Nigeria’s finance and insurance sector paid 119.6% more tax to the government in 2023

In 2023, businesses in Nigeria's finance and insurance sector paid ₦458.8 billion as taxes to the government, 119.6% more than in 2022.

Those in the manufacturing sector also increased their payments and remain the top tax-paying sector in the country.
Here are the top five sectors where businesses paid the most tax in 2023.

Source:

National Bureau of Statistics

Period:

2023
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Six Nigerian states raised more revenue through MDAs than taxes in 2025
  • Six states generated about ₦656 billion through MDAs in 2025, nearly half of all MDA revenue.
  • The number of states where MDAs accounted for over half of IGR fell from seven in 2024 to six in 2025.
  • Enugu’s MDA share rose from 82.9% in 2024 to 87.3% in 2025, widening its lead.
  • Kwara, Katsina and Osun recorded MDA shares of 61.6%, 60.1% and 58.5%, respectively.
Lagos, Rivers and the FCT generated 63.5% of state-level PAYE in 2025
  • Lagos, Rivers and the FCT collected 63.5% of state-level PAYE in 2025.
  • Lagos collected ₦993.3 billion in PAYE, more than the next five jurisdictions combined.
  • The top 10 jurisdictions accounted for 81.5% of ₦2.636 trillion in total PAYE.
  • The bottom five jurisdictions collected ₦47.0 billion combined, less than 2% of the total.
  • Delta collected ₦139.7 billion, less than half of the FCT’s ₦320.1 billion.
Arts & entertainment recorded the highest GDP growth in H1 2026
  • Nigeria’s economy grew 4.16% in H1 2026, but growth was uneven across sectors.
  • Arts and entertainment grew fastest at 11.5%, followed by water and waste management (10.9%) and information and communication (10.3%).
  • Agriculture, which accounts for about a quarter of GDP, grew 3.8%, below the headline rate.
  • Trade and real estate also lagged, growing 2.2% and 3.0%, respectively.
  • Electricity and gas was the biggest drag, contracting 11.6%, while Other Services fell 1.4%.
Year-on-year change in Nigeria's electricity, gas, steam and air conditioning supply GDP
  • Electricity, gas and related supply was Nigeria’s worst-performing broad economic activity in H1 2026.
  • Sector GDP fell 11.6% year-on-year, from ₦800.2bn to ₦707.1bn.
  • Output fell below H1 2024 levels, when the sector recorded ₦708.5bn.
  • Only one other broad activity contracted: Other Services, which fell 1.4%.
  • The sector contributed just 0.7% of Nigeria’s real GDP on average over the period shown.
Nigeria, Egypt and Madagascar have consistently led Africa’s rice production, with Nigeria recording consistent growth in recent years
  • Nigeria's rice production hit 9.13 million tonnes in 2024, its highest level since 2021.
  • Egypt and Madagascar produced 6.43 and 4.97 million tonnes, respectively, in 2024.
  • Egypt and Madagascar combined produced 11.4 million tonnes, exceeding Nigeria's output.
  • Africa's rice production reached a record 44.8 million tonnes in 2024, up 421% since 1980.
Food inflation has climbed to 20.31% in July, while headline inflation eased to 15.43%
  • Food inflation more than doubled, from 8.89% in January to 20.31% in July.
  • Food inflation overtook headline inflation, moving from 6.21 points below to 4.88 points above it.
  • Headline inflation barely changed, from 15.10% to 15.43%.
  • Food price pressures accelerated, with monthly inflation rising to 5.56% in July.
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