43% of Nigeria's capital imports since 2014 have come from the UK

Over the past nine years, the UK has been a major player in Nigeria's economy, contributing a substantial 43% ($47.5b) of the total capital imports. The UK's biggest capital investments in Nigeria occurred in 2014 and 2019. Since peaking in 2019, they have fallen 75% as of 2022.

Source:

National Bureau of Statistics

Period:

2014 - 2022
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Nigeria’s share of Africa’s FDI collapsed from ~38% in 1994 to barely 1.1% in 2024
  • Nigeria’s FDI share plunged from 35% in 1990 to 1.1% in 2024.
  • Africa’s FDI surged over the same period, leaving Nigeria behind.
  • Q1 2025 inflow was only $126.3 million, showing persistent weakness.
  • Decline mirrors structural hurdles — unstable policies, forex issues, and weak infrastructure.

In 2024, West African nations hold six spots of the top 15 Africa's Importance of Remittance Index, led by Senegal (77)
  • West Africa dominates Africa’s top 15, holding six positions on the remittance importance index.
  • Zimbabwe (78) ranks as Africa’s top country in terms of remittances' importance.
  • Senegal (77) and Nigeria (72) highlight the central role of diaspora inflows in West Africa’s economies.
  • Morocco (74) leads North Africa in remittance importance.
  • Smaller nations like Lesotho (68) and Liberia (68) depend heavily on remittances relative to their GDP.
  • The lowest-ranked countries, including Angola (9) and Djibouti (11), rely minimally on remittance inflows.

Nigerian's rail cargo volume has increased by 467% since 2020, reflecting growing trust in train transport
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  • Cargo volume and revenue both crashed in 2020 due to COVID-19 disruptions, falling to 87.4k tons and ₦281.4 million respectively.
  • Recovery began in 2021–2022, as improved freight operations and industrial demand pushed steady gains in both tonnage and income.
  • Q1 2025 shows 181.5k tons and ₦650m (approx.) in revenue, signaling strong momentum that could surpass 2024 totals if maintained.

Nigeria’s rail revenue from passengers hit ₦6.7b in 2024 as traffic rebounded above 3million
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  • Strong recovery followed in 2021, with passenger numbers jumping to 2.71 million and revenue surging by 226% to ₦5.6 billion.
  • 2024 was the best-performing year, recording ₦6.7 billion in revenue and 3.14 million passengers, a clear sign of renewed public confidence in rail transport.
  • Q1 2025 (₦1.9 billion revenue, 929,000 passengers) suggests steady ridership levels but moderate momentum compared to the 2024 surge.

Nigeria’s public debt has soared since 2010, with domestic debt up 2,020% and external debt up 1,000% by mid 2025
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  • Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
  • Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
  • The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.

Egypt leads African remittance recipients in 2024 with $22.7B, while Nigeria trails behind with $19.8B
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  • Egypt’s 16% growth reflects stronger remittance networks and economic linkages with its diaspora.
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  • Zimbabwe (-6%) and Tunisia (-3%) experienced declines, pointing to potential disruptions in inflow channels.

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