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After the 2020 crash, US-Nigeria trade value climbed to $10B+ in 2024
Key Takeaways: 
  • The US' trade deficit with Nigeria narrowed significantly, shifting from a $5.14 billion deficit in 2017 to a $1.69 billion surplus in 2024.
  • US goods exports to Nigeria reached $4.2 billion in 2024, representing a 92% increase from the $2.2 billion recorded in 2017.
  • US goods imports from Nigeria totalled $5.9 billion in 2024, a 20% decrease from the $7.3 billion recorded in 2017.
  • The COVID-19 pandemic severely disrupted bilateral trade in 2020, but both imports and exports began recovering steadily from 2021 onwards.
  • By 2024, trade had rebounded substantially, with US imports from Nigeria reaching $5.87 billion and exports to Nigeria reaching $4.17 billion.
  • Despite experiencing persistent trade deficits from 2017 through most of the period, the US achieved trade surpluses with Nigeria in 2020 and 2021.
  • Total goods trade between the US and Nigeria ranged from $4 billion to approximately $10 billion.

Zenith Bank remained Nigeria's most profitable bank in 2024, with a profit after tax (PAT) of ₦1.03 trillion, a 53% increase from the 2023 value
Key takeaways:
  • Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
  • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
  • Each of the top six banks recorded profits exceeding ₦600 billion.
  • The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
  • FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
  • Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.

Ecobank is now Nigeria’s largest publicly listed bank by total assets, after a 67% surge, dethroning Access Holdings in 2024
Key takeaways:
  • Ecobank Transnational Incorporated ranks first with total assets of ₦43.3 trillion, marking a 67% increase from 2023.
  • Access Holdings Plc ranked the second-largest bank in 2024, as against the first in 2023.
  • The combined assets of the top five banks amount to ₦171.6 trillion, a 55% increase from 2023.
  • These five institutions represent the largest players in Nigeria’s banking sector by total assets as of 2023 and 2024.
  • The increase in total assets of the top ten banks ranges from 34% to 67% year on year.
  • The assets of the top ten listed public banks rose by 54% in 2024.

Nigeria spends millions of dollars on each national census
  • Nigeria spent $6 million on its first post-independence census in 1962.
  • There is no publicly available data on the amount spent during the 1991 census.
  • By 2006, census spending had surged to $266 million, highlighting a significant increase in the cost of national population counts.
  • The budget for the upcoming 2025 census has not yet been disclosed.
  • In April 2025, President Tinubu inaugurated the National Census Committee and gave a three-week deadline to submit a detailed report.

The top ten states received 39% of the total National Primary Health Care Development Agency (NPHCDA) funds in 2024
Key takeaways:
  • Kano State received the highest allocation at ₦1.23 billion, accounting for 5.7% of the total NPHCDA Gateway fund.
  • Katsina followed closely with an allocation of nearly 4%.
  • Five of the top ten recipient states are from Southern Nigeria, while the other five are from the Northern part of Nigeria.
  • Southern states (Osun, Oyo, Anambra, Akwa Ibom, and Imo) featured prominently, together receiving approximately 19% of the total disbursement.
  • The top ten states collectively received ₦8.30 billion, representing 38.6% of the total fund.
  • In total, ₦21.51 billion was disbursed to all states under the NPHCDA Gateway in 2024.

The largest share of NHIA funds in 2024, approximately 30%, was allocated to the North-Western states of Nigeria
Key takeaways:
  • Kano State received the highest individual allocation, totalling ₦1.43 billion, which accounts for 6% of the overall disbursement.
  • The North-West region received the largest regional share, with ₦7.16 billion of the total NHIA Gateway Fund.
  • The South-West received the smallest regional allocation, amounting to nearly 10% of the total.
  • The top ten recipient states collectively received ₦10.07 billion, representing 42.1% of the entire fund.
  • The Southern regions collectively received 42% of total disbursement.
  • The total NHIA Gateway Fund disbursed in 2024 amounted to ₦23.92 billion.

13 northern states, including the FCT, produced a combined 56% of the nation's corn output on average in 2 years
Key Takeaways:
  • Kaduna led national corn production on average, contributing 8% of total output, between 450,000 and 947,000 metric tons.
  • Niger, Gombe, Borno, Plateau, and Taraba followed closely, each accounting for 5–6% of the total output on average.
  • Corn production is heavily concentrated in the North-Central and North-East regions.
  • Kaduna and Niger together accounted for 14% of Nigeria’s corn output on average.
  • The top 10 corn-producing states, all located in northern Nigeria, on average contributed 47% of the national total.
  • Southern states such as Osun and Ondo contributed modest but notable shares, each representing 3% of national production on average.

Approximately 60% of the Basic Health Care Provision Fund (BHCPF) in 2024 was allocated to the northern states
Key takeaways:
  • Kano State received the highest allocation, totalling ₦2.67 billion, which accounts for 5.9% of the entire fund.
  • Nine out of the top ten recipient states are located in Northern Nigeria.
  • Enugu is the sole Southern state to appear among the top ten beneficiaries.
  • The top ten states collectively received ₦16.94 billion, representing 37.3% of the total fund disbursed.
  • In total, ₦45.43 billion was disbursed to all 36 states and the FCT in 2024.

Naira launched with 5 notes in 1973, evolving through various shifts to 3 high-security designs by 2022
  • Nigeria’s currency has undergone 10 key shifts; from note introductions to redesigns and a digital launch.
  • Between 1999 and 2005, four new notes; ₦100 to ₦1,000, were introduced in response to inflation.
  • The ₦200, ₦500 & ₦1,000 notes, which dominate in circulation by value, were revamped with high-security features.
  • In 2021, Nigeria launched the eNaira, making it the first African country with a Central Bank Digital Currency.

88% of Nigeria's 2024 exports came from crude oil and co., 5.73% from agriculture
Key Takeaways:
  • Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
  • Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
  • The manufacturing sector made up just 2.95% of the total export value.
  • Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
  • Non-oil sectors collectively made up less than 12% of export value.

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