Nigeria: Every sector, except for Transportation & Storage, recorded a year-on-year GDP growth in Q3 2023

In Q3 2023, Nigeria's GDP soared, with almost every sector recording year-on-year growth. Noteworthy growth includes Information and Communication, which increased by 40% compared to Q3 2022. Check out the chart for a quick overview.

Source:

National Bureau of Statistics

Period:

Q3 2023
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Though Seychelles has one of the lowest numbers of millionaires, it has the highest share of millionaires (0.51% of its adult population)
  • South Africa has the highest number of millionaires in Africa at 41,100.
  • Egypt follows with 14,800 millionaires, making it the second largest hub.
  • Seychelles has the highest millionaire share of the adult population at 0.51%.
  • Mauritius is close behind with 0.45% of its adult population being millionaires.
  • Ethiopia has 2,400 millionaires, but their share is almost zero due to its large adult population.
Nigeria has paid $57.67 billion in external debt interest in 54 years, with payments rising 1,140% since 2009
  • Nigeria spent $57.67B on external debt interest from 1970 to 2023.
  • Payments were low initially but rose steadily as borrowing increased.
  • In the 1990s, interest payments fluctuated due to debt rescheduling and restructuring agreements.
  • In 2005, payments jumped to $5.31B following a strategic debt buyback that accelerated obligations.
  • Annual payments climbed 1,139.6%, from $0.31B to $3.79B, showing rising debt service costs.
Ghana’s debt interest fell to $780 million in 2023 after peaking at a record $1.49 billion in 2022
  • Ghana’s debt interest payments remained below $200 million for nearly three decades, reflecting relatively low external borrowing.
  • From 2000 to 2010, payments rose moderately, reaching $300 million by 2010 as Ghana’s borrowing needs expanded.
  • Interest payments accelerated sharply, surpassing $1 billion in 2017 and peaking at $1.49 billion in 2022.
  • After years of growth, payments plunged to $780 million in 2023, suggesting debt restructuring, payment relief, or reduced new borrowing.
South African cities dominate in the number of millionaires, with 6 out of the top 10 wealthiest African cities
  • Johannesburg is home to the highest number of millionaires in Africa, with 11,700 individuals.
  • Six out of the top ten wealthiest African cities are located in South Africa.
  • Cairo leads North Africa with 6,800 millionaires, showing its dominance as a financial hub.
  • Nairobi has 4,200 millionaires, making it East Africa’s wealthiest city.
  • Lagos, with 3,600 millionaires, remains West Africa’s wealthiest city.
  • Lifestyle regions, such as the Cape Winelands and the Garden Route, feature prominently, reflecting the importance of property and lifestyle economies.
  • Casablanca, with 2,900 millionaires, underscores Morocco’s rising appeal as a North African wealth centre.
Capital expenditure accounted for 52% of Lagos State's Q1 2025 expenditure
  • Capital expenditure accounted for the largest share of Lagos State’s Q1 2025 spending, at 52%.
  • Overhead costs consumed 22% of the total expenditure.
  • Personnel costs accounted for 18%, reflecting the importance of workforce expenses.
  • Debt servicing made up 5%, indicating relatively low pressure from debt obligations.
  • The balance between recurrent (personnel, overhead, debt, and other recurrent) and capital spending leans heavily towards long-term growth.
Internally Generated Revenue (IGR) constituted 61% of Lagos State’s Q1 2025 total receipts
  • Internally Generated Revenue (IGR) accounted for 61% of Lagos State’s Q1 2025 receipts.
  • VAT was the second-largest funding source, contributing 22%.
  • Loans made up 8% of total inflows for the quarter.
  • Opening balance accounted for 4%, indicating a moderate carryover from the previous year.
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