Economy - Page 30 - Intelpoint

Key takeaways:

The total wealth of the three richest women surpasses $259 billion.
Alice Walton is the only woman in the world whose net worth exceeds $100 billion.
These women share a legacy of inherited wealth that they have successfully transformed into increased wealth.
Each of the top three richest women holds a net worth greater than $70 billion.
The top three richest women in the world are engaged in philanthropic endeavours.

Key takeaways:

The total wealth of Nigeria's top four billionaires amounts to $37.4 billion.
Aliko Dangote's fortune accounts for almost 64% of the overall wealth among Nigerian billionaires.
Dangote's net worth is more than three times the net worth of Adenuga, and nearly 16 times greater than Otedola's.
All four individuals accumulated their wealth primarily through entrepreneurial efforts.
The sources of wealth for Nigeria's four richest men span various sectors, including cement, telecommunications, agriculture, and energy.

Just 11 countries hold 69% of Africa’s total external debt.
South Africa (14%) carries the highest share.
Egypt (13%) and Nigeria (8%) are among the top three.
Countries from Northern and Southern regions hold over 30% of Africa’s external debt.
Many of these nations rely on debt to drive development, but without efficient utilisation, rising debt could become a major drag on future progress.

Key takeaways:

Africa’s wealthiest individual, Aliko Dangote, is approximately twice as rich as Johann Rupert and Nicky Oppenheimer.
Each of the three richest men in Africa have a net worth exceeding $10 billion.
Aliko Dangote maintains his status as Africa's wealthiest man, with a fortune that surpasses his closest rival by more than $9 billion.
The cumulative net worth of the five richest men in Africa is around $65.2 billion.
The difference in net worth between Africa's richest man and the fifth richest man is $17.1 billion.

External reserves hit a peak of $53 billion, a level that hasn’t been reached since.
Reserves have moved between $27 billion and $43 billion in the last decade.
At $27 billion, 2016 was the most challenging period, coinciding with an economic recession and foreign exchange crises.
Reserves rebounded after 2016, reaching as high as $42.6 billion in 2019.
With $39.3 billion in reserves as of September 2024, Nigeria is in a stronger position than in some past years but still below historical highs.

The number of collateral-backed debtors fell by almost 50% from 2017 to 2018
The number of debtors began increasing consistently from 2019 to 2021
The highest post-2018 debt level was recorded in 2023, reaching 7,390, which is close to pre-2018 figures.
The decline in 2018 could indicate cautious borrowing or stricter regulations, while the rise afterward suggests a possible easing of credit access.

VAT revenue in naira has consistently grown over the years, hitting an all-time high of ₦3.64 trillion in 2023.
The dollar value of VAT revenue declined despite the increase in naira terms, dropping from $5.88 billion in 2022 to $5.44 billion in 2023.
Over the last decade, VAT revenue in naira has grown at an impressive CAGR of 20.18%, while its dollar value grew at a much lower 5.48%, showing the impact of currency devaluation.
2023 saw one of the largest year-on-year increases in VAT revenue in naira, but the corresponding drop in dollar value indicates that exchange rate volatility are eroding real revenue gains.
Nigeria’s revenue collection efforts are improving, but the decline in dollar value highlights the need for economic stability and currency strength.
This trend reflects a broader issue in Nigeria’s economy - higher local earnings do not necessarily translate into increased global purchasing power.
With VAT being a major non-oil revenue source, policymakers must focus on stabilizing the exchange rate to maximize the real impact of revenue growth.

Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.

External debt has nearly doubled as in 2017, it stood at 26.64%, but by 2024, it had risen to 46.96%.
Domestic debt has dropped from 73.36% in 2017 to 53.04% in 2024, showing a decline.
Nigeria’s increasing reliance on external loans suggests a strategic shift in public debt financing.
Unlike other years, domestic debt share slightly increased in 2023, rising to 60.74%, before external debt rebounded in 2024.
A rising share of external debt means higher exposure to foreign exchange risks and global market conditions.
If the trend continues, Nigeria’s external and domestic debt may soon be equal, reducing the traditional dominance of domestic borrowing.

Apple leads the global market with $3.863 trillion market capitalisation, followed closely by Nvidia at $3.355 trillion and Microsoft at $3.200 trillion.
Tesla ($1.385T) remains the most valuable automobile company, far ahead of traditional car manufacturers.
The highest-ranked non-tech company, Saudi Aramco, stands at $1.805 trillion.
Other trillion-dollar companies span industries such as finance (Berkshire Hathaway – $0.984T) and media (Meta – $1.514T).

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