Energy - Intelpoint

DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.

Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.

Ikeja (84.6%) and Eko (83.3%) lead Nigeria’s metering performance, keeping unmetered customers below 17%.
Eight out of the twelve DisCos have metering rates below 60%, showing a wide sector imbalance.
The worst-performing DisCos — Yola, Jos, Kaduna, and Kano — have over 65% unmetered customers.
Regional disparities are sharp: Lagos and Abuja outperform northern and south-eastern DisCos by large margins.

Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.

The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.

Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.

FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
Sukuk and promissory notes together cost ₦90.8 billion, reflecting Nigeria’s mix of infrastructure and settlement instruments.
Green and savings bonds remained minimal, together below ₦5 billion, showing limited traction for retail and sustainability-focused debt.

The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
States’ share has more than halved, from 20.5% to 7.4% in six years.
Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
Nigeria’s debt burden is increasingly concentrated at the centre, amplifying federal repayment risks and reducing fiscal independence for states.

Wealth-building dominates motivation: 45.4% cite “active wealth building” as their primary motive, and an additional 21.8% cite “long-term financial security”.
Payments and utility are minor drivers: Only 3.3% report “daily utility” and 2.2% “digital commerce” as their chief motive for using crypto.
Hedging and cross-border flows matter: 8.7% use crypto for currency hedging, and 4.1% for cross-border payments, showing a dual role of investment plus international value flows.
Nigerian retail users treat crypto like a conventional financial instrument rather than only as a means of payment or speculation.

Nearly two-thirds (67%) of all crypto transactions in Nigeria are below ₦50,000, reflecting widespread use among everyday retail users.
The ₦15,000–₦25,000 band (28.2%) is the single largest group, showing consistent, small-scale engagement rather than high-value speculation.
Around 25% of users transact between ₦50,000 and ₦250,000, suggesting a growing middle class of more confident, mid-level investors.
Less than 3% of users transact above ₦1 million, confirming that Nigeria’s crypto market remains primarily retail-driven, not institutional or high-net-worth.

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