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Manufactured goods drove imports as oil products pushed total to ₦15.29 trillion in Q2 2025
  • ₦7.88 trillion worth of manufactured goods made up 51.6% of imports, underscoring Nigeria’s dependence on foreign industrial products.
  • Other petroleum oil products accounted for ₦2.79 trillion (18.2%) of imports, showing continued reliance on external energy supplies despite Nigeria’s oil-rich status.
  • ₦1.72 trillion in raw material imports (11.3%) highlights the gap in local processing capacity.
  • Solid minerals (₦70.9 bn, 0.46%) and energy goods (₦150 mn, almost 0%) show almost no role in imports.

Nigeria’s foreign trade hit ₦38 trillion in Q2 2025, driven by strong export growth
  • Total trade in Q2 2025 was valued at ₦38.04tn.
  • Imports accounted for ₦15.29tn, led by manufactured goods and petroleum products.
  • Exports reached ₦22.75tn, boosted mainly by crude oil.
  • The trade gap favoured Nigeria with a surplus of ₦7.46tn.

Comoros imposed Africa’s highest corporate tax at 50%, while most countries stayed at or below 30%
  • Comoros stands out with a corporate tax rate of 50%, the highest on the continent and far above the regional norm.
  • Chad and Equatorial Guinea follow at 35%, while Morocco and Cameroon set rates at 33%.
  • A broad cluster of 17 African countries, including Nigeria, Ethiopia, Kenya, and South Sudan, hold steady at the 30% rate.
  • All other African economies not listed apply corporate tax rates below 30%.

South Africa leads Africa in internet speed at 42.4 Mbps
  • South Africa sets the benchmark with the fastest average download speed (42.42 Mbps), more than double Morocco’s (19.61 Mbps).
  • Southern African countries dominate the top half of the ranking, with South Africa, Eswatini, Botswana, Lesotho, and Madagascar all featuring strongly.
  • Rwanda and Mauritius show East Africa’s progress, with average speeds above 30 Mbps, signalling solid digital infrastructure growth.
  • Wide disparities persist, with the gap between the highest (South Africa) and lowest (Morocco) averaging over 22 Mbps.

South Africa led Africa’s bond market with $328.8 billion [in] volume and nearly 3,000 issuances
  • South Africa is the clear leader, recording a bond market volume of $328.8 billion and 2,952 issuances, far ahead of all other African economies.
  • Egypt and Morocco follow as strong contenders with bond volumes of $188.8 billion and $116.4 billion, respectively, though both trail South Africa by wide margins.
  • Côte d’Ivoire, Algeria, and Nigeria represent the mid-tier, each exceeding $65 billion, showing notable regional financial activity.
  • Smaller markets like Tunisia and Angola feature relatively lower volumes ($16.9 billion and $28.4 billion) but maintain significant issuance activity.

South Africa controlled nearly 70% of Africa's $63.6 billion insurance market as of 2023; Nigeria trailed with only 1.7%
  • South Africa led the continent with a massive 68.2% of Africa’s insurance market, far ahead of all others combined.
  • Morocco (8.7%), Egypt (4.0%), and Kenya (3.6%) were the next largest.
  • Major economies, such as Nigeria (1.7%) and Algeria (1.9%), played surprisingly small roles in insurance penetration.
  • “Others” refers to the rest of Africa, which held just 6.4%, indicating a heavy concentration in a few markets.

Financial services dominated Nigeria’s $1.5bn digital services exports in 2024
  • Financial services dominate Nigeria’s digitally delivered exports, contributing $1.15bn (over 74%).
  • Telecommunications ($184m) and insurance & pension services ($147m) follow, though far smaller.
  • Computer, information, and IP services registered almost no exports, highlighting untapped digital potential.
  • Nigeria’s digital exports remain highly concentrated in finance, leaving other sub-sectors underdeveloped.

Trust in Nigeria’s financial institutions in 2025 hinges on transparency, security and customer experience
  • Majority trust will be moderate to high: 92.6% of Nigerians are expected to have either high (43.9%) or moderate (48.7%) trust in financial institutions by 2025.
  • Transparency is the biggest driver of trust as 46.2% of respondents believe transparent policies and fees will most improve their trust.
  • Security is a rising priority; 30.2% of Nigerians highlight improved security features as a key factor in strengthening confidence in financial institutions.
  • Customer service and regulation still matter as 17% emphasise better customer service and 6.6% stronger regulatory oversight, showing that while oversight has a role, people prioritise fairness, safety, and service.

Between 2019 and 2024, Nigeria’s trade policies grew increasingly restrictive, with 8 in 10 measures limiting market access
  • Out of 64 trade-related interventions, state loans (14) were the most common, showing government preference for credit-driven support.
  • Policies were predominantly restrictive (79.7%), reflecting Nigeria’s protectionist leanings.
  • Crisis-driven policies, like the 2020 maize import ban and the 2024 duty-free food window, show how interventions swing between restriction and relief.
  • The healthcare sector benefitted from targeted support, including waivers on medical supplies (2020) and tariff removal on drug inputs (2024).

Lagos alone consumes 26% of the total supply of power from the national grid
  • Lagos receives the highest average monthly grid supply at 1,051 MW, accounting for 26% of national distribution.
  • The South West (excluding Lagos) comes second with 569 MW.
  • Abuja alone receives 435 MW, higher than the North Central zone at 396 MW.
  • The North East receives the least electricity from the grid, with only 199 MW monthly on average.
  • The combined total for Lagos and the rest of the South West is 1,620 MW, roughly 40% of national grid supply.

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