Fashion - Intelpoint

26 companies on NGX are valued above ₦1 trillion.
MTN Nigeria leads at ₦16.38 trillion, making it the most valuable listed company.
The top three firms (MTN Nigeria, BUA Foods, and Dangote Cement) are far ahead of the rest, each exceeding ₦13 trillion.
9 of the 26 companies are in the financial services sector.
Telecoms and manufacturing dominate the upper tier, highlighting infrastructure and essential services as market anchors.
Energy companies are firmly positioned, reflecting their central role in the economy.
Market concentration is high, as a few giants carry disproportionate weight relative to the 122 sub-₦1 trillion firms.
Sector diversity exists within the top 26, but most belong to industries tied to basic economic activity rather than emerging tech or high-growth startups.

Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
“Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.

Nigeria is the fastest to reach $100B — 34 years, achieving the milestone in 1994.
Ethiopia took the longest — 81 years, reaching the mark in 2022 after decades of gradual expansion.
Resource-driven economies reached the threshold faster, including Angola (36 years) and Algeria (43 years).
North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
South Africa reached $100B as early as 1988, reflecting its long-standing industrial and financial depth.
Ghana is among the slowest climbers (68 years), but its recent 2025 milestone shows the impact of sustained reforms and growth.
Speed varies widely (34 to 81 years), showing that growth paths across Africa are shaped by very different economic realities.

Rivers, Lagos, and Ogun lead the ranking, covering most operating costs from their own revenue.
Jigawa, Bayelsa, and Yobe are the most dependent on federal allocations, with internal revenue covering only a fraction of expenses.
Higher-ranked states demonstrate stronger economic resilience and better domestic revenue mobilisation.
Lower-ranked states need to grow internal revenue or reduce operating expenses to improve financial self-sufficiency.

The Army has been allocated ₦1.50tn, more than half of the top-ten defence allocations, making it the backbone of Nigeria’s security spending.
The Navy (₦443.9bn) and Air Force (₦407.2bn) come next, but together they are far behind the Army.
Institutions like the Defence Intelligence Agency, Training and Doctrine Command, and Defence Missions receive meaningful but much smaller funding, reinforcing their support-role status.
The Defence Space Administration (₦37.3bn) is on the table, but its small size shows Nigeria is only cautiously stepping into cyber- and space-based security.

The Federal Ministry of Finance dominates with ₦16.78 trillion, accounting for nearly ₦1 in every ₦3 spent among the top ministries.
Combined, the ministries of Finance and Budget & Economic Planning control more than 50% of the listed allocations, underscoring the government’s focus on fiscal strategy and economic agenda.
The Works and Defence sectors rank third and fourth, reflecting continuous prioritisation of infrastructure development and national security.
Education and Health, while critical, receive smaller shares, signalling potential pressure points in human capital development funding

Mauritius is the continent’s strongest performer by a wide margin, leading with a score of 75, and ranking 15th globally.
Botswana and Cape Verde are the only other African countries with a score close to 70, placing them within the global top 40.
Most of Africa’s top 15 countries score between 56 and 60, indicating moderate levels of economic freedom.
Even Africa’s highest performers trail global leaders, showing persistent gaps in rule of law, regulatory efficiency, and open-market conditions.

Allocation declined by ₦290 m from ₦6.16bn in 2025 to a proposed ₦5.87bn in 2026.
The change represents a 4.7% year-on-year reduction in funding.
Despite the decline, allocations remain broadly flat, with no major expansion in 2026.
The 2026 figure is still a proposal, and actual funding figures may change after legislative review.

Kogi entrepreneurs have the highest tax policy awareness in Nigeria (96.8%) in 2025.
Abia has the lowest awareness nationwide at just 1.4%.
Fewer than one-third of Nigerian states have awareness levels above 60%.
Major economic hubs like Lagos and Rivers have awareness below 50%.
Northern states dominate the top awareness rankings more than southern states.
Several states cluster around the 40–50% range, indicating partial reach.
States with low awareness risk lower compliance and higher friction during enforcement.
The gap between the highest and lowest states exceeds 95 percentage points, showing extreme disparity.

Ten states and the FCT collectively reduced their external debt by $227.19 million in H1 2025.
Lagos, Edo, and Rivers accounted for most of the reductions, making up more than three-quarters of the total.
Several smaller states also trimmed their balances, but by relatively modest amounts.
These reductions significantly offset the increases recorded by 26 other states, helping keep nationwide net external debt growth low.

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