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The manufacturing sector leads Nigerian MSME revenues with ₦8.27 million monthly, far outpacing service sectors
  • Manufacturing records the highest monthly revenue at ₦8.27m, nearly double that of the next sector.
  • Healthcare (₦5.02m) and Transportation (₦3.70m) follow, reflecting essential service demand.
  • Industries like Marketing & Advertising (₦191k), Food & Beverages (₦320k), and Education (₦440k) earn significantly less on average.
  • The difference between top earners (Manufacturing, Healthcare) and bottom sectors highlights a stark inequality in industry.

The South West is the only region with MSMEs in earning above ₦100 million monthly in revenue
  • The South West is the only region with MSMEs reporting revenues above ₦100 million, accounting for 100% of that bracket.
  • While high-revenue firms cluster in the South West, the South South leads in the ₦10M–₦99.9M range, with over 50.8% share.
  • The North Central (30.3%) has the highest share of MSMEs earning less than ₦100,000 monthly, followed by the North East (19.6%).
  • The ₦200K–₦999.9K range is more evenly spread across regions, but the South West and South South consistently record stronger representation.

Lafarge Africa delivered decade-high ₦697b revenue in 2024, with H1 2025 already at ₦517bn
  • Lafarge Africa's revenue hit a decade-high of ₦697bn in 2024, reflecting a strong 71.7% year-on-year growth.
  • With ₦517bn in H1 2025 alone, Lafarge Africa has already achieved nearly 74% of 2024’s full-year revenue, signalling potential to surpass last year’s record if momentum continues.
  • The company has experienced sharp swings, including steep drops in 2016 (-17.8%) and 2019 (-30.9%).
  • Despite volatility, Lafarge has grown from ₦260bn in 2014 to ₦697bn in 2024, showing long-term expansion.

Internally Generated Revenue (IGR) constituted 61% of Lagos State’s Q1 2025 total receipts
  • Internally Generated Revenue (IGR) accounted for 61% of Lagos State’s Q1 2025 receipts.
  • VAT was the second-largest funding source, contributing 22%.
  • Loans made up 8% of total inflows for the quarter.
  • Opening balance accounted for 4%, indicating a moderate carryover from the previous year.

Nigeria's non-oil tax revenue solidified its dominance over oil in FIRS collections, reaching a record of ₦15.9t in 2024, more than 2.7x the ₦5.8t from oil
  • FIRS recorded ₦15.9 trillion of non-oil tax, almost three times the ₦5.8 trillion recorded for oil tax.
  • Non-oil tax revenue made up 73.3% of the total revenue collected in 2023.
  • From 2012 down to 2024, non-oil tax revenue surpassed oil tax revenue most of the time.
  • Oil taxes are petroleum profit tax and company income (oil & gas) tax while non-profit tax includes company income (non-oil) tax, gas tax, capital gains, stamp duty, NCS import VAT, and non-import VAT.

Nigeria's FIRS surpassed 2024 target as revenue soared 76% to a record ₦21.7 trillion
  • The FIRS collected ₦21.7 trillion, outpacing the target of ₦19.4 trillion set by the government.
  • FIRS grossed its highest revenue of all time since 2012 in 2024.
  • Comparing the values of 2021, 2022, 2023 and 2024 reveals a significant shift.
  • The tax revenue collected in 2024 surpassed the amount collected in 2023 by an outstanding 75.6%.

Non-oil company income tax and two other sources accounted for over 70% of Nigeria's tax revenue in 2024
  • 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%

Nigeria experienced substantial year-on-year declines in exchange rate gain revenue from April to June 2025, with decreases of 90%, 81%, and 85% respectively
  • Nigeria’s exchange rate gain revenue dropped by 73.2% in H1 2025 compared to H1 2024.
  • In April 2025, exchange rate gain fell by 90% year-on-year from ₦285.5B to ₦28.7B.
  • May saw an 81% drop, with revenue declining from ₦438.9B in 2024 to ₦81.4B in 2025.
  • January 2025 was the only month with a stable figure, matching January 2024’s ₦402.7B.
  • Exchange rate gain revenue for February and March 2025 was unavailable, likely worsening the total.
  • The first half of 2025 generated only ₦589.4B in FX gains, compared to ₦2.2T in the same period in 2024.

FAAC disburses ₦593 billion in derivation funds to nine states; Delta receives ₦193 billion (32.5%)
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦593 billion as derivation funds to nine oil-producing states in Nigeria. These funds are part of the statutory allocation intended to support states with significant contributions to the country's oil revenue. Delta State emerged as the largest beneficiary, receiving ₦193 billion, which constitutes 32.5% of the total allocation.

4 states receive 90% of Nigeria's total annual derivation fund
Nigeria’s 13% oil derivation fund is primarily allocated to four states — Delta, Akwa Ibom, Bayelsa, and Rivers — which collectively receive over 90% of the fund annually. This funding is crucial for developing these oil-producing states, with Delta State consistently receiving the largest share in recent years. Other states, including Abia, Anambra, Edo, Imo, Lagos, and Ondo, receive smaller portions. The 13% derivation fund is part of Nigeria’s revenue-sharing formula aimed at compensating oil-producing states for oil extraction's environmental and infrastructural impacts. Note: Small allocations to Soku and Gbetiokun are also included in "others".

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