Building on the successful conclusion of the 17th replenishment of the African Development Fund (ADF-17), which mobilised $11 billion for Africa’s most vulnerable countries, the African Development Bank Group and the Government of the United Kingdom convened global investors and private sector leaders in London to accelerate a new phase of private capital mobilisation for Africa’s development.

The inaugural Africa Private Capital Mobilisation Day, held on 17 December at Lancaster House, brought together more than 150 senior decision-makers from private equity firms, sovereign wealth funds, pension funds, insurers, philanthropies, and development finance institutions and export credit agencies—marking a decisive shift from dialogue to execution.

The high-level event was hosted by the African Development Bank Group in partnership with UK government institutions, the Foreign Commonwealth and Development Office, UK Export Finance and British International Investment, reflecting a shared ambition to scale private capital flows into African economies.

Speaking at the opening, African Development Bank Group President Dr Sidi Ould Tah described the event as a natural continuation of the ADF-17 replenishment process and a decisive step toward addressing Africa’s estimated $402 billion annual development financing gap.

“We will build on recent engagements with development finance institutions, export credit agencies, pension funds, sovereign wealth funds, insurers, and philanthropic partners to advance concrete initiatives under our vision for a New African Financial Architecture,” said Dr Ould Tah.

The Africa Private Capital Mobilisation Day aligns with President Ould Tah’s Four Cardinal Points vision, which focuses on unlocking Africa’s capital potential, strengthening financial sovereignty, transforming demographic growth into a dividend, and delivering resilient infrastructure and value chains.

UK Minister for Development, Jenny Chapman said, “We are delighted that President Ould Tah decided to hold the first Private Capital Mobilisation Day here in London, recognising the critical role of the City of London in mobilising investment for Africa. The UK’s shifting role—from donor to investor—will support countries who want to grow their economies and ultimately ultimately exit the need for aid.”

The programme featured focused discussions on reshaping perceptions of risk in Africa, designing innovative financial platforms, and mobilising capital in fragile and frontier markets.

New analysis on the Global Emerging Markets Risk Database delivered by the Center for Global Development presented new evidence showing that long-term lending to African borrowers has historically been significantly less risky than commonly perceived.

Sector-focused discussions underscored the strategic role of healthcare and aviation in strengthening Africa’s economic resilience, productivity and integration. Participants were introduced to two flagship initiatives championed by the Bank Group and its partners:

– The Africa Medicines and Equipment Facility, developed in partnership with the Gates Foundation, will provide African countries with predictable, timely, and affordable financing to secure essential medicines and medical equipment.

– The Integrated Aviation Transformation Programme for Africa—supported by a dedicated blended-finance facility—aims to modernise and expand Africa’s aviation ecosystem—from airports and airlines to enabling services critical to trade, tourism, and regional integration.

In parallel, President Ould Tah convened a closed-door roundtable with senior executives from approximately 30 leading institutional investors to explore the launch of an Africa-focused Private Sector Innovation Lab. The proposed platform would serve as a dedicated space to co-create new financing instruments, partnership models, and risk-sharing solutions tailored to African markets.

The outcomes of the Africa Private Capital Mobilisation Day are captured in the London Communiqué, setting out clear commitments by the African Development Bank Group and its partners to scale private capital mobilisation for Africa.

Further work will go into setting out priority actions and implementation pathways to scale private capital mobilisation for Africa, turning ambition into scalable capital and risk mitigation solutions.

The Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) will automatically serve as the Tax Identification Number (TIN) for individual Nigerians beginning in 2026.

The clarification was issued on Monday through a public awareness campaign on the new tax laws shared by the Service on X.

According to the FIRS, registered businesses will also no longer need a separate Tax Identification Number, as their Corporate Affairs Commission (CAC) registration numbers will now function as their official tax identifiers under the revised tax framework.

The announcement follows public concerns over aspects of the new tax laws that require a Tax ID for certain transactions, including the operation and ownership of bank accounts.

Providing further explanation, the FIRS said the Nigeria Tax Administration Act (NTAA), scheduled to take effect in January 2026, mandates the use of a Tax ID for specified transactions. It, however, noted that the requirement is not entirely new, stressing that it has been in existence since the Finance Act of 2019 but has now been strengthened.

“The Tax ID unifies all Tax Identification Numbers previously issued by the FIRS and State Internal Revenue Services into a single identifier,” the Service said.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card, as the Tax ID is a unique number linked directly to your identity.”

The FIRS explained that the new system is intended to simplify identification processes, eliminate duplication, close gaps that enable tax evasion, and promote fairness by ensuring that all individuals earning taxable income contribute accordingly.

The agency also urged Nigerians to ignore misinformation surrounding the reform, assuring the public that the new tax framework is designed to improve efficiency and transparency in tax administration.

Meanwhile, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed that banks will be required to request a TIN from all taxable Nigerians as part of the federal government’s new tax administration framework, which will take effect on January 1, 2026.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports that bank accounts not linked to a Tax Identification Number (TIN) will be frozen or automatically debited from January 1, 2026.

Taiwo Oyedele

Oyedele described the claims as false and misleading, warning Nigerians against panic over misinformation surrounding recent tax and financial reforms.

In a post on his X handle Tuesday morning, he wrote: “Don’t let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you.

“When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise.”

He stressed that no provision in the new tax laws authorises the freezing of bank accounts, adding that the rumours are part of widespread misrepresentation of the reforms.

The committee chairman reiterated that the reforms are intended to simplify Nigeria’s tax system and ease the burden on ordinary citizens, not to impose punitive measures on bank customers.