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Poverty rate: 87 million Nigerians raise rate to 38.9% in 2023
Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.

The UK led Nigeria’s capital imports in H1 2024, contributing nearly 50% of total inflows
In H1 2024, the UK accounted for nearly half (48.9%) of Nigeria’s capital investments, totalling $2.93 billion, followed by South Africa (14%) and the Netherlands (11%). This highlights the UK's long-standing economic ties with Nigeria, having invested over $47.5 billion over the past ten years. The UK remains Nigeria's top capital import source.

Only 2.4% of Nigerians earn above ₦200k per month
Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.

Nigeria's stock market dominates foreign investments inflow with $48 billion in shares over ten years
Nigeria's economy attracted $114 billion in the past decade from foreign investors. They invested $48 billion in shares, making up 42% of total capital imports. The Banking and Finance sectors followed with $21.6 billion and $15.7 billion, respectively, accounting for a combined 33%. Manufacturing, Telecommunications, and Servicing sectors collectively attracted $19.2 billion. Businesses related to Trading, Agriculture, and Oil and Gas each received 2%. This distribution underscores investors' confidence in Nigeria's financial services sector over others.

Surge in Nigeria’s capital importation: Portfolio investments lead the way with 570% increase in Q1 2024
Nigeria's foreign portfolio investment surged by 570% in Q1 2024, hitting $2.1 billion and making up 61% of total capital imports. This boost ends a 15-quarter slump, surpassing Q4 2019‘s levels. Overall capital imports for Q1 2024 reached $3.4 billion, with $119.2 million from foreign direct investments and $1.2 billion from other investments.

1 in every 11 millionaires in Africa lived in Johannesburg, South Africa, in 2023
As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.

South Africa boasted over a quarter of Africa's millionaires in 2023
Per Africa Wealth Report 2024, South Africa maintained its position as the country with the most millionaires in Africa in 2023. The country has 2.4x the number of millionaires as Egypt and 4.6x the figure of Nigeria.

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