Nigeria Signs Tax Treaties with Ghana, Tanzania, Switzerland

The Nigerian Government has approved Double Taxation Avoidance Agreements with Ghana, Tanzania, and Switzerland to foster a more conducive investment environment for Nigerian businesses and attract foreign capital. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, during a briefing with State House correspondents following the fourth Federal Executive Council meeting of the year, chaired by President Bola Ahmed Tinubu in Abuja.

Prof. Oyedele stated that these agreements are part of a broader economic strategy to expand Nigeria’s tax treaty network, improve the investment climate, and enhance the country's competitiveness in attracting international capital. He highlighted that Nigeria aims to increase its number of Double Taxation Avoidance Agreements to compete with leading African economies, noting that South Africa has over 60 such treaties.

Additionally, the Federal Executive Council approved a $1.25 billion financing facility from the International Development Association and the International Bank for Reconstruction and Development to support Nigeria's investment and employment-generation programs.