Economy

Okonjo-Iweala Urges Africa to Ditch Aid Dependence

Published

9 months ago

February 3, 2026

Q Tinny

Okonjo-Iweala Africa aid dependence message at ABU urges shift to investment, trade and clean energy to drive jobs and growth

The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, urged African countries to abandon aid dependence and reposition the continent as a prime destination for global investment, trade and industrial growth during a lecture at Ahmadu Bello University.

Also read: Okonjo-Iweala Urges Nigeria to Target Global Investors

Dr Ngozi Okonjo-Iweala delivered the pre convocation lecture titled “Challenges and Opportunities for Africa and Nigeria in the Present Global Geopolitical and Geostrategic Context” before academics, policymakers, students and guests at the university in Zaria.

Dr Ngozi Okonjo-Iweala said Africa must no longer approach the world as a supplicant for a shrinking pool of aid but as a region with vast opportunities, youthful talent and markets capable of strengthening global economic resilience.

The WTO chief argued that current geopolitical and economic disruptions have exposed the risks of over reliance on a few countries for critical supplies and market access, prompting businesses worldwide to diversify supply chains and sourcing.

Dr Ngozi Okonjo-Iweala described the shift as an opening for Africa to benefit from what she called re globalisation, particularly by attracting investments in labour intensive manufacturing, critical minerals, pharmaceuticals, renewable energy and agro processing.

Citing renewable energy as a practical example, Dr Ngozi Okonjo-Iweala noted that while imports of solar and wind technology have reduced energy costs in many African countries, the continent should prioritise local manufacturing to create jobs for its growing youth population.

Dr Ngozi Okonjo-Iweala said Africa holds about 60 per cent of global solar potential yet attracts only two per cent of worldwide solar investment, urging governments to improve the investment climate to draw foreign manufacturers to the continent.

She described Africa’s youthful population as the world’s future talent pool, noting projections that the continent will account for about a quarter of the global working age population by 2050 if properly harnessed.

Beyond demographics, Dr Ngozi Okonjo-Iweala highlighted Africa’s arable land and mineral wealth, referencing estimates that the continent holds nearly 30 per cent of the world’s known mineral reserves critical to the energy transition.

Dr Ngozi Okonjo-Iweala said harnessing clean energy to power regional mineral processing and supply chains could deliver jobs, growth and environmental benefits simultaneously.

The WTO Director-General cautioned that Africa had missed similar opportunities in the past and urged leaders and citizens to act decisively to avoid repeating such mistakes.

Also read: Okonjo-Iweala Urges Nigeria to Target Global Supply Chains

Dr Ngozi Okonjo-Iweala also called on young Africans to demand accountable leadership, stressing that present choices would determine whether the continent becomes a major force in the global economy or remains at its margins.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

13 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.