Nigeria’s agricultural sector has experienced a 474.50% increase in Company Income Tax (CIT) during Q2 2024, according to the National Bureau of Statistics.

According to the report the total CIT for second quarter  2024 was N2.47tn, a 150.83% increase from N984.61bn in first quarter 2024.

Local payments contributed N1.35tn, while foreign CIT payments accounted for N1.12tn. Agriculture, forestry, and fishing saw the highest growth rate at 474.50%.

The financial and insurance activities sector grew by 429.76%, while the manufacturing sector expanded by 414.15 per cent.

However, certain sectors struggled, with household activities as employers experiencing the lowest growth rate at -30.22% and extraterritorial organizations at -15.67%.

Meanwhile the financial and insurance activities sector led with 15.53 per cent, followed by manufacturing with 8.99 per cent and information and communication with 7.84 per cent.