From Juliana Taiwo-Obalonye, New York
The Nigerian government has emphasised the urgent need for a United Nations Framework Convention on International Tax Cooperation to support economic development in Africa.
Minister/Chargé d’Affaires Ad Interim of the Permanent Mission of Nigeria to the United Nations, Syndoph Endoni, stated this while speaking at the 79th United Nations General Assembly (UNGA) side event high-level global executive sustainable investments, grants and interventions roundtable, New York 2024.
The event was organised by Merited Negotiating Consulting and Director General in collaboration with Ministry of Foreign Affairs, the United Nations Institute for Training and Research (UNITAR), AIGrants, USA, Strategic Groups, USA LLC and Cheap Summit Networking The Nations.
Endoni highlighted that most developing countries are significantly behind in implementing the Sustainable Development Goals, especially SDG 8 (decent work and economic growth), SDG 9 (industry, innovation and infrastructure) and SDG 12 (responsible consumption and production).
He noted that transformative economic solutions are imperative to address the challenges impeding development in Africa, where economies continue to struggle due to a steady decline in foreign direct and portfolio investment.
He quoted the UNCTAD World Investment Report 2024, that states that Africa’s FDI, which accounts for only 3.5% of global FDI, fell by 3% to $53 billion in 2023.
To boost FDI and ease of doing business in Nigeria, Endoni explained that President Bola Tinubu established a Presidential Committee on Review of Fiscal Policy and Tax Reform upon taking office.
“Nigeria is spearheading the discussions at the UN on the adoption of a UN Framework Convention on International Tax Cooperation,” he stated.
“About a month ago, the UN unanimously adopted the Terms of Reference (TOR) which sets out the basic parameters and mechanisms of a Framework Convention, including its proposed objectives, principles, substantive and structural elements, and timeframe for negotiations”, Endoni said.
He explained The TOR also identifies priority areas to be addressed in early protocols, such as the taxation of the digitalized and globalized economy, cross-border services, and high net worth individuals. Endoni emphasized the need to adopt deliberate targeted measures to encourage local production in Africa, including in agriculture, textile and entertainment sectors, to diversify economies and improve inflows.
He called for broad reform of the international financial architecture to engender a rules-based, equitable, and non-discriminatory international multilateral trading system where African businesses can thrive.
Despite gains from the Renewed Hope Agenda policy of the Tinubu administration to reposition the Nigerian economy, Endoni noted that more can be achieved if the desired reform of the international financial architecture is implemented.
He concluded by reaffirming Nigeria’s commitment to the accelerated implementation of the SDGs and Agenda 2030, expressing hope that the forum’s deliberations will significantly contribute to addressing the challenges of deepening partnerships and business development in the global South.
Consul General of Nigeria in New York, Abubakar Jidda, earlier, emphasised the critical role of sustainable investments in driving economic prosperity and addressing global challenges.
He said this in his welcome address at the High-Level Roundtable on Sustainable Investments, Grants, and Interventions held at Nigeria House on September 17, 2024, in New York.
Jidda highlighted Nigeria’s strong commitment to sustainable development and economic inclusivity, positioning the country as a prime destination for investors. “Nigeria is not just an opportunity; it’s a gateway to the future of trade and investment in Africa,” he stated.
Jidda also noted that ongoing reforms under President Bola Tinubu aim to create a favorable environment for investments. He encouraged participants to leverage the roundtable discussions to forge partnerships that could lead to transformative projects across various sectors, including infrastructure, technology, and renewable energy.
He concluded by thanking the event organizers and urging attendees to consider Nigeria as a promising market for their next investment endeavors, reinforcing the country’s potential as a hub for sustainable growth in Africa.
Executive Vice Chairman/CEO of Merited Negotiating Consulting and Director General of CSCHEI, Kunle Yusuff, explained that the event aims to foster global partnerships to enhance sustainable investments, grant accessibility, and intervention support.
Yusuff highlighted the success of last year’s event, which established key partnerships with organizations such as the CEO Summit and Liberty University.
He said this year’s roundtable includes participation from UNITAR, UNOSAT, the Commonwealth, and others, focusing on partnerships for sustainable investments targeting climate change, agribusiness, and youth development.
Yusuff emphasized Nigeria’s potential as a strategic investment destination due to its large population and market in Africa. He noted that Nigeria’s development would benefit 20% of the global Black population.
Yusuff concluded by underscoring the importance of trust in global partnerships and thanked participants for their involvement in building sustainable futures. The roundtable serves as a platform for cooperation and financing to achieve Sustainable Development Goals and advance global development initiatives.