At the 79th United Nations General Assembly (UNGA) in New York, Nigeria’s Minister/Chargé d’Affaires Ad Interim to the UN, Syndoph Endoni, emphasized the need for a United Nations Framework Convention on International Tax Cooperation. This initiative aims to bolster economic development in Africa and address challenges faced by developing countries in implementing Sustainable Development Goals (SDGs).
Endoni highlighted Africa’s struggle with foreign direct investment (FDI), which fell to $53 billion in 2023, representing only 3.5% of global FDI. Nigeria, under President Bola Tinubu, has established a Presidential Committee on Fiscal Policy and Tax Reform to address these issues.
The UN recently adopted the Terms of Reference (TOR) for the proposed tax framework, focusing on digital economies, cross-border services, and taxation of high-net-worth individuals. Endoni also called for reforms in the international financial architecture to support local production and improve investment flows in Africa.
Consul General of Nigeria in New York, Abubakar Jidda, underscored Nigeria’s commitment to sustainable development and its potential as a major investment hub in Africa. The High-Level Roundtable on Sustainable Investments, hosted at Nigeria House, aimed to foster global partnerships and enhance investment opportunities in sectors like infrastructure, technology, and renewable energy.
The event, organized by Merited Negotiating Consulting and various partners, sought to build on previous successes and address global challenges through collaborative efforts and sustainable investment strategies.
