Business
Nigeria To End Fuel Imports As 650,000pbd Dangote Oil Refinery Takeoff

Dangote Petroleum Refinery which commences production today, will help Nigeria transited from being the largest importer of these products to a net exporter.
Aliko Dangote, the President and CEO of Dangote Group, affirmed this during the inauguration ceremony of the plants by the outgoing President, Muhammadu Buhari, at the Lekki Free Trade Zone in Lagos.
“This project is just the beginning of a great journey, a milestone in a new and exciting trajectory for the downstream sector of Nigeria’s Oil and Gas Industry.
“It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter,” said Dangote.
He disclosed that the first product of the refinery “will be in the market before the end of July, or beginning of August this year.”
He stated that given the 650,000 barrel per day processing capacity, the refinery is more than able to meet all of Nigeria’s domestic fuel consumption, which is about 450,000 barrels per day. This leaves the excess production of 200,000 bpd available for export.
” The group’s huge investment of over $18.5 billion in the oil and gas industry has been prompted by the desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our country as the leading Nation in Africa, and a respected member among emerging economies in the world.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we can fully satisfy our nation’s demand for high-quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products,” he said.
He added that beyond the local market, the group intend to ensure that the plants are run at the highest capacity utilization and highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and the wider Africa Region in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.
Gratitude For Projects’ Supports
Dangote thanked President Muhammadu Buhari and Nigerians, for the immeasurable support his company got from the inception of the project to its completion.
“Well, what I want to share with Nigerians is actually to show my gratitude and that of the Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-Elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
And also we want to thank Governor Fashola, Governor Ambode and Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.
“We thank all Nigerians for giving us their support which is too numerous to mention,” he said.
Business
FG Enforcing Compulsory “No Tax ID, No Bank Account Policy”
Section 8 (2) makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.

The Federal Government is making it compulsory for all taxable Nigerians to obtain a compulsory Taxpayer Identification (Tax ID) when the new tax Acts come into force in January 2026.
The policy will be enforced by the Nigeria Revenue Service (formerly Federal Inland Revenue Services).
Ohibaba.com gathered that the Tax ID is contained in the provisions of the Nigeria Tax Administration Act, 2025, Part II Section 4 of the legislation which was recently signed by President Bola Tinubu.
It says: “Every Taxable person shall register with the relevant Tax Authority and obtain a Taxpayer Identification Card (Tax ID) for the purpose of compliance with tax obligations.
“Every ministry, department or agency of the federal, State or Local government shall register and obtain a Tax ID.”
It said that Section 6 (1) of the Act also requires Non-resident persons who supply taxable goods and services to any person in Nigeria to obtain Tax ID, as they shall be obligated to pay tax in Nigeria.
Section 7 (3) empowers the relevant tax authority to issue Tax ID to a person who should have applied for an ID but failed to do so.
The relevant tax authority is also empowered to refuse to issue a Tax ID to an applicant based on information available to it.
In such a case, the authority shall inform the applicant of its decision within five working days.
Section 8 (1) (c) makes Tax ID a condition for entering into any contract with the Federal and State governments.
Section 8 (2) makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.
The Act, however, provides an allowance to suspend or deregister the Tax ID, if the holder ceases to undertake trade or business, either temporarily or permanently.
Section 10 (1) provides, “Where a taxable person temporarily ceases to carry on a trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to suspend its registration for tax purposes within 30 days of such temporary cessation of trade or business.(2)
“The Tax authority shall classify the Tax ID as ‘dormant’ and place it on suspension.
(3) “Where a taxable person permanently ceases to carry on trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to deregister for tax purposes within 30 days of such cessation of trade or business.
Business
Nigeria to host Intra-African Trade Fair (IATF) 2027
With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.

• IATF 2025 opening ceremony , 4 September, Algiers.
Nigeria has been officially picked to host the 2027 edition of the Intra-African Trade Fair (IATF).
This was announced during the opening ceremony on Thursday in Algiers, with calls for African countries to accelerate growth in Intra-African trade and boost economic integration.
At the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, received the IATF flag on behalf of the country as Lagos was confirmed host city for the continental fair in 2027.
The Chairman of the IATF Advisory Council and former President Chief Olusegun Obasanjo, said, “Since its inception, the IATF has rotated across our continent, leaving its unique legacy and improving with each host nation.
“Today we continue the proud tradition by announcing the country that will host IATF2027.
“With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.
Organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the IATF brings together continental and global stakeholders to showcase goods and services, facilitates direct engagement and exchange between businesses and between businesses and government entities.
The fair was established to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement which aims to create a single market for goods and services across Africa.
Business
OPSN Faults Repeated Summons of Private Companies by National Assembly
OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).

The Organised Private Sector of Nigeria (OPSN) has expressed deep concerns over incessant invitations, summons by the committee of the National Assembly on the activities of private companies.
OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).
The Association of Food, Beverages and Tobacco Employees(AFBTE) and other 25 sectoral employers ’ associations also decried this situation.
The concern was conveyed through an open letter sent to the President of the Federal Republic of Nigeria, Bola Tinubu, which was published on Thursday, September 4, 2025.
The group said that the practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 Constitution do not extend oversight powers to private companies.
They cite judicial precedents in the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria and ORS (FHC/ABJ/CS/261/2018).
The court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.
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