Private institutions represent the largest share of Nigeria’s higher education sector, accounting for half of the universities and polytechnics in the country.
Between 2000 and 2023, Africa received $182 billion in Chinese loans, primarily for energy and transportation development.
Angola, with 25%, was the largest recipient; Ethiopia, Egypt, Nigeria, and Kenya followed.
While 49 countries benefited, experts warn of increasing debt risks.
Over the years, Nigeria has seen significant increases in electricity revenue.
Revenue surged from ₦129 billion in 2015 to ₦683 billion in H1 2024, while the number of customers has doubled from 6.5 million to 13 million.
This 428% increase in revenue highlights rising consumption and tariff hikes.
In H1 2024, Nigeria's FDI accounted for just 2.5% of the country's $5.98 billion total capital imports, down from 14% in H2 2023 and 6.2% in H1 2023.
This highlights a shift towards other capital inflows like portfolio investments.
Portfolio investments rose significantly to $3.48 billion, rebounding from $397 million in H2 2023 and $756 million in H1 2023.
Nigeria's FDI has dropped significantly. From an average of $417m per quarter (2013-2015) to less than $100m (Q1 2022 - Q2 2024), it hit its lowest ($29.8m) in Q2 2024.
The trend shows declines since 2013, with key fluctuations and a shift in investment priorities.
2013-2015: FDI was mostly above $200 million per quarter, peaking at $769 million in Q4 2014.
2016-2021: FDI mostly stayed under $400 million, with a $531 million spike in Q3 2018.
2022-2024: FDI hit new lows, bottoming out at $48 million in Q1 2023 and falling even further to $29.8 million in Q2 2024 — the lowest in 46 quarters.
As of 2022, the top five African countries indebted to the World Bank — Nigeria, Egypt, Ethiopia, Kenya, and Tanzania — accounted for 46% of the continent's outstanding debt with the institution.
Forty-eight African countries collectively owed around $125 billion, representing 31% of the total global debt of $408 billion. These are the top ten countries from 1970 to 2022.
MultiChoice Group experienced a 31% decline in revenue from Nigeria in 2024 compared to 2023. Nigeria represented 35% of the group's Rest of Africa (RoA) subscription revenue in 2024, down from 44% in 2023. South Africa's contribution to subscription revenue grew from 56.2% in 2023 to 58.4% in 2024. Meanwhile, Nigeria's share of the total revenue dropped from 18.7% in 2023 to 13.9%.
India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022.
Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt.
Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.
Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase.
Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development.
As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.
Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
