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

Period:

2013 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Road accidents in Nigeria (Q3 2020-Q3 2024)
  • Road accidents declined by 53% between Q3 2020 and Q3 2024.
  • Q4 2022 recorded the highest number of accidents, with 4,835 reported cases.
  • Q3 2024 had the lowest number, with just 1,945 accidents.
  • Speed violation remains the leading cause of road accidents in Nigeria.
  • Ogun, FCT, Kaduna, and Nasarawa consistently rank among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Imo, Rivers, and Akwa Ibom regularly report the lowest number of accidents each quarter.
  • Commercial vehicles are the most frequently involved vehicle category in accidents.
  • Cars account for the highest number of individual vehicle accidents.
Top 10 Nigerian states with the highest number of road accidents (Cumulative, Q3 2020-Q3 2024)
  • The Federal Capital territory (FCT) recorded the highest number of road accidents between Q3 2020 and Q3 2024, with a total of 8,133 accidents, accounting for 12.42% of total accidents.
  • FCT, Ogun, Nasarawa, and Kaduna consistently ranked among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Akwa Ibom, Rivers, and Imo were among the states with the lowest number of recorded accidents each quarter.
EV manufacturers' revenue performance Q1 (2024-2025)
  • Tesla remains the EV manufacturer with the highest revenue, generating approximately $19 billion in Q1 2025.
  • Among companies that exclusively produce EVs, Tesla was the only one to report a year-over-year revenue decline between Q1 2024 and Q1 2025.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
  • VinFast’s strong performance was largely driven by robust sales in Vietnam, its largest market.
  • Despite a 38.46% drop in EV deliveries, Rivian posted a 2.99% year-over-year revenue increase between Q1 2024 and Q1 2025.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
Egypt, South Africa, and Nigeria lead Africa’s $1.21 trillion cumulative FDI inflows since 1990, with $195B, $151B, and $111B respectively
  • Egypt leads with $195.2 billion in cumulative FDI inflows as of 2024.
  • South Africa follows with $151.0 billion, and Nigeria is third with $110.7 billion.
  • Only these three countries have crossed the $100 billion mark over the 34-year span.
  • Morocco and Mozambique are neck-and-neck, with around $58–59 billion each.
  • Ghana and Ethiopia show strong mid-tier performances, both near or above $45 billion.
  • DR Congo, Algeria, and Congo round out the top 10 — all with over $30 billion in long-term FDI.
After peaking at $3.88B in 2019, Ghana’s FDI fell to $1.31B in 2023, a 66% drop in four years
  • FDI inflows surged from just $0.01 billion in 1990 to a record $3.88 billion in 2019, marking a 388x increase over 30 years.
  • Between 2006 and 2019, Ghana consistently attracted over $1 billion annually, with nine of those years surpassing $3 billion.
  • The highest FDI year on record was 2019, likely reflecting peak investor confidence before the pandemic.
  • Since 2021, FDI has remained below $2 billion, with 2023 recording $1.31 billion and 2024 only slightly higher at $1.67 billion.
  • Ghana’s FDI trend reflects a pattern of post-2000 acceleration, plateauing around 2012–2015, then declining sharply post-2020.
On average, Nigeria’s NBS publishes Q1 GDP reports 53 days after the quarter ends. But in 2025, it's been 86 days—and still no release
  • Nigeria’s National Bureau of Statistics (NBS) usually releases Q1 GDP data 53 days after the quarter ends.
  • As of June 25, 2025, the Q1 2025 figures are 86 days overdue—that’s 33 days longer than average.
  • The delay coincides with a GDP rebasing exercise, updating the base year to 2019.
  • Q1 GDP reports have typically come out in May for the past eight years—until now.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved