By Cross Udo, Abuja
The Federal Government stressed 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, a high-level global executive sustainable investments, grants, and interventions roundtable in New York 2024.
Merited Negotiating Consulting and Director General organised the event with Ministry of Foreign Affairs, the United Nations Institute for Training and Research (UNITAR), AIGrants, USA, Strategic Groups, USA LLC and Cheap Summit Networking.
According to Endoni, most developing countries need to catch up 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, which states that Africa’s FDI, which accounts for only 3.5% of global FDI, fell by 3% to $53 billion in 2023.
Endoni explained that President Bola Tinubu established a Presidential Committee on Review of Fiscal Policy and Tax Reform upon taking office to boost FDI and ease of doing business in Nigeria.
He said, “Nigeria is spearheading the discussions at the U.N. on adopting a U.N. Framework Convention on International Tax Cooperation.
“About a month ago, the U.N. 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 further explained that the TOR 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 the 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 Tinubu administration’s Renewed Hope Agenda policy to reposition the Nigerian economy, Endoni noted that more can be achieved if the desired reform of the international financial architecture is implemented.
He reaffirmed 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, emphasised the critical role of sustainable investments in driving economic prosperity and addressing global challenges.
Jidda stated this in his welcome address at the High-Level Roundtable on Sustainable Investments, Grants, and Interventions, which was held at Nigeria House on September 17, 2024, in New York.
He 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 President Bola Tinubu’s ongoing reforms 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 thanked the event organisers and urged attendees to consider Nigeria a promising market for their next investment endeavours, reinforcing its potential as a hub for sustainable growth in Africa.
Kunle Yusuff, Executive Vice Chairman/CEO of Merited Negotiating Consulting and Director General of CSCHEI, explained that the event aimed 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, which includes participation from UNITAR, UNOSAT, the Commonwealth, and others, will focus on partnerships for sustainable investments in climate change, agribusiness, and youth development.
Yusuff emphasized Nigeria’s potential as a strategic investment destination due to its large population and African market. He noted that Nigeria’s development would benefit 20% of the global Black population.
He underscored 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.
