Nigeria - Intelpoint

From just $190 million in 2006, Lagos State's year-end external debt rose significantly to over $1.1 billion by 2024, a more than 500% increase over 19 years.
The highest year-end debt was recorded in 2017 at $1.47 billion, with a gradual decline afterwards, except for a brief rise again in 2022–2023.
By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
If Lagos State paid off or borrowed funds in a given year, only the remaining unpaid amount by year-end is shown in the data.

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.

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.

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.

India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.

China dominates imports into Nigeria China supplied ₦4.66 trillion worth of goods, far outpacing all other countries. Likely dominated by electronics, machinery, and manufactured goods.
The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.

Cars were involved in the highest number of road accidents, recording 665 cases over the four-year period.
Luxury buses and bicycles recorded the highest quarter-on-quarter (QoQ) growth in accident involvement.
Tankers, cars, and motorcycles saw the sharpest QoQ declines, with accident rates falling by 47.2%, 30.6%, and 24.7% respectively.

Nigerians submitted 1.1 million Schengen visa applications between 2009 and 2024.
The highest rejection rates occurred in 2017 (53%) and 2019 (51%).
A total of 491,844 applications were rejected, a cumulative denial rate of 42.1%.
Despite post-pandemic recovery, 2024 recorded the highest applications (111k), with a 45% rejection rate.
The year 2010 stands out as the period with the least number of Schengen visa applications submitted by the Nigerian consulate.

FCT, Ogun, and Nasarawa consistently rank as the top three states with the highest number of road accidents.
The FCT recorded its peak accident figures in 2022, particularly in Q2 (842 cases) and Q4 (864 cases).
In Q2 and Q3 of 2024, Ogun State surpassed the FCT in the number of reported accidents.
Across these three states, there has been a notable decline in accident numbers, with an average decrease of approximately 37.6% between Q2 and Q3 2024.

Private universities in Nigeria outnumber federal and state institutions combined.
Nigeria has 159 private universities, more than double the number of federal universities.
Federal universities stand at 72, showing steady federal government investment in tertiary education.
State-owned universities number 66, slightly fewer than federal universities but forming a significant part of public education.

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