Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021

In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/nigerias-quarterly-vat-collections-have-reached-new-highs-in-seven-consecutive-quarters-since-q4-2021/" title="Nigeria&#039;s quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021"><img src="https://intelpoint.co/wp-content/uploads/2024/01/Nigerias-quarterly-VAT-collections-have-reached-new-highs-in-seven-consecutive-quarters-since-Q4-2021-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Nigeria%27s+quarterly+VAT+collections+have+reached+new+highs+in+seven+consecutive+quarters+since+Q4+2021" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2013 - 2023

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

The top 15 countries accounted for 68.8% of global gold production in 2023, with four African nations among the leaders

Key takeaways:

China led global gold production with 378.16 tonnes, representing approximately 10.4% of global output.
The top five producers (China, Russia, Australia, Canada, and the United States) collectively produced 37% of the world’s gold.
African nations showed remarkable strength, with four countries in the top 15 (Ghana, Mali, South Africa, and Burkina Faso).
Ghana led Africa in gold production and ranked 6th globally, producing 135.11 tonnes in 2023.
China, Australia, and Russia together produced nearly 1,000 tonnes of gold, accounting for 27.3% of total world production.

Nigeria's naira depreciated by 129% in 2024, hitting an average of 1,479 NGN per US$

The Nigerian naira depreciated by a record-breaking 129.23% in 2024, the highest drop in the last decade.
From 2015 to 2022, the naira's depreciation was relatively controlled, rarely exceeding 20% year-on-year.
The exchange rate remained nearly flat from 2017 to 2019, showing signs of stability.
In 2023, the naira lost over half its value (51.46%), marking the beginning of the current volatility wave.
The exchange rate crossed the ₦1,000/$ threshold in 2024 for the first time in history.

Somalia's official exchange rate (SOS per US$) has generally trended upwards from 2015 to 2024, reaching 28,118.33 SOS per US$

Somalia’s currency has depreciated by 26.4% between 2015 and 2024.
The sharpest yearly depreciation was in 2019, at 4.64%.
From 2020 to 2021, the SOS saw its smallest year-on-year shift at 1.08%.
Despite fluctuations, every year from 2015 to 2024 recorded a net increase in SOS per US$.
2017 recorded near-stable currency performance with just a 0.16% change from the previous year.

The average gold production in Africa between 2010 and 2023 was 840.59 tonnes, reaching a record high of over 1,000 tonnes in 2023

Key Takeaways:

Africa's gold production grew steadily from 621.78 tonnes in 2010 to 1,003.98 tonnes in 2023.
The continent experienced an overall increase of 61.5% in gold output over the 14 years.
The continent saw consistent year-on-year growth, with only minor declines in 2020 and 2022.
2023 marked the highest production level in more than a decade.
The average annual growth rate in gold mine production over the period was approximately 4%.

Global gold mine production increased steadily from 2010 to 2023, marking a 29% overall rise despite temporary setbacks in 2019 and 2020

Key Takeaways:

Global gold production rose from 2,830.80 tonnes in 2010 to 3,646.07 tonnes in 2023.
The most significant year-over-year growth occurred between 2012 and 2013, with an increase of over 178 tonnes.
A temporary decline in production was recorded in 2019 and 2020, reflecting pandemic-related disruptions.
Production recovered quickly post-pandemic, reaching a record 3,646.07 tonnes by 2023.
Over the last fourteen years, gold mine output grew at an average annual rate of approximately 2%.
Growth from 2021 to 2023 was more moderate compared to earlier years.

North Africa dominates the strongest African currencies in 2024, with Tunisia taking the lead at TND 3.11/USD

Tunisia held the top spot with the strongest African currency, trading at 3.11 TND per USD in 2024.
Libya followed as the second-strongest, with an exchange rate of 4.83 LYD per USD.
Morocco maintained a strong regional position, with its dirham trading at 9.94 MAD per USD.
Botswana’s pula was relatively stable, exchanging at 13.56 per USD, highlighting Southern Africa’s economic steadiness.
Ghana and Seychelles had closely matched exchange rates, trading at 14.48 and 14.53 to the dollar, respectively.
South Africa, Lesotho, Namibia, and Eswatini all shared almost identical exchange rates of around 18.32–18.33 per USD, showing tight regional monetary coordination.