The agricultural sector emerged as the top performer in Nigeria’s Company Income Tax (CIT) growth during the second quarter of 2024, achieving a remarkable 474.50% increase compared to the previous quarter, according to the latest report from the National Bureau of Statistics (NBS).
Overall, CIT revenue for Q2 2024 reached ₦2.47 trillion, a 150.83% jump from ₦984.61 billion in Q1 2024. Local contributions accounted for ₦1.35 trillion, while foreign CIT payments totaled ₦1.12 trillion.
“Agriculture, forestry, and fishing experienced the highest growth rate at 474.50%, highlighting the sector’s growing significance in Nigeria’s economy,” the NBS reported.
Following agriculture, the financial and insurance sector grew by 429.76%, and manufacturing saw a 414.15% increase. However, some sectors lagged behind, with household activities recording a -30.22% decline and extraterritorial organizations falling by -15.67%.
In terms of sectoral contributions, financial and insurance activities led with 15.53%, followed by manufacturing at 8.99%, and information and communication at 7.84%. Meanwhile, the household and water management sectors contributed the least, with shares of 0.00% and 0.02%, respectively.
Year-on-year, CIT collections in Q2 2024 rose by 59.52% from ₦1.55 trillion in Q2 2023, signaling strong economic recovery and growth across key sectors.
