Nigeria's corporate income tax payments hit record high in Q2 2023

Nigeria's government collected ₦2 trillion in corporate income tax in H1 2023, with a spike from ₦469 billion in Q1 to ₦1.53 trillion in Q2. The corporate tax payments for H1 2023 are higher than any full-year collections from 2015 to 2021.

Source:

National Bureau of Statistics

Period:

Q1 2015 - Q2 2023
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South Africa and Egypt accounted for a third of Africa’s estimated $1.93tn government debt in 2025
  • Government debt across 51 African countries was estimated at $1.93 trillion in 2025.
  • South Africa and Egypt had the largest estimated stocks and jointly accounted for 33.8% of the total.
  • Sudan had the highest debt-to-GDP ratio at 187.6%, followed by Senegal at 130.2%.
  • The estimates use IMF debt ratios and current-dollar GDP, not national authorities’ reported debt stocks.
  • Differences in government coverage, instruments and valuation mean the figures are comparable estimates, not fully harmonised official data.
Kenya and Nigeria accounted for nearly half ($2.45bn) of Africa’s top 10 outward FDI in 2025
  • Kenya led Africa’s outward FDI in 2025, recording $1.26bn.
  • Nigeria followed closely with $1.19bn, after a 191% increase.
  • Together, Kenya and Nigeria accounted for $2.45bn of the top 10 total.
  • Morocco and Egypt completed the top four, with $812.8m and $695.9m.
  • Angola recorded the fastest growth among the top 10, rising 278%.
  • Africa’s total outflow was lower because negative outflows offset gains elsewhere.
Nigeria’s FDI inflow crossed $4bn for the first time since 2014
  • Nigeria’s FDI inflows rose to $4.01 billion in 2025, the highest level since 2014.
  • The 2025 figure represents a 148% increase from the revised $1.61 billion recorded in 2024.
  • Despite the rebound, Nigeria remains far below its 2011 peak of $8.91 billion.
  • Nigeria’s strongest FDI period was 2005 to 2014, when inflows stayed above $4 billion every year.
Nigeria’s FDI inflows rose to 4th in Africa after a 148% increase, while Egypt remained the continent’s top destination
Egypt remained Africa’s top FDI destination with $15.45bn. Nigeria ranked 4th after FDI inflows rose 148% to $4.01bn. Guinea had the biggest top-10 jump, rising 454% to $7.76bn. Africa’s top 10 accounted for 73% of total FDI inflows.
Nigeria’s external debt service crossed $5bn in 2025 after payments in 2018–2025 dwarfed the previous decade
  • Nigeria’s external debt service entered a heavier phase in 2018.
  • External debt service crossed $5bn in 2025.
  • Nigeria paid about $22.2bn from 2018 to 2025.
  • That was about 6x the $3.7bn paid from 2008 to 2017.
  • The 2006 spike reflects one-off debt settlement payments.
Nigeria collected ₦34.6 trillion in company income tax over 11 years
  • Nigeria collected ₦34.62 trillion in company income tax across 45 quarters from Q1 2015 to Q1 2026.
  • Average quarterly collection stood at about ₦769 billion over the period.
  • CIT collections stayed below ₦1 trillion in every quarter until Q2 2023.
  • Since Q2 2024, collections have remained above ₦1 trillion for eight straight quarters.
  • The highest quarterly collection was ₦2.96 trillion in Q3 2025.
  • Annual CIT collections rose sharply from ₦2.82 trillion in 2022 to ₦9.21 trillion in 2025.
  • The recent surge is nominal and likely reflects stronger collections, inflation, naira depreciation, and higher naira-value foreign CIT receipts.
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