Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
Newer tax streams like the Electronic Money Transfer Levy and NASENI (National Agency for Science and Engineering Infrastructure) funding have emerged, but still make up less than 2% of total revenue.
Minor tax categories like Capital Gains Tax, NITDEF (National Information Technology Development Fund), and NPTFL (Nigeria Police Trust Fund) had negligible impact, each contributing less than 0.5%
Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 82.12% of total exports
Apapa Port handled ₦25.79 trillion worth of goods in Q1 2025, representing 71.6% of total trade. It remains the country’s primary trade hub, far surpassing all other ports combined.
Apapa alone facilitated ₦17.74 trillion or 86.1% of Nigeria’s total exports, showing a high dependency on a single location for outbound goods.
Tin Can Island is the only meaningful secondary hub With ₦3.44 trillion (9.5%) in total trade, ranking a distant second. It’s the only other port contributing more than ₦1 trillion each to imports and exports.
Lekki has limited export impact, despite handling ₦1.70 trillion in imports. Lekki contributed only ₦0.30 trillion (1.5%) in exports, indicating underutilization for outbound trade.
Murtala Muhammed International Airport processed just ₦647.91 billion (1.8%) of total trade, reinforcing that Nigeria’s international trade remains heavily maritime-focused.
From just $190 million in 2006, Lagos State's year-end external debt rose significantly to over $1.1 billion by 2024, a more than 500% increase over 19 years.
The highest year-end debt was recorded in 2017 at $1.47 billion, with a gradual decline afterwards, except for a brief rise again in 2022–2023.
By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
If Lagos State paid off or borrowed funds in a given year, only the remaining unpaid amount by year-end is shown in the data.
Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
China dominates imports into Nigeria China supplied ₦4.66 trillion worth of goods, far outpacing all other countries. Likely dominated by electronics, machinery, and manufactured goods.
The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.
