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Jigawa recorded the lowest domestic debt in North-West Nigeria at ₦852 million in Q2 2025
  • The seven North-Western states collectively owed about ₦223.4 billion in domestic debt as of Q2 2025, according to DMO data.
  • Kano State ranked highest with ₦56.9 billion, accounting for roughly 25% of the zone’s total debt.
  • Jigawa remains the least indebted in the region and in the entire country, with only ₦852 million.
  • Moderate debt spread: While Kano, Zamfara, and Sokoto carried the largest debt loads, the remaining states maintained relatively conservative borrowing patterns.

Kogi and Nasarawa post lowest domestic debt in North Central Nigeria at ₦18.8 billion and ₦23.9 billion, respectively
  • The six North Central states collectively hold ₦449.4 billion in domestic debt as of Q2 2025, according to DMO data.
  • Kogi and Nasarawa lead in fiscal control with ₦18.8 billion and ₦23.9 billion, respectively
  • Both states record the lowest debt profiles in the region. Niger State’s ₦141.5 billion debt makes it the region’s most indebted, accounting for nearly one-third of the total.
  • The debt gap between Kogi (lowest) and Niger (highest) stands at over ₦123 billion, highlighting stark differences in fiscal management and borrowing capacity across the zone.

Lagos accounts for over 70% of South-West Nigeria’s domestic debt, hitting ₦1.04 trillion in mid-2025
  • Lagos dominates regional debt with a domestic debt stock of ₦1.04 trillion, over 70% of the South-West’s total subnational debt.
  • Lagos’s debt is six times larger than that of Ogun (₦162.9 billion), the region’s next most indebted state.
  • At ₦10.6 billion, Ondo maintains the lowest domestic debt profile in the region, reflecting relatively modest borrowing.
  • The combined domestic debt of the six South-West states (Lagos, Ogun, Oyo, Osun, Ekiti, and Ondo) stood at ₦1.43 trillion as of Q2 2025.

The South West is the only region with MSMEs in earning above ₦100 million monthly in revenue
  • The South West is the only region with MSMEs reporting revenues above ₦100 million, accounting for 100% of that bracket.
  • While high-revenue firms cluster in the South West, the South South leads in the ₦10M–₦99.9M range, with over 50.8% share.
  • The North Central (30.3%) has the highest share of MSMEs earning less than ₦100,000 monthly, followed by the North East (19.6%).
  • The ₦200K–₦999.9K range is more evenly spread across regions, but the South West and South South consistently record stronger representation.

Lafarge Africa delivered decade-high ₦697b revenue in 2024, with H1 2025 already at ₦517bn
  • Lafarge Africa's revenue hit a decade-high of ₦697bn in 2024, reflecting a strong 71.7% year-on-year growth.
  • With ₦517bn in H1 2025 alone, Lafarge Africa has already achieved nearly 74% of 2024’s full-year revenue, signalling potential to surpass last year’s record if momentum continues.
  • The company has experienced sharp swings, including steep drops in 2016 (-17.8%) and 2019 (-30.9%).
  • Despite volatility, Lafarge has grown from ₦260bn in 2014 to ₦697bn in 2024, showing long-term expansion.

Inflation tops list of business concerns in Nigeria for 2025, far ahead of other economic challenges
  • Nearly half (48.9%) of Nigerian businesses identify inflation as their greatest economic challenge in 2025.
  • The foreign exchange rate (17.1%) is the second most pressing concern, reflecting ongoing naira volatility.
  • Insecurity (15.6%) and government policies (10.0%) remain significant worries for business operations.
  • Inadequate infrastructure (8.4%), while the least mentioned, continues to constrain growth.

Only one in four Nigerian MSMEs access government support, with grants leading the way
  • Just 25.1% of MSMEs report receiving any form of government support, while 74.9% remain untouched by initiatives.
  • Among those who benefitted, 41.1% accessed grants, making it the most common form of support.
  • 22.1% of MSMEs participated in government training programmes, showing recognition of capacity-building needs.
  • Only 16% received loans and 13.8% got tax breaks, underscoring limited financial and fiscal support penetration.
  • A mere 6.9% of businesses report accessing subsidies, reflecting minimal impact of such schemes.

MSMEs in Nigeria's South West generate ₦8.3 million monthly on average, outpacing all other regions by a wide margin
  • The South West (₦8.3m) far surpasses all regions in monthly revenue, reflecting Lagos’ dominance as Nigeria’s commercial hub.
  • The South South (₦831k) and South East (₦605k) trail far behind but still outperform the northern regions.
  • The North East (₦562k) and North West (₦479k) show significantly lower average revenues.
  • The North Central (₦241k) records the weakest average, underlining stark regional disparities.

Most Nigerian MSME entrepreneurs are between 26 and 45 years old
  • Only 12.1% of entrepreneurs are aged 18–25, showing limited entry among very young adults.
  • The largest groups are 26–35 (33.3%) and 36–45 (33.8%), together accounting for two-thirds of entrepreneurs.
  • Mid-life representation: 14.6% are aged 46–55.
  • Just 6.2% are 56 and above, indicating fewer older adults start or run MSMEs.

Nearly half of Nigerian MSMEs operate below ₦100,000 in monthly revenue
  • 48.8% of MSMEs earn less than ₦100,000 monthly.
  • 19.5% report revenues between ₦100,000 and ₦199,900.
  • The share of businesses decreases steadily in the ₦200,000–₦999,900 bands, ranging from 9.3% to 6%.
  • Only 8.8% of MSMEs earn above ₦1 million monthly, with just 0.4% exceeding ₦100 million.

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