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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Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
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