• Nigeria recorded a ₦21.03 trillion trade surplus in 2025, the highest in the period shown.
• The trade surplus remained strong at ₦7.55 trillion in Q1 2026.
• The latest performance marks a sharp recovery from the deficits recorded in 2020 and 2021.
• Nigeria’s trade balance moved from near zero in 2023 to large surpluses in 2024 and 2025.

• Nigeria has remained in the World Bank’s lower-middle-income category for 17 consecutive years.
• Eswatini and Morocco have spent at least 38 consecutive years in the category, the longest among African countries.
• Africa has 23 lower-middle-income economies in the World Bank’s Fiscal Year 2026 classification.
• Tunisia, Angola, and Namibia entered the category after falling from upper-middle-income status.

• African teams have made 49 World Cup appearances, but only 11 campaigns progressed beyond the opening stage.
• Nigeria leads Africa with three group-stage escapes, despite missing the 2026 tournament.
• Cameroon, Senegal, Ghana, and Morocco are Africa’s only World Cup quarter-finalists.
• Morocco remains Africa’s only semi-finalist, while no African team has reached the final.

• A 12.5kg refill is now over 6x costlier than in 2016.
• The April 2026 price reached ₦22.4k, up from ₦3.7k in January 2016.
• Prices stayed fairly stable until 2021, then surged sharply.
• Fresh reports suggest gas prices kept rising after April 2026.

• South Africa holds 82.9% of global PGM reserves.
• DRC holds half of global cobalt reserves.
• South Africa also leads in manganese and chromium.
• Madagascar holds 8.7% of global graphite reserves.
• African mineral holders are pushing for more value.

• Portfolio investment into Nigeria reached $9.86 billion in Q1 2026, the highest quarterly level in 51 quarters.
• The Q1 2026 portfolio inflow was higher than the previous peak of $7.11 billion recorded in Q1 2019.
• Portfolio investment accounted for 95% of Nigeria’s total capital importation in Q1 2026.
• Foreign Direct Investment remained low at $135 million, far below portfolio inflows.
• Other Investment stood at $374 million, making it the second-largest inflow category in Q1 2026.

• Sudan is projected to have Africa’s highest debt-to-GDP ratio in 2026, at 169.1%.
• Only three African countries are projected to owe more than the size of their economies in 2026.
• Senegal and Mozambique join Sudan among countries with debt-to-GDP ratios above 100%.
• Africa’s average government debt-to-GDP ratio is projected at 60.7% in 2026.
• Nigeria’s projected debt-to-GDP ratio of 32.3% is far below the African average.

• Every comparable food item tracked is now at least twice as expensive as it was in May 2023.
• Nearly half of the selected food items have more than tripled in price since the month before fuel subsidy removal.
• Unripe plantain recorded the steepest increase, rising by 469% between May 2023 and April 2026.
• Ripe plantain, yam tuber, and fresh tilapia also saw extreme increases of more than 300%.
• Even the slowest-rising staples, including frozen chicken, beans, gari, and maize, still more than doubled in price.

• Healthy diet costs rose 49% nationally in two years.
• North-West states recorded the fastest increases.
• All seven North-West states rose above the national average.
• Katsina and Kogi recorded the steepest increases, at 98%.
• Akwa Ibom had the lowest increase, at 5%.

• One adult’s healthy diet takes 66% of Nigeria’s minimum wage.
• The national average monthly cost is about ₦46,230 per adult.
• Ekiti has the highest burden, at 90% of minimum wage.
• Six states require over 80% of minimum wage for one adult’s healthy diet.
• Adamawa has the lowest burden, at 43%.

• GTCO had the strongest profit conversion in 2025.
• GTCO turned about ₦40 of every ₦100 earned into profit.
• Stanbic IBTC followed with about ₦34 profit per ₦100 earned.
• Zenith made the highest profit, but not the strongest conversion.
• First HoldCo had the weakest profit conversion among the banks reviewed.

Jaiz Bank spent the highest share of revenue on staff in 2025.
Jaiz spent nearly ₦18 on staff for every ₦100 of revenue.
ETI and UBA