Nigeria: Domestic debt stock increased to ₦54.1 trillion in Q2 2023
Nigeria has added ₦23.9 trillion to the debt it owes creditors within the country as of Q2 2023. As of June 2023, the country's domestic debt had risen from ₦30.2 trillion in March to ₦54.1 trillion, a 79% increase.
Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.
Per Africa Wealth Report 2024, South Africa maintained its position as the country with the most millionaires in Africa in 2023.
The country has 2.4x the number of millionaires as Egypt and 4.6x the figure of Nigeria.
According to the AfrAsia Bank Africa Wealth Report 2021, the total private wealth — assets held by individuals — in Africa as of December 2020 had decreased by approximately 9% from 2019. Here is the total private wealth held by individuals in Africa from 2010 to 2020.
South Africans held more private wealth than people in Egypt, Nigeria, and Morocco combined. Africa's most populous country and home to the continent's richest man, Nigeria, ranked third after Egypt. Here are the top African countries by private wealth held as of December 2020.
The US has disbursed $10b in foreign assistance to Nigeria in the past 22 years, with its highest in the period coming in 2022. The disbursements have increased from $51m in 2001 to $973m in 2022. Here are the US' foreign assistance disbursements to Nigeria since 2001.