Economy - Page 5 - Intelpoint

Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 82.12% of total exports
Apapa Port handled ₦25.79 trillion worth of goods in Q1 2025, representing 71.6% of total trade. It remains the country’s primary trade hub, far surpassing all other ports combined.
Apapa alone facilitated ₦17.74 trillion or 86.1% of Nigeria’s total exports, showing a high dependency on a single location for outbound goods.
Tin Can Island is the only meaningful secondary hub With ₦3.44 trillion (9.5%) in total trade, ranking a distant second. It’s the only other port contributing more than ₦1 trillion each to imports and exports.
Lekki has limited export impact, despite handling ₦1.70 trillion in imports. Lekki contributed only ₦0.30 trillion (1.5%) in exports, indicating underutilization for outbound trade.
Murtala Muhammed International Airport processed just ₦647.91 billion (1.8%) of total trade, reinforcing that Nigeria’s international trade remains heavily maritime-focused.

Life insurance dominates the market with ₦276.8 billion in gross premiums, more than any other sector.
Oil and Gas insurance follows as the second-largest segment, generating ₦188.7 billion in Q1.
Fire and Motor insurance sectors contributed ₦91.9 billion and ₦77.7 billion respectively, reflecting strong demand.
Aviation insurance recorded the least income at ₦16.6 billion, likely due to the limited scope of operations.
The top three segments (Life, Oil & Gas, and Fire) jointly account for over 75% of the total GPI in the quarter.

Dangote Cement reported the highest H1 2025 profit at ₦436.6 billion, up 50% from ₦291.7 billion in H1 2024.
BUA Cement’s profit more than doubled to ₦149.1 billion, a 164% rise from ₦56.5 billion in the same period last year.
BUA Cement had the fastest profit growth rate among the three major players, despite starting from a lower base.
Combined, the three firms posted over ₦720 billion in half-year profit, with Dangote alone accounting for over 60% of the total.
The sharp profit rises may reflect improved pricing, cost management, or benefits from forex gains after naira devaluation.

Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
The gap between nominal and real GDP widened sharply after 2021, reaching ₦155 trillion in 2024.
Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
Inflationary pressures have driven nominal gains, masking subdued real economic expansion.

Jewellery demand made up 81.35% of Egypt’s total gold demand between 2010 and 2024.
The highest jewellery demand was recorded in 2010 at 53 tonnes, and no year since has reached that level.
Jewellery demand declined by 50.75% between 2010 and 2024.
Bar and coin demand saw a sharp 700% increase between 2021 and 2022.
In 2023, bar and coin demand hit a record high of 30.3 tonnes and, for the first time, exceeded jewellery demand.
Overall, bar and coin demand rose by 943.48% between 2010 and 2024.

The North Central zone accounts for the highest share of road accidents in Nigeria, contributing 34.55% of the national total.
Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
The South West zone ranks second, responsible for 25.78% of all accidents nationwide, with Ogun State leading the zone at 6,418 accidents.
The South East zone has the lowest share, contributing just 5.38% of total accidents from Q2 2020 to Q2 2024.
Enugu State, the highest contributor within the South East, accounts for only 1.59% of the national total.

Over six MPC meetings from February to November 2024, the MPR rose cumulatively by 875 basis points, ending the year at 27.5%.
The pace of increases slowed after March: from 200 bps (Feb–Mar) to just 25 bps (Sept–Nov), reflecting a tapering hike strategy.
Since November 2024, the CBN has maintained the rate at 27.5% across four consecutive MPC meetings into July 2025.
The 2024 cycle was dominated by aggressive rate hikes aimed at stabilising inflation and exchange rate volatility.
The CBN’s interest rate strategy appears more restrained in 2025, indicating a possible pause phase in the monetary policy cycle.

Anambra’s IGR grew sevenfold in 16 years, reaching ₦42 billion in 2024.
A ₦26B to ₦42B jump in just six years (2018–2024) indicates accelerating growth.
The most dramatic jumps occurred post-2018, pointing to possibly new fiscal reforms or policies.
Between 2014 and 2024, revenue grew by over 300%, from ₦10B to ₦42B.

Administrative & support services showed the highest percentage increase at 21.07%.
Agriculture is the largest sector by GDP value, at ₦59.31 trillion.
Trade is the second largest sector by GDP value, at ₦37.81 trillion.
Real estate is the third largest sector by GDP value, at ₦28.96 trillion.
Other services experienced negative growth, decreasing by -1.17%.
Electricity, gas, steam and air conditioning supply recorded the lowest positive growth at 0.56%.

Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.

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