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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.

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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.

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.

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.

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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.

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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.

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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.

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• 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.

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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).

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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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