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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Company income tax collections declined across 13 sectors in Q1 2026
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Eswatini and Morocco have remained in the World Bank's lower-middle-income band for at least 38 consecutive years
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Portfolio investment into Nigeria hit a 13-year quarterly high in Q1 2026
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  • Other Investment stood at $374 million, making it the second-largest inflow category in Q1 2026.
Three African countries are projected to have debt exceeding their GDP in 2026
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  • Senegal and Mozambique join Sudan among countries with debt-to-GDP ratios above 100%.
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Every food item tracked has at least doubled in price since May 2023
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Healthy diet costs rose fastest in Nigeria’s North-West over two years
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