Nigeria and Rwanda have signed a double taxation memorandum of understanding to promote cross-border investment.
The signing took place during the 32nd Afreximbank annual meeting in Abuja, and was attended by the Minister of Finance, Mr. Wale Edun, and Rwanda’s Minister of Finance and Economic Planning, Yusuf Murangwa.
According to a statement from Mohammed Manga, FCAI Director of Information and Public Relations, Edun described the agreement as a significant milestone, especially following Nigeria’s recent enactment of four major tax reform bills.
He emphasised that the treaty is essential for encouraging cross-border investments, providing tax certainty, and preventing double taxation on the same income.
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Edun noted that this agreement aligns with Nigeria’s broader goals of attracting private sector investment, boosting intra-African trade, and enhancing Nigeria’s competitiveness within the African Continental Free Trade Area (AfCFTA).
The treaty aims to streamline tax administration, enhance transparency, and align Nigeria with global standards, thereby protecting taxpayers and reducing loopholes.
The agreement is expected to increase investor confidence in both nations, particularly in sectors like technology, finance, agriculture, and logistics.
Murangwa highlighted the partnership between Rwanda and Nigeria, calling the agreement a vital step towards creating a unified, investor-friendly Africa and a model for deeper regional integration and shared prosperity.
Both ministers praised their technical teams for their professionalism and vision in developing the agreement, which not only strengthens bilateral tax cooperation but also facilitates increased trade, technological collaboration, and capital movement, laying the groundwork for a more resilient and integrated African economy.
