After a bruising 2024 marked by currency shocks, high interest rates, and shrinking margins, some of Nigeria’s biggest companies are staging a powerful rebound—one that is now rewriting the country’s tax story.
Data from listed firms show that manufacturers, cement giants, telecom operators, and energy producers have swung back into profitability, driving tax payments to unprecedented levels. In just the first half of 2025, over ₦1 trillion in corporate taxes has already been recorded—surpassing the entire tax haul from all of 2024.
Energy powerhouse Seplat led the pack with ₦411 billion in tax remittances, followed by Dangote Cement (₦209 billion) and MTN Nigeria (₦207 billion). Together, these three companies alone contributed more than 80% of all taxes in the dataset, underscoring just how dependent government revenues have become on a handful of players.
Interestingly, while most firms face heavier tax burdens, Oando Plc went against the tide, booking a ₦209 billion tax credit that sharply reduced the sector’s overall net liability.
This rebound signals a pivotal shift from last year’s landscape, where widespread losses gave companies tax breaks instead of obligations. With corporate profits in H1 2025 hitting ₦2.86 trillion, compared to ₦923 billion in all of 2024, the government’s projected non-oil tax receipts of ₦5.66 trillion for the year suddenly look well within reach.
Still, this boom comes with risks. The reliance on a narrow group of firms—cement, oil & gas, and telecoms—makes tax revenues vulnerable to shocks in just a few industries. And for companies, rising tax liabilities could squeeze margins even as they fight ongoing FX volatility and high operating costs.
Banks and insurers are expected to report soon, with analysts predicting stronger tax bills for insurers, while banks may only see modest increases.
For now, however, 2025 is shaping up to be a turning point: the year corporate Nigeria’s resilience not only restored profitability but also handed the government one of its most significant non-oil revenue windfalls in history.
