Business

Okonjo-Iweala: AI Will Transform the Nigerian Economy

Citing a Pricewaterhouse report, she emphasized that AI has the potential to elevate global economic activity by up to $15.7 trillion, or about 15 percent, by 2030. “This growth will extend beyond the industrialized north.

Published

1 year ago

January 15, 2025

OCHEFA

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Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), asserts that the Nigerian economy stands on the brink of significant transformation through the strategic adoption of Artificial Intelligence (AI).

With the right policy decisions and targeted investments from the government, Nigeria is poised to harness the full potential of AI.

Speaking at the 10th Convocation of the African University of Science and Technology (AUST) in Abuja, she declared, “If Nigeria can capitalize on this opportunity, the rewards for our economy will be substantial.”

She referenced a recent report from a public policy consultancy that highlights the potential for AI to generate an impressive $136 billion in productivity gains across Nigeria, Kenya, Ghana, and South Africa.

However, she acknowledged that challenges such as unreliable electricity and frequent power outages might impede internet access and the adoption of AI in Nigeria and other African nations. Despite these challenges,

Okonjo-Iweala pointed out that the combined gains from AI for the four countries represent 13 percent of their total GDP for 2022, with Nigeria poised to capture 43 percent of these estimated benefits.

She praised the federal government and the Ministry of Communications, Innovation, and Digital Economy for their proactive approach in formulating a national AI strategy aimed at leveraging AI to propel economic growth through talent development and partnerships with major players like Google to train and upskill the youth and support startups.

The global south, including Nigeria, has immense opportunities ahead, but we must act decisively to seize this potential,” she stated. Okonjo-Iweala underscored the importance of Nigeria not being left behind in the race to leverage AI technology.

The implications for reshaping economies and achieving development goals are profound, and Nigeria’s proactive engagement with AI will position it for success in international trade and economic advancement.

Related Topics:AI adoption Artificial intelligence Featured

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Business

NTA didn’t introduce VAT on charges collected by banks — NRS

The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

Published

9 hours ago

January 16, 2026

OCHEFA

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Photo: NRS chairman, Zacch Adedeji

The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.

According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.

The statement reads:

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”

Business

LIRS gives employers Jan 31 deadline for filing 2025 tax returns

The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.

Published

10 hours ago

January 16, 2026

OCHEFA

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The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.

Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.

He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.

Business

Nigeria To Review Inflation Reporting First Time In 15 years

The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.

Published

1 day ago

January 15, 2026

OCHEFA

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Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.

This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.

Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.

Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.