Oyedele: Africa must finance its own development

Barbara Bako, Abuja.

Nigeria’s Minister of State for Finance, Taiwo Oyedele, has urged African countries to take full responsibility for their development by strengthening tax systems and boosting domestic resource mobilisation.

Oyedele made the call at the closing ceremony of the 5th Session of the African Union Specialised Technical Committee (STC) Sub-committee meeting on Tax and Illicit Financial Flows held in Abuja.

“This gathering has not been routine. It has been strategic,” he said, noting that discussions were driven by “a clear and urgent mandate to build the Africa we want through stronger tax systems, better fiscal governance, and more effective domestic resource mobilization.”

He stressed that Africa must reduce reliance on external funding, declaring: “Africa must finance its own development.”

“Africa cannot continue to outsource its development to others. We must mobilize our own resources by broadening our tax basis, by improving compliance, by reducing leakages, including illicit flows, and by strengthening institutions,” he added.

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Oyedele described illicit financial flows as a major threat to the continent’s fiscal stability, stressing that stronger transparency and enforcement mechanisms are required.

“With regards to tackling illicit financial flows, this remains one of the biggest threats to Africa’s fiscal sovereignty… it is not just a tax issue. It is a governance and development issue,” he said.

Highlighting the cost of such leakages, he noted: “Every naira, every shilling, every rand, every dollar lost to illicit financial flows is a school not built, is a hospital not equipped, and is a job not created.”

On the digital economy, he urged African countries to be more assertive in global tax negotiations. “Africa must not be a passive participant in the global digital economy. We must assert our taxing rights,” he said.

He also emphasised the need for stronger collaboration across the continent, warning that fragmentation undermines progress.

“Coordination is no longer optional… because fragmentation is costing Africa,” Oyedele stated.

The minister called on countries to remain committed to reforms despite challenges, stressing that sustained efforts are critical to achieving long-term development goals.