Tax reform bills will boost Nigeria's economy — FG
Experts in law and finance, including top government officials, have emphasized the crucial role of law in promoting economic prosperity for Nigeria.
The federal government has reiterated that the tax reform bills currently before the National Assembly are expected to have a multiplier effect on the economy.
This discussion took place during the 15th anniversary lecture for T & A Legal, held in Lagos on Saturday.
In her keynote address, titled 'Driving the Future Economy in Nigeria: The Catalytic Role of Law,' the Minister of State for Industry, Trade and Investment, Dr. Jumoke Oduwole, expressed her pride in the milestone achievement of the firm, highlighting that it reflects the power of vision.
Oduwole stated that the federal government would continue to foster an enabling environment and implement laws that support both investment retention and promotion, ultimately driving prosperity for the people.
She cited the tax reform bills currently with the National Assembly, noting that their passage would significantly benefit the economy.
'We believe very strongly that unless you support businesses operating in Nigeria, of which this firm is one, we really wouldn't get more investment necessary to catalyse our economy,' she added.
She explained that the FG would leverage trade policy to drive more investments into the country.
She said FG is determined to operationalise AFCFTA in a way that it would help Nigeria trade across Africa and the rest of the world.
Also speaking at the occasion, the Chairman of Federal Inland Revenue Service, Dr Zachaeus Adedeji, stated that law serves not just as a regulatory mechanism but as a tool for enabling innovation, fostering inclusion, and unlocking the nation's vast resource.
Adedeji stated that efficient, fair, and transparent tax laws not only empower governments to provide essential infrastructure, education, and healthcare but also foster compliance and build a sense of shared responsibility.
Emphasising that the tax reform bills represent more than just fiscal policy changes, he noted that implementation of the reform underscores a commitment to equity, inclusion, and the creation of a tax system that works for all Nigerians.
The Co-Founding Partner, T & A Legal, Seyi Adisa, described the 15 years milestone achievement of the firm as a celebration of vision and commitment of the founders, which have contributed to its current status.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
2 days ago
- Gulf Today
Europe's lithium quest hampered by China and lack of cash
Alvaro Villalobos, Agence France-Presse Europe's ambition to be a world player in decarbonised transportation arguably depends on sourcing lithium abroad, especially in South America. Even the bloc's broader energy security and climate goals could depend on securing a steady supply of the key mineral, used in batteries and other clean energy supply chains. But Europe has run into a trio of obstacles: lack of money, double-edged regulations and competition from China, analysts said. China has a major head start. It currently produces more than three-quarters of batteries sold worldwide, refines 70 per cent of raw lithium and is the world's third-largest extractor behind Australia and Chile, according to 2024 data from the United States Geological Survey. To gain a foothold, Europe has developed a regulatory framework that emphasises environmental preservation, quality job creation and cooperation with local communities. It has also signed bilateral agreements with about 15 countries, including Chile and Argentina, the world's fifth-largest lithium producer. But too often it fails to deliver when it comes to investment, say experts. "I see a lot of memoranda of understanding, but there is a lack of action," Julia Poliscanova, director of electric vehicles at the Transport and Environment (T&E) think tank, told AFP. "More than once, on the day that we signed another MoU, the Chinese were buying an entire mine in the same country." The investment gap is huge: China spent $6 billion on lithium projects abroad from 2020 to 2023, while Europe barely coughed up a billion dollars over the same period, according to data compiled by T&E. At the same time, the bottleneck in supply has tightened: last year saw a 30 per cent increase in global demand for lithium, according to a recent report from the International Energy Agency (IEA). "To secure the supply of raw materials, China is actively investing in mines abroad through state-owned companies with political support from the government," the IEA noted. China's Belt and Road Initiative funnelled $21.4 billion into mining beyond its shores in 2024, according to the report. Europe, meanwhile, is "lagging behind in investment levels in these areas", said Sebastian Galarza, founder of the Centre for Sustainable Mobility in Santiago, Chile. "The lack of a clear path for developing Europe's battery and mining industries means that gap will be filled by other actors." In Africa, for example, Chinese demand has propelled Zimbabwe to become the fourth-largest lithium producer in the world. "The Chinese let their money do the talking," said Theo Acheampong, an analyst at the European Council on Foreign Relations. By 2035, all new cars and vans sold in the European Union must produce zero carbon emissions, and EU leaders and industry would like as much as possible of that market share to be sourced locally. Last year, just over 20 