The African Development Bank (AfDB) says Africa could unlock over $469 billion in additional annual revenue without increasing statutory tax rates. The bank’s Chief Economist, Prof. Kevin Urama, made this known in an interview in Abuja, stressing that the continent’s biggest opportunity lies in improving domestic resource mobilisation rather than raising taxes.

He explained that stronger tax administration, digitalisation of revenue systems, and more efficient public institutions would significantly boost compliance and reduce leakages. According to him, these reforms could help African countries raise more funds needed for development without placing additional burdens on citizens.

Urama added that improving governance and service delivery is key to building public trust in tax systems, describing it as a more sustainable pathway for financing Africa’s long-term growth and development.