Nigeria: Federal Account Allocation Committee's net revenue allocation by geopolitical zone in H1 2023

Nigeria's Federal Account Allocation Committee shared ₦1.85 trillion among 36 states between January and June 2023. Here is the revenue allocation by geopolitical zone in H1 2023.

Source:

National Bureau of Statistics

Period:

H1 2023
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From 45% to 2%: How Nigeria lost its global palm oil production share to Asia
  • Indonesia dominated with 46.8M tonnes in 2022, up from 145.7 ktonnes in 1961
  • Malaysia was the second-largest producer in 2022 with 18.5M tonnes
  • Global production has increased from under 2M tonnes (1961) to over 75M tonnes (2022)
  • Thailand, Colombia, and Guatemala have emerged as major producers in recent decades
  • Nigeria was historically significant, but has been overtaken by Asian producers
Over one-fourth of Asia’s forests were in legally established protected areas as of 2024
  • Asia leads globally with 26% of its forests in legally protected areas.
  • The global average stands at 20%, meaning that one-fifth of all forests are under some form of legal protection.
  • Africa and Europe are tied at 23%, both above the global average.
  • South America has only 17% of its forests protected, despite being home to the Amazon rainforest.
Russia has the world's largest forest area at 832.6 Mha, accounting for a dominant 20.1% global share
  • Global forest cover is 4.1 Bha, according to the latest FAO assessment.
  • At 832.6 Mha, 20.1% of the global total, Russia has the world’s largest forest area.
  • Brazil (486.1 Mha; 11.7%) and Canada (368.8 Mha; 8.9%) rank second and third, respectively.
  • The United States (7.5%) and China (5.5%) complete the global top five.
  • Africa’s top contributor is the Democratic Republic of Congo, with 139.2 Mha, 3.4% of the global total.
  • Other African countries in the top 20 include Angola, Zambia, Tanzania, and the Central African Republic, each accounting for approximately 1% of the global forest area.
  • Together, the top ten countries account for over 78% of the world’s total forest area, highlighting the global concentration of forest resources.
Egypt and Nigeria led Africa’s industrial output in 2024, with $145.5bn and $89bn, respectively
  • Egypt led with an estimated $145.5 billion, accounting for about 25% of Africa's total industrial output among its top 15 economies.
  • Nigeria followed with $89 billion, while South Africa, Algeria, and Morocco made up the rest of the top five.
  • The top five economies accounted for more than 70% of Africa’s total industrial value added.
  • Notable mid-tier performers, Ethiopia and DR Congo, reflected rapid industrial investment.
  • Using constant 2015 USD reveals real production strength, not nominal currency shifts.
The National Institute for Hospitality and Tourism received ₦8 billion, three times the budget of the Nigerian Tourism Development Corporation
  • The Ministry of Art, Culture, Tourism and the Creative Economy allocated a total of ₦10.5 billion to its MDAs for the 2025 fiscal year.
  • The National Institute for Hospitality and Tourism (NIHOTOUR) received ₦8 billion, the largest allocation.
  • NIHOTOUR's allocation accounts for 75.5% of the ministry’s total budget for 2025.
  • The Nigerian Tourism Development Corporation received ₦2.6 billion, representing 24.5% of the total allocation.
  • NIHOTOUR’s budget is more than three times the allocation given to NTDC.
The Nigeria Immigration Service was allocated the largest share of the Ministry of Interior's budget (₦618.7 billion), accounting for a dominant 55.8%
  • The Nigeria Immigration Service received the highest share — ₦618.7 billion (55.8%) — of the Interior Ministry’s 2025 budget.
  • This allocation emphasises border security and migration management as national priorities.
  • The NSCDC follows with ₦240.9 billion (21.7%), highlighting the government’s focus on civil protection and internal security.
  • The Nigeria Correctional Service received ₦184.6 billion (16.7%).
  • Other agencies, including the ministry headquarters, received ₦64.5 billion (5.8%).
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