Mozambique has the fewest individuals requiring support from the United Nations.
The UN plans to help 3.6 million of the 7.8 million people in Nigeria who require assistance.
Sudan is the only Northern African country recorded by the UN as having people in need.
In East and Southern Africa, the countries with the highest and lowest numbers of individuals in need are Ethiopia and Zimbabwe, respectively.
The Democratic Republic of Congo and Niger have the highest and lowest number of individuals needing assistance, respectively, in West and Central Africa.
VAT revenue in naira has consistently grown over the years, hitting an all-time high of ₦3.64 trillion in 2023.
The dollar value of VAT revenue declined despite the increase in naira terms, dropping from $5.88 billion in 2022 to $5.44 billion in 2023.
Over the last decade, VAT revenue in naira has grown at an impressive CAGR of 20.18%, while its dollar value grew at a much lower 5.48%, showing the impact of currency devaluation.
2023 saw one of the largest year-on-year increases in VAT revenue in naira, but the corresponding drop in dollar value indicates that exchange rate volatility are eroding real revenue gains.
Nigeria’s revenue collection efforts are improving, but the decline in dollar value highlights the need for economic stability and currency strength.
This trend reflects a broader issue in Nigeria’s economy - higher local earnings do not necessarily translate into increased global purchasing power.
With VAT being a major non-oil revenue source, policymakers must focus on stabilizing the exchange rate to maximize the real impact of revenue growth.
Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.