percent of new vehicles sold in the bloc were electric. "Currently, only four percent of Chile's lithium goes to Europe," noted Stefan Debruyne, director of external affairs at Chilean private mining company SQM. "The EU has every opportunity to increase its share of the battery industry." Shifting supply chains But Europe's plans to build dozens of battery factories have been hampered by fluctuating consumer demand and competition from Japan (Panasonic), South Korea (LG Energy Solution, Samsung) and, above all, China (CATL, BYD). The key to locking down long-term lithium supply is closer ties in the so-called "lithium triangle" formed by Chile, Argentina and Bolivia, which account for nearly half of the world's reserves, analysts say. To encourage cooperation with these countries, European actors have proposed development pathways that would help establish electric battery production in Latin America. Draft EU regulations would allow Latin America to "reconcile local development with the export of these raw materials, and not fall into a purely extractive cycle", said Juan Vazquez, deputy head for Latin America and the Caribbean at the OECD Development Centre. But it is still unclear whether helping exporting countries develop complete supply chains makes economic sense, or will ultimately tilt in Europe's favour. "What interest do you have as a company in setting up in Chile to produce cathodes, batteries or more sophisticated materials if you don't have a local or regional market to supply?" said Galarza. "Why not just take the lithium, refine it and do everything in China and send the battery back to us?" Pointing to the automotive tradition in Mexico, Brazil and Argentina, Galarza suggested an answer. "We must push quickly towards the electrification of transport in the region so we can share in the benefits of the energy transition," he argued. But the road ahead looks long. Electric vehicles were only two percent of new car sales in Mexico and Chile last year, six percent in Brazil and seven percent in Colombia, according to the IEA. The small nation of Costa Rica stood out as the only nation in the region where EVs hit double digits, at 15 percent of new car sales.
Zawya
4 days ago
- Zawya
Central Bank of Egypt unveils $1.58bln T-bills end-week
Cairo – The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a total value of EGP 80 billion through two offerings on Thursday, 19 June. The first tranche stood at EGP 40 billion, holding a tenor of 182 days until 23 December 2025, according to official data. With the same value, the second auction will mature in 364 days on 23 June 2026. Earlier this week, the central bank issued T-bills worth EGP 60 billion through two auctions. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Zawya
South Africa Accelerates Drive to Expand Intra-African Trade through African Continental Free Trade Area (AfCFTA)
South Africa has reaffirmed its commitment to harnessing the African Continental Free Trade Area (AfCFTA) to unlock new growth opportunities for local businesses and strengthen regional integration. Opening the IATF2025 South Africa Business Roadshow in Johannesburg, Mr. Humphrey Nwugo, Regional Director (Southern Africa) at Afreximbank ( emphasised the urgency of mobilising concrete action. 'This is the time to ensure that South Africa's public and private sectors are not only present but strategically positioned to seize the immense opportunities that IATF2025 will present.' Mr. Nwugo underscored South Africa's pivotal role in the continent's integration journey, citing its strong economic foundations, entrepreneurial energy, and institutional capacity - well positioned to integrate into African value chains. 'We are here to invite South Africa to lead. We want to see the country's private sector on full display in Algiers,' he added. The Intra-African Trade Fair (IATF2025), set to take place in Algiers from 4–10 September 2025, is poised to be a landmark market event and gateway to unprecedented trade and investment prospects across Africa. E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, highlighted the critical importance of IATF2025, taking place amid global instability, climate change, and shifting trade dynamics. 'Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent,' he said. He stressed the urgency of building regional value chains in sectors like automotive and agribusiness, which offer vast potential for inclusive growth. Strengthening these interconnected ecosystems will support technology transfer, diversify intra-African trade, and create new opportunities for small and medium enterprises across the continent. Speaking at the event, the Honourable Sihle Zikalala, Deputy Minister of Public Works and Infrastructure, noted South Africa's strong positioning to drive industrialisation, innovation, and regional value chain development. 'South Africa views the AfCFTA as a historic opportunity to deepen economic ties with our neighbours, expand market access for our goods and services, and promote inclusive, job-rich growth,' said Minister Zikalala. 