Finance minister urges stronger tax cooperation in West Africa

Nigeria's Finance Minister has called for enhanced tax cooperation among West African nations to deepen fiscal reforms, improve compliance, and boost revenue mobilization across the region. The statement was made during a regional economic forum, emphasizing the need for coordinated tax policies to address common challenges such as tax evasion and base erosion. The minister highlighted that stronger collaboration could help countries in the Economic Community of West African States (ECOWAS) increase domestic resource mobilization, reduce reliance on external borrowing, and fund critical infrastructure and social programs. The call comes amid ongoing efforts by several West African countries to broaden their tax bases and improve collection efficiency. No specific timeline or binding agreement was announced, but the proposal signals a push toward greater fiscal integration in the region.

Global Impact

Politically, the proposal could strengthen regional governance and reduce fiscal fragmentation in West Africa, potentially setting a precedent for other developing regions. Economically, improved tax cooperation would boost domestic revenue, lowering dependence on volatile commodity exports and external aid, which could stabilize local currencies and attract foreign direct investment.