Economy - Page 4 - Intelpoint

Nigeria received a total of 880 H-1B visas in FY 2024, averaging about 73 per month.
December 2023 was the peak month, with 118 issuances, while June 2024 recorded the lowest at just 46.
Issuances fluctuated throughout the year, reflecting no clear upward trend but significant month-to-month volatility.
Despite peaks and dips, overall activity remained steady, with most months ranging between 60–90 approvals.

2024 recorded the highest number of H1-B issuances to Nigerians at 880, nearly double 2022’s level.
Issuances dropped sharply to 231 in 2020 and 197 in 2021, marking the lowest levels in nearly two decades.
Between 2006 (483) and 2017 (354), there was a gradual decline in approvals before a steeper fall in 2020.
From 2021 to 2024, issuances surged by more than 340%, suggesting strong demand for U.S. tech and professional opportunities among Nigerians.

₦7.88 trillion worth of manufactured goods made up 51.6% of imports, underscoring Nigeria’s dependence on foreign industrial products.
Other petroleum oil products accounted for ₦2.79 trillion (18.2%) of imports, showing continued reliance on external energy supplies despite Nigeria’s oil-rich status.
₦1.72 trillion in raw material imports (11.3%) highlights the gap in local processing capacity.
Solid minerals (₦70.9 bn, 0.46%) and energy goods (₦150 mn, almost 0%) show almost no role in imports.

Total trade in Q2 2025 was valued at ₦38.04tn.
Imports accounted for ₦15.29tn, led by manufactured goods and petroleum products.
Exports reached ₦22.75tn, boosted mainly by crude oil.
The trade gap favoured Nigeria with a surplus of ₦7.46tn.

Financial services dominate Nigeria’s digitally delivered exports, contributing $1.15bn (over 74%).
Telecommunications ($184m) and insurance & pension services ($147m) follow, though far smaller.
Computer, information, and IP services registered almost no exports, highlighting untapped digital potential.
Nigeria’s digital exports remain highly concentrated in finance, leaving other sub-sectors underdeveloped.

Majority trust will be moderate to high: 92.6% of Nigerians are expected to have either high (43.9%) or moderate (48.7%) trust in financial institutions by 2025.
Transparency is the biggest driver of trust as 46.2% of respondents believe transparent policies and fees will most improve their trust.
Security is a rising priority; 30.2% of Nigerians highlight improved security features as a key factor in strengthening confidence in financial institutions.
Customer service and regulation still matter as 17% emphasise better customer service and 6.6% stronger regulatory oversight, showing that while oversight has a role, people prioritise fairness, safety, and service.

Nigeria spent $57.67B on external debt interest from 1970 to 2023.
Payments were low initially but rose steadily as borrowing increased.
In the 1990s, interest payments fluctuated due to debt rescheduling and restructuring agreements.
In 2005, payments jumped to $5.31B following a strategic debt buyback that accelerated obligations.
Annual payments climbed 1,139.6%, from $0.31B to $3.79B, showing rising debt service costs.

Nigeria maintained a positive trade balance, with exports accounting for 57.7% against imports at 42.3%.
Oil and gas remain the backbone of Nigeria’s export dominance, shaping the overall surplus.
The import share reflects the country’s reliance on foreign goods, particularly refined petroleum, machinery, and food products.
Sustaining export strength while reducing import dependency remains key to Nigeria’s long-term economic resilience.

Angola and Ethiopia account for the highest debt service-to-GDP ratios in Africa, both exceeding 67%.
East Africa dominates the high debt-servicing bracket, with five countries among the top ten most burdened.
Algeria has the lowest debt service-to-GDP ratio on the continent at just 0.10%.
There’s a wide gap between the top and bottom debt service burdens, reflecting divergent fiscal paths across Africa.
Low debt servicing doesn’t automatically mean economic strength—it may reflect limited borrowing capacity.

Algeria’s debt service per GDP dropped from 0.77% in 2009 to a projected 0.09% in 2025.
The country’s debt service per GDP declined at a -11.9% CAGR from 2009–2025.
A high of 0.73% occurred in 2012 before the consistent decline resumed.
By 2015, the country's debt service fell to 0.27%, showing progress in reduction.
The lowest point is forecast for 2025, at 0.09% of GDP.
Algeria’s debt burden is among the lowest in Africa, contrasting with the rising trend in many other nations.
This low debt service level allows for greater fiscal flexibility in public spending and investment.

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