The Covid-19 pandemic has exposed the urgency for African countries to optimise public revenues from their natural resources

Must Read

- Advertisement -

Africa will not meet the Sustainable Development Goals (SDGs) target of eliminating extreme poverty by 2030. This slow progress derives from resource leakages and increasing poverty rates, as 64.3% of sub-Saharan Africa is still living in multidimensional poverty. While other regions of the world are experiencing rapid poverty reduction, the decline is much slower for sub-Saharan Africa. Human Development Report – 2019.

The Covid-19 pandemic has exposed the urgency for African countries to optimise public revenues from their natural resources
The Covid-19 pandemic has exposed the urgency for African countries to optimise public revenues from their natural resources – www.brandspurng.com

Because COVID-19 has overstretched the resources needed to fund essential services like education and health in Africa, the increased continental debt burden and limited inflows of aid and foreign development investment, there is pressure, more than ever to raise revenue locally. Africa should be able to raise the needed funds if the duct allowing capital flight and illicit financial flows (IFFs) could be closed.

The lost funds mainly come from Africa’s extractive sector, while Africa remains the poorest continent in the world. The 2020 UNCTAD report on Economic Development in Africa shows that the extractive sectors lose about $ 50 billion annually. “The extractive sector presented the largest source of IFF from Africa. In view of the pressure on governments to mobilize financial resources to mitigate the adverse impact of COVID-19, the extractive sector presents strategic potential to generated to raise the required resources.” says Alvin Mosioma, the Executive Director, Tax Justice Network Africa (TJNA).

There is need to reimagine public policy and deploy strategies that address Africa’s vulnerabilities which were made more visible by Covid-19. Oil, gas and minerals are finite resources. The more they get extracted, the lost the opportunity to develop based on them. The Multinational Corporations (MNCs) in the extractive sector, unfortunately, do not pay their fair share, and Africa’s development based on its natural resources remains an unattainable dream. In this regard, the Africa Mining Vision (AMV), and the report of the High-Level Panel (HLP) on IFFs have provided recommendations to optimise domestic resource mobilisation and leverage on the extractive sector to drive inclusive and sustainable growth.

- Advertisement -

TJNA calls for African governments to improve transparency and accountability of MNCs, to end secretive jurisdiction and tax havens, and to promote the automatic exchange of information, citizen participation in extractive revenue management. Additionally, countries should review policies that allow overly generous tax incentives and publicly report the revenue forgone to subsidise the MNCs.

Read Also:  CBN Includes Textile, Cotton On Forex Restriction

To provide a forum to discuss these issues, the Pan African Conference on Illicit Financial Flows and Taxation (PAC) will bring together members of parliament, policymakers, researchers, academia, government representatives, media, international development partners, and civil society representatives from across the continent. PAC 2020 will be a week-long virtual event and will focus on leakages of domestic resource mobilisation in the extractive sector. This conference will be broadcasted live on the TJNA YouTube channel

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

Top 10 Smartphone Brands Capture 88% Market Share in Q2 2020 as Huawei and Samsung Tie at 20%

Worldwide smartphone sales suffered a hit during the second quarter of 2020, dropping by 20.4%. In total, 294.7 million units were sold during the three-month period compared to 370.3 million units in Q2 2019.

- Advertisement -
Read Also:  How ‘Xtra’ can you go? The new Dominos Pizza Menu will leave you craving for more!

Ogun Govt Releases N500,000 to Trade Associations, Artisan Groups

In a bid to further enhance rapid economic growth in Ogun State as well as ensure the wellbeing of its citizenry, the State Government has released the sum of Five Hundred Thousand Naira as subvention to Trade Associations and Artisan Groups.

You Should Probably Shut Up At These Critical Times

Talking can help you connect with others, but it can also destroy relationships. Here are some critical times when you should shut your mouth—before you put your foot in it.

- Advertisement -

Sani Abacha loot – The only guaranteed money back scheme in Nigeria

The late General Sani Abacha was a Nigerian army general and dictator who ruled Nigeria from 1993 until his death in 1998. The Sani Abacha administration period had a boom in the country’s federal exchange reserve from $494 million in 1993 to $9.6 billion by the middle of 1997 and the administration also reduced the external debt of Nigeria from $36billiom in 1993 to $27 billion by 1997.

How to apply for the Youtube Black Voices Fund for Nigerian Artists and Creators

Youtube recently announced that artists and creators from Nigeria can apply for grants from its Black Voices Fund. The global $100m fund will, over the next three years, offer support to Black Artists and creators so they can thrive on Youtube.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Mouka

Mouka Wins Most Outstanding Foam and Mattress Company of the Year...

Mouka, Nigeria’s leading manufacturer of mattresses, pillows and other bedding products, has won the Most Outstanding Foam and Mattress Company of the Year at...
- Advertisement -
spot_imgspot_img

Latest News

Mouka Wins Most Outstanding Foam and Mattress Company of the Year Award

Mouka, Nigeria’s leading manufacturer of mattresses, pillows and other bedding products, has won the Most Outstanding Foam and Mattress...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img