertainment to diversify African economies.
Nigeria’s commitment to the SDGs and Agenda 2030 was reaffirmed, with hopes that the forum’s discussions will strengthen partnerships and business development in the Global South. Additionally, Nigerian Consul General in New York, Abubakar Jidda, underscored the importance of sustainable investments for economic prosperity.