Nigeria relies significantly on corporate income tax for its tax revenue compared to Africa and OECD countries

Nigeria's tax revenue structure relies heavily on corporate income tax, which constitutes 35% of the total revenue, surpassing personal income tax and social security contributions. In contrast, the rest of Africa and OECD countries demonstrate a more balanced tax composition, with significant shares from personal income tax, VAT, and other tax categories.

This heavy reliance on corporate income tax highlights the unique fiscal structure in Nigeria, where other forms of tax contributions are less prominent.

Source:
OECD
Period:
2021
HTML code to embed chart
Want a bespoke report?
Reach out

Click to copy HTML embed code

Tags
Related Insights
Participation in the National Open Apprenticeship Scheme has dropped over 50% since 2021.
Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency. For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.
Inflation in Africa’s largest economies as of October 2024
Inflation levels across Africa's largest economies range from low and stable in Morocco to high and concerning in Nigeria. Egypt and Nigeria have seen inflation rise to record levels, driven partly by currency devaluations in both countries. Nigeria has not only fallen from its top spot as the continent's largest economy, but it now holds the spot for the highest inflation rate amongst the top ten economies by GDP.
Global Airlines has seen steady revenue growth since 2020.
The International Civil Aviation Day is celebrated every year on December 7. Global Airlines experienced over 100% revenue growth from 2020 to 2023, with passenger revenue, the primary driver of this growth. Cargo revenue has also contributed significantly to the overall increase. This shows the industry is recovering strongly from the pandemic. Notably, cargo revenue has experienced consistent growth since 2019; even during the COVID-19 pandemic, cargo revenue grew from $101b in 2019 to $140b in 2020. The airline industry's future looks bright, with continued growth expected in the coming years as forecasted in 2024.
South Africa ranks among the world's top 23 superpowers with a strength index of 0.1
South Africa is rising on the global stage, showcasing its growing influence as it secures its spot as the only African country among the world's top 23 superpowers. The United States leads with a strength index of 0.89, followed closely by China at 0.80. While traditional powers like Germany and Japan hold their ground, South Africa proudly stands among the top 23 superpowers with a strength index of 0.1. This is the only African country that made the top 23, coming 22nd on the list. The ranking is based on analysis from Ray Dalio's Great Powers Index 2024. Dalio assessed each nation's strength based on a wide range of metrics, including education, innovation and technology, cost competitiveness, economic output, and military strength. Note: The Eurozone, ranked third on the list, was removed as it cannot be considered a single country.
Lafarge Africa’s 2024 revenue is on track to be the highest in the past ten years
Known for its Elephant Cement brand, Lafarge Africa is on its way to reaching its highest annual revenue in the past decade, with its 2024 9-month revenue outperforming full-year revenues for 2023.
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