'The IATF2025 must be viewed as more than just a marketplace, and rather as a strategic tool for implementation, where policy meets practice. South Africa has a critical role to play in driving this vision, underpinned by entrepreneurial spirit, institutional strength, and a dynamic SMME ecosystem. Through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies,' he added. H.E Ms. Baleka Mbete, founder NaLHISA and former Deputy President of the Republic of South Africa was also in attendance. The Roadshow convened over 350 business leaders, policymakers, creatives, and investors, as well as senior representatives from African Export-Import Bank (Afreximbank), the African Union Commission (AUC), and the AfCFTA Secretariat. Themed "Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA," the event spotlighted strategies to build resilient supply chains and boost intra-African trade. Accelerating intra-African trade is pivotal to unlocking industrial opportunities tailored to the continent's strengths. It reduces dependence on external markets, builds economic resilience, and enables value addition within Africa. When African nations trade more with one another, they retain more wealth, create higher-quality jobs, and foster inclusive growth through regional value chains. With the AfCFTA creating a single market of 1.4 billion people, Africa gains the scale and efficiency needed to compete globally. A stronger internal market also improves the continent's bargaining power in international negotiations, strengthens its integration into global supply chains, and sets the stage for long-term economic transformation. South Africa's strong industrial base, advanced financial sector, and world-class infrastructure position it as a regional anchor for AfCFTA implementation. According to South African Revenue Service (SARS) and UN COMTRADE, South Africa recorded merchandise exports of $110.5 billion and imports of $113.2 billion in 2023, resulting in a modest trade deficit of $2.7 billion. Trade made up 65.7% of GDP (World Bank, 2023), demonstrating South Africa's deep integration into global markets. Notably, intra-African trade remained a national strength. As reported in Afreximbank's 2024 African Trade Report, South Africa exported $29.6 billion and imported $9.6 billion from African partners, with intra-African exports comprising 26.8% of total exports. Key sectors such as automotive, agro-processing, and financial services are already benefiting and poised to grow further through regional integration and value chain expansion. Dr. Gainmore Zanamwe, Director, Trade Facilitation and Investment Promotion, Afreximbank, highlighted ongoing efforts to enable seamless intro-Africa trade: 'Afreximbank is deeply committed to unlocking Africa's industrial and trade potential by building enabling ecosystems from financing to infrastructure and standards. Through platforms like the Africa Trade Gateway and Pan-African Payment and Settlement System (PAPSS), we are removing long-standing barriers to intra-African trade, allowing businesses to transact in local currencies and access real-time market intelligence.' Dr. Zanamwe also emphasised the growing role of South Africa and Algeria in regional value chains, especially in manufacturing and automotive sectors. He encouraged South African companies to participate actively in IATF2025, pointing to over $13 billion in EPC (Engineering, Procurement and Construction) contracts facilitated by Afreximbank. He also highlighted funding vehicles such as the Fund for Export Development in Africa (FEDA), the Africa Direct Investment Initiative, and the $2 billion Export Agriculture for Food Security programme. 'IATF2025 is not just an exhibition - it's a business gateway. With 2,000+ exhibitors, 35,000 visitors, and 140+ participating countries, we project over $44 billion in trade and investment deals. This is South Africa's opportunity to lead,' he said. In closing, H.E. Ambassador Ali Achoui, Algeria's Ambassador to South Africa, extended a warm invitation to South African businesses: 'Welcome to Algeria - a country with the third-largest GDP in Africa, no external debt, and ranked first in Africa and the Arab world in achieving the United Nations Sustainable Development Goals. We are proud to host IATF2025 and are committed to facilitating streamlined visa processes by reducing documentation requirements to ease access for all African participants.' Since 2018, IATF has secured more than $100 billion in trade deals, welcomed over 70,000 visitors, more than 4500 exhibitors and has become Africa's most influential trade and investment platform. The event will feature: A trade exhibition The Creative Africa Nexus (CANEX) showcase of fashion, music, film, sports, gastronomy, arts and craft, and literature A four-day Trade and Investment Forum The Africa Automotive Show Special Country Days and Global Africa Day celebrations B2B and B2G matchmaking The AU Youth Start-Up programme The Africa Research&Innovation Hub AfSNET to promote sub-national trade and cultural exchange IATF virtual. To register for IATF2025 or learn more, please visit: Distributed by APO Group on behalf of Afreximbank. Media Contact: media@ press@ About the Intra-African Trade Fair: Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the Intra-African Trade Fair (IATF) is designed to boost intra-African trade and investment. It provides a unique platform for businesses to connect, exchange trade and market information, and explore opportunities to scale across Africa. IATF is open to African and global companies committed to supporting the continent's industrialisation and transformation. About The Johannesburg Tourism Company (JTC): JTC, the official sponsor of the IATF2025 South Africa Business Roadshow, is focused on promoting Johannesburg as a business and leisure destination and often supports various events within the city.
