Page 36 - Profmark Africa Overview 2024

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: 232,679 million (2024,est)

Key Economic Indicators:
▪ GDP: $362.81 billion (2023) / GDP Growth Rate: 2.9% (2023)
▪ CPI Inflation Rate (annual): 24.7% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B-
▪ Indicator of Economic Freedom Score: 53.1/100
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% [from NGN 0 to 300,000 of taxable income
- taxed at 7%]
▪ 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
▪ Nigerian Investment Promotion Commission http://nipc.gov.ng
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