On the sidelines of the 32nd Afreximbank Annual Meetings, holding in Abuja, Nigeria, the Federal Republic of Nigeria and the Republic of Rwanda today signed a landmark Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, reinforcing their shared commitment to deepening economic cooperation and facilitating private sector-led growth across Africa. 

The high-level signing ceremony, held in Abuja, was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Economic Planning.

HM Edun hailed the agreement as a strategic milestone following the recent passage of four landmark tax reform bills in Nigeria. *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,* he stated. Edun added that the agreement *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).*

The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse. It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.

Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: *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.*

Both ministers acknowledged the dedication of their technical teams, whose professionalism and foresight shaped the framework for this outcome. 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.

As Africa continues to evolve, partnerships like this pave the way for a brighter economic future, fostering growth, investment, and prosperity across the continent.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today received a high-level delegation from Nigeria’s downstream petroleum sector, led by Mr. Abdulkabir Adisa Aliu, Chief Executive Officer of Matrix Energy.

The delegation also included Yakubu Maishanu, Chairman/CEO of AYM Shafa Ltd, and Alhaji Auwalu Abdullahi Rano, CEO of A.A. Rano. Together, the group reaffirmed its commitment to market stability, expanded private investment, and continued support for the federal government’s reform agenda.

Discussions focused on the visible economic impact of recent policy measures, including the successful transition away from petrol subsidies, enhanced domestic supply, improved exchange rate stability, and a notable reduction in pump prices. The marketers noted that collectively, their companies now supply nearly 20 million litres of petrol daily—without fiscal burden on the government—underscoring the effectiveness of private sector-led distribution.

The delegation welcomed the government’s supportive policy stance and encouraged continued clarity to further strengthen investor confidence and ensure smooth market operations. They also reiterated their commitment to accelerating investment in Compressed Natural Gas (CNG) infrastructure, in line with national energy transition goals.

HM Edun commended the downstream operators for their leadership and resilience, acknowledging their critical role in ensuring energy security and supporting sustainable growth. He reaffirmed the federal government’s commitment to fostering a stable policy environment that encourages private investment and drives inclusive development in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This engagement reflects the deepening partnership between public and private sector actors in delivering a more competitive, resilient, and forward-looking energy market for all Nigerians.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Wednesday, attended a key meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira.

The session brought together senior officials from the Federal Inland Revenue Service, NNPC, Dangote and NNPC Refineries, the Central Bank, NMDPRA, NUPRC, and the Nigerian Ports Authority.

The meeting underscored the importance of ongoing collaboration through the One Stop Shop mechanism, with a focus on accelerating Nigeria’s transition to a self-reliant energy market. The crude-for-naira framework is central to stabilising the FX market, supporting local industry, and reducing reliance on imports—offering long-term benefits for both Nigerians and the private sector.

Steering Committee’s review marks a significant milestone in Nigeria’s journey towards energy market reforms, paving the way for increased economic stability and growth.