Economy - Page 20 - Intelpoint

At 6.40%, financial institutions now contribute more than ever to Nigeria’s GDP.
From 3.60% in 2022 to 6.40% in Q1 2024, the sector’s share has nearly doubled in record time.
Between 2016 and 2019, the financial sector's contribution remained mostly flat at 2.60%–2.70%, showing little progress.
The financial sector started expanding post-2019, aligning with increased fintech adoption, digital banking growth, and financial inclusion policies.
The increasing role of financial institutions suggests more businesses and individuals are engaging with formal banking systems.
Despite economic uncertainties, Nigeria’s financial sector has successfully adapted and expanded, proving its ability to drive growth.

Key takeaways:

Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.

Nigeria recorded its highest-ever Chinese FDI inflow of $390.4 million in 2007
The second-highest inflow of $333.1 million was recorded in 2012
FDI from China to Nigeria fluctuated significantly over the years, with major peaks in 2007, 2012, and 2020
2022 saw a decline in Chinese FDI to Nigeria, falling to $119.6 million from $308.9 million in 2020

Key Takeaways:

As of March 13, 2025, Elon Musk is the sole individual whose net worth exceeds $300 billion.
Mark Zuckerberg is recognised as the youngest member among the top ten wealthiest individuals globally.
The exclusive $200 Billion Club features just three members: Musk, Bezos, and Zuckerberg.
The combined wealth of the ten richest individuals in the world totals around $1.8 trillion.
Eight individuals in the top ten wealth ranking list hail from the United States.

Nigeria has received $9.4 billion dollars in Chinese loans across different sectors since 2002
The highest loan inflow was in 2017, with $2.8 billion, mainly for transportation and energy
Transportation projects received the most funding, with notable amounts in 2017 ($2 billion) and 2019 ($1 billion)
Loan inflows dropped significantly after 2017, with no borrowings between 2020 and 2022, and $973 million in 2023

Transportation received $6.2 billion dollars, which accounts for 65% of all Chinese loans to Nigeria
Energy projects received $1.2 billion, highlighting China’s role in Nigeria’s power infrastructure
Industry and trade/services had the least funding at $368.2 million dollars, reflecting lower Chinese loan priorities in these areas
China’s loans to Nigeria between 2000 and 2023 have largely focused on infrastructure development, particularly in transportation and energy

Construction and mining dominate Chinese FDI in Africa, accounting for nearly 60% of the total investments
Financial intermediation, manufacturing, and commercial services also received $10.96 billion combined, smaller than construction alone
Leasing and commercial services attracted $2.16 billion, the least among all sectors
China’s FDI strategy in Africa continues to emphasise resource extraction and infrastructure, reinforcing economic interdependence

Energy attracted the largest share of Chinese loans to Africa, totalling $62.7 billion across 207 loans
Transportation received $52.7 billion—the second-highest amount—through 336 loans, making it the most frequently financed sector
Agriculture ($2.4 billion) and education ($2 billion) received relatively low funding, reflecting China’s focus on infrastructure
Smaller sectors like non-energy mining and services/social protection had minimal Chinese loan activity

Nestlé Nigeria’s revenue grew by 75.3% in 2024, its highest growth rate since 2014.
Revenue jumped from ₦547.1 billion in 2023 to ₦958.8 billion in 2024, a ₦411.7 billion increase.
The 2024 growth rate is over three times the 22.5% growth recorded in 2023.
The company has grown revenue for ten straight years without decline.
Between 2014 and 2024, revenue increased by an average of 22.4% on a year-on-year basis.

Nestlé Nigeria maintained steady profits for eight years, growing from ₦22.2 billion naira in 2014 to ₦49 billion naira in 2022
Nestlé Nigeria swung from a ₦49 billion naira profit in 2022 to a ₦79.5 billion naira loss in 2023, a 262% decline in one year
Losses deepened by 107%, from ₦79.5 billion naira in 2023 to ₦164.6 billion naira in 2024
A combined ₦244 billion naira loss for 2023 and 2024 nearly wiped out all the profits of ₦304.5 billion naira made between 2014 and 2022

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