Page 38 - Nexia SAB&T Africa Overview 2025

Nigeria (GMT +1)

General:
▪ Capital City: Abuja
▪ Official Language: English
▪ Currency: Nigerian Naira (NGN)
▪ Main Exports: Crude oil, petroleum and gas, cocoa, rubber
▪ Surface Area: 923.8 sq. km (thousands)
▪ Population: 237,5 million (2025,est)

Key Economic Indicators:
▪ GDP: $188,27 billion (2025) [4th highest GDP in Africa] / GDP Growth Rate:
3.3% (2024)
▪ CPI Inflation Rate (annual): 26.5% (2025)
▪ Sovereign Credit Ratings: Moody’s: Caa1, S&P: B-,
Fitch: B- (High to Very High Credit Risk)
▪ Indicator of Economic Freedom Score: 53.4/100 (2025): Mostly Unfree

Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Nigerian-source income
Tax Rates:
▪ Individuals: Progressive rates to 24%
▪ Companies: 30% for large companies, 20% for medium companies, 0% for small
companies
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 7.5%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Taxed separately from other income at 10%
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Federal Inland Revenue Services http://www.firs.gov.ng
▪ Central Bank of Nigeria http://www.cenbank.org
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