Nigeria and Rwanda have Signed a double Taxation Treaty on the sidelines of the ongoing Afreximbank annual meetings to boost cross-border investment.
The landmark agreement on the avoidance of double Taxation and the Prevention of fiscal evasion with respect to taxes on income was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa in Abuja.
Speaking after the signing Mr. Wale Edun noted “This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income.
“It supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area (AfCFTA).” He said.
Streamlining Tax Administration
It is worth noting the treaty comes a day after president Tinubu signed the Tax reforms bill into law to simplify tax administration, improve transparency, and align Nigeria with global standards
Rwanda’s Finance Minister, Yusuf Murangwa, on his part noted the significance of the treaty.
“This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa. We believe this will serve as a model for deeper regional integration and shared prosperity.”
The agreement not only cements bilateral tax cooperation but also opens the door for enhanced trade, technology collaboration, and capital flows, laying the foundation for a more resilient, integrated African economy especially between both countries.
