Lagos and the FCT attracted 98% of Nigeria’s capital imports in Q1 2023

In Q1 2023, eight Nigerian states and the Federal Capital Territory (FCT) received $1.13 billion in capital imports. Lagos State secured $705 million (62%) and the FCT attracted $410 million (36%), adding up to 98%.

Source:

National Bureau of Statistics

Period:

Q1 2023
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South African cities dominate in the number of millionaires, with 6 out of the top 10 wealthiest African cities
  • Johannesburg is home to the highest number of millionaires in Africa, with 11,700 individuals.
  • Six out of the top ten wealthiest African cities are located in South Africa.
  • Cairo leads North Africa with 6,800 millionaires, showing its dominance as a financial hub.
  • Nairobi has 4,200 millionaires, making it East Africa’s wealthiest city.
  • Lagos, with 3,600 millionaires, remains West Africa’s wealthiest city.
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  • Casablanca, with 2,900 millionaires, underscores Morocco’s rising appeal as a North African wealth centre.
Capital expenditure accounted for 52% of Lagos State's Q1 2025 expenditure
  • Capital expenditure accounted for the largest share of Lagos State’s Q1 2025 spending, at 52%.
  • Overhead costs consumed 22% of the total expenditure.
  • Personnel costs accounted for 18%, reflecting the importance of workforce expenses.
  • Debt servicing made up 5%, indicating relatively low pressure from debt obligations.
  • The balance between recurrent (personnel, overhead, debt, and other recurrent) and capital spending leans heavily towards long-term growth.
Internally Generated Revenue (IGR) constituted 61% of Lagos State’s Q1 2025 total receipts
  • Internally Generated Revenue (IGR) accounted for 61% of Lagos State’s Q1 2025 receipts.
  • VAT was the second-largest funding source, contributing 22%.
  • Loans made up 8% of total inflows for the quarter.
  • Opening balance accounted for 4%, indicating a moderate carryover from the previous year.
South Africa hosts 41,100 millionaires, nearly six times Nigeria’s 7,200 millionaires
  • South Africa dominates with 41,100 millionaires, accounting for more than 1 in 3 African millionaires, far ahead of any other nation.
  • Egypt (14,800) and Morocco (7,500) round out the top three, highlighting North Africa’s wealth concentration.
  • Nigeria (7,200) and Kenya (6,800) confirm West and East Africa’s growing wealth hubs, though still far below South Africa.
  • Mauritius (4,800) and Seychelles (500) rank surprisingly high relative to population size, showing their role as finance and wealth management hubs.
Mauritius leads Africa with 63% millionaire growth while Nigeria declines by 47% over the last decade
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  • Rwanda (+48%) and Morocco (+40%) also show strong upward trends, driven by economic diversification and political stability.
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Cape Verde’s FDI averaged over $68M annually over 34 years, with a record $170M in 2008 and a recent 54% drop from 2023 to 2024
  • Cape Verde attracted no foreign direct investment during the early 1990s, signalling limited investor interest at the time.
  • FDI inflows skyrocketed from $130M in 2006 to an all-time high of $170M in 2008, before stabilising above $100M for most of the 2010s.
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