Vice President Yemi Osinbajo, says Africa must deepen its cooperation and collaboration with the rest of the world to derive maximum benefits international tax initiatives.
Osinbajo spoke at the opening session of an ongoing Africa CEO Forum panel held in Abidjan, Ivory Coast, according to a statement released Monday by Laolu AkandeSpokesperson for the Vice President.
The theme of the forum was “Economic sovereignty: from ambition to action”.
Osinbajo said there was a dire need for collaboration between Africa and the rest of the world, adding that caution was needed when it came to economic sovereignty.
“I think we have to be a little more careful with the concept of economic sovereignty because we really need to collaborate more and with the way development is going, we have to watch some of these things,” the vice president said.
“For example, if we look at the way technology is changing, which is critical for us in Nigeria, especially the taxation issues of tech companies and all that, obviously it’s difficult and it’s an expression major of sovereign power — the power to tax.
“The way the world and technology are structured today, it is impossible to use the same basis – personal and territorial basis – for taxation.
“These are multinational companies that span across countries and continents.
“We must cooperate with the world and the international tax system to ensure that we are able to derive the maximum benefit; we need to sit around the table and ensure that all the various international tax initiatives favor us in Africa.
According to him, while Africa is looking inward, it must also look outward because a lot of money is obviously used by technology companies across the world and many African countries are value creators for these. businesses.
Osinbajo also said Africa must explore ways to harness its intellectual capacity.
“The world is now more focused on intellectual capital. We need to think about how we can work with the world to make the most of our intellectual capacity,” he said.
For his part, Abdulsamad Rabiu, Managing Director of BUA Group, said that to accelerate development, Africa should look inward.
Rabiu said taking advantage of the opportunities offered by the African Continental Free Trade Agreement (AfCFTA) and improving infrastructure are some of the key areas for leaders on the continent to focus on.
President Alassane Ouattara of Côte d’Ivoire, in his opening remarks, commended the organizers for bringing together leaders from the public and private sectors across the continent and beyond to discuss and develop new pathways to drive the transformation of economies across Africa.
He said that despite the COVID-19 pandemic, efforts have been directed towards fruitful collaborations, as well as “building new partnerships between the public and private sectors, particularly providing opportunities for young Africans with special emphasis on the green economy”.
Other speakers on the panel were President Nana Akufo-Addo of Ghana; Makhtar Diop, Managing Director of the International Finance Corporation; Patrick Njoroge, Governor, Central Bank of Kenya; Kate Kanyi Tometi-Fotso, Managing Director, Telcar Cocoa; and Karim Beguir, Managing Director, Instadeep.