68% of Nigeria's capital imports in Q1 went to three sectors — banking, production, and IT services

Most of Nigeria's capital imports in the first quarter of 2023 were directed toward three sectors. The banking sector got the most investments with $304 million, accounting for 27%, and the production and IT services sectors followed, with 22% and 19%, respectively.

Source:

National Bureau of Statistics

Period:

Q1 2023
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Nigeria’s manufacturing output ($25.4b) in 2024 crashed to 15-year low
  • Manufacturing hit a record $64.90b in 2022, after steady growth from 2016.
  • Output fell 55% to $25.36b in 2024, the worst one-year drop since 1999.
  • Military-era lows: Slumped from $33.33b (1981) to $8.08b (1989).
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  • Botswana’s economy contracted by -2.99%, the second-worst on the continent.
  • Libya was the only other country in the bottom 10 with negative growth at -0.61%.
  • South Africa, with 0.58% growth, continues to struggle with low economic momentum.
  • Sao Tome & Principe and Equatorial Guinea both recorded growth below 1%.
  • Despite being Africa’s largest economy, Nigeria’s 3.43% growth places it closer to underperforming countries than to the continent’s fastest risers.
While Rwanda saw the highest growth in 2024's real GDP, West African nations showed great performance, as 6 nations made the top 10 list
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Côte d'Ivoire’s FDI sees dramatic turn in 2024, jumping to $3.8B, over two times 2022 levels and its highest since 1990
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Ethiopia’s FDI inflows rose from $10M in the 1990s to $3.98B in 2024, with its sharpest growth phase recorded from 2014–2016
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Cars lead in road traffic crashes, while luxury bus accidents surge by 466.7% over four years
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