Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021
In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?
The same countries—Burundi, Malawi, DR Congo, Mozambique, Niger, Liberia, Madagascar, Central African Republic, Chad, and Ethiopia—consistently occupy the bottom ranks over the years.
These countries remain far below the continent's average, often with GDP per person employed under $5,000 even in recent years.
Progress is marginal: while some, like Ethiopia and Mozambique, show slow growth, many fluctuate or even regress across periods.
Structural economic weaknesses, conflict, and low industrialisation seem to persist across the bottom group.
Gabon led Africa in GDP per person employed for 21 years, the most of any country, thanks largely to its oil wealth and smaller labour force.
Equatorial Guinea was a close second, topping the list for 12 straight years, particularly during its oil boom.
Libya never came first but held second place in 18 different years, showing long-term stability in productivity.
Algeria and Egypt frequently ranked in the top three but never led.
Nigeria, despite being Africa’s most populous country and once its largest economy, never made it into the top 3 and has consistently ranked around 23rd to 26th.
The leading countries tend to share a pattern: resource-driven economies with relatively smaller workforces, while lower-ranked ones often struggle.
Zimbabwe has the highest benchmark interest rate in Africa at 35%, exceeding Ghana, the second highest, by 7% points.
Nigeria holds the third highest interest rate on the continent at 27.5%, just 0.5% points behind Ghana, signalling aggressive policy intervention.
Zimbabwe, Ghana, Nigeria, Malawi, and Egypt have interest rates above 25%, showing a regional pattern of tight monetary conditions.
There is a significant drop of over 5% points between Sierra Leone at 24.75% and Angola at 19.5%, marking a clear shift to lower-rate economies below the top tier.
