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?

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/nigerias-quarterly-vat-collections-have-reached-new-highs-in-seven-consecutive-quarters-since-q4-2021/" title="Nigeria&#039;s quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021"><img src="https://intelpoint.co/wp-content/uploads/2024/01/Nigerias-quarterly-VAT-collections-have-reached-new-highs-in-seven-consecutive-quarters-since-Q4-2021-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Nigeria%27s+quarterly+VAT+collections+have+reached+new+highs+in+seven+consecutive+quarters+since+Q4+2021" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2013 - 2023

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Healthy diet costs rose fastest in Nigeria’s North-West over two years

Healthy diet costs rose 49% nationally in two years.
North-West states recorded the fastest increases.
All seven North-West states rose above the national average.
Katsina and Kogi recorded the steepest increases, at 98%.
Akwa Ibom had the lowest increase, at 5%.

One adult’s monthly healthy diet takes two-thirds of minimum wage

One adult’s healthy diet takes 66% of Nigeria’s minimum wage.
The national average monthly cost is about ₦46,230 per adult.
Ekiti has the highest burden, at 90% of minimum wage.
Six states require over 80% of minimum wage for one adult’s healthy diet.
Adamawa has the lowest burden, at 43%.

GTCO turned ₦40 of every ₦100 earned into profit

GTCO had the strongest profit conversion in 2025.
GTCO turned about ₦40 of every ₦100 earned into profit.
Stanbic IBTC followed with about ₦34 profit per ₦100 earned.
Zenith made the highest profit, but not the strongest conversion.
First HoldCo had the weakest profit conversion among the banks reviewed.

Jaiz Bank spent the highest share of revenue on staff among NGX-listed banks

Jaiz Bank spent the highest share of revenue on staff in 2025. Jaiz spent nearly ₦18 on staff for every ₦100 of revenue. ETI and UBA followed with the next highest staff-cost-to-revenue ratios. GTCO had the lowest staff-cost burden among the listed banks. ETI spent the most in absolute staff costs, at ₦782.8 billion.

Migrating millionaires from South Africa and Nigeria were linked o over $3 billion in wealth

Nigeria lost 200 more millionaires than it gained between 2014 and 2024.
Migrating Nigerian millionaires were linked to an estimated $1.5 billion in wealth.
South Africa had Africa’s biggest net millionaire outflow among the selected countries.
Mauritius and Seychelles stood out as millionaire wealth magnets.
Seychelles attracted the highest migrant wealth per net millionaire gained.

Mauritius has the strongest productive capacity in Africa — ahead of Seychelles and South Africa

Mauritius leads Africa on the Productive Capacities Index with a score of 55.02, ranking 56th globally.
Seychelles, South Africa, and Cape Verde complete Africa’s top four, but none enters the global top 50.
Nigeria ranks much lower at 167th globally, with a score of 30.68, despite being one of Africa’s largest economies.
The ranking shows that economic size does not always translate into stronger productive foundations like human capital, ICT, energy, transport, and institutions.