Nigeria and Rwanda have signed a Memorandum of Understanding (MoU) aimed at boosting trade and investment between the two countries.

The MoU which was sealed on Thursday by the Lagos Chamber of Commerce and Industry (LCCI)
and Rwanda’s Private Sector Federation (PSF) was signed at the ongoing 2024 Lagos International Trade Fair. It aims to deepen economic ties and create new opportunities for businesses in both countries.

In a statement issued by the Head of Communication of the Rwanda Embassy in Nigeria, Maureen Chukwura, the Rwandan High Commissioner to Nigeria, Amb. Christophe Bazivamo said the partnership is a shared vision of fostering a vibrant, interconnected African business landscape and affirmed Rwanda’s commitment to providing a conducive environment for business growth.

He added that the partnership will focus on various areas of cooperation, including trade facilitation, investment promotion, capacity building, and joint events organisation.

“This MOU is a testament to our shared vision—a vision of a vibrant and interconnected African business landscape where Rwanda and Nigeria stand as beacons of economic collaboration and mutual growth,” he said.

“The Rwandan government is fully committed to supporting this endeavour. We have implemented policies to streamline business procedures, enhance infrastructure, and promote a conducive investment climate, ” he added.

According to the statement, the MoU outlines specific steps to enhance collaboration in key sectors such as agriculture, particularly in Rwandan coffee and tea production, as well as energy, manufacturing, technology, and creative industries.

Under the agreement, the LCCI and PSF Rwanda will work to streamline trade procedures, promote cross-border investment, share relevant market information, and build business capacities through joint workshops and training programs.

“The partnership is expected to open new markets, create job opportunities, and strengthen business networks in both countries.

“The two parties plan to organise trade missions and business-to-business meetings and participate in each other’s trade fairs. These activities are set to begin in early 2025, with preliminary virtual meetings and visits planned,” the envoy stated.

The Zambia Revenue Authority (ZRA) has warned businesses and taxpayers to settle their outstanding tax arrears on or before December 31, 2024, or stand the risk of facing stiff sanctions, including interest charges.

Oliver Nzala, ZRA Corporate Communications Manager, who gave the warning, advised taxpayers experiencing cash flow challenges to consider entering a Time to Pay Agreement (TPA) with the Commission to avoid penalties.

He noted that the flexible arrangement would allow them to spread their tax payments over monthly installments, easing the burden of settling the arrears in one lump sum.

In a statement issued in Lusaka on Tuesday, Nzala reminded businesses that tax compliance was mandatory for renewing trading licenses and permits with local councils in 2025.

“As the financial year draws to a close, taxpayers must fulfill obligations such as submitting tax returns and paying outstanding taxes to avoid penalties,” Nzala said.

He added that support would be available for taxpayers approaching the December 31 deadline while encouraging taxpayers to act promptly to avoid the end-of-year rush, emphasizing that failing to meet the deadline could lead to accumulating interest on any unpaid amounts.

“To provide extra support, ZRA service centers and contact lines are open, ready to assist taxpayers,” he said, while extending appreciation to those who contribute to national development through their tax payments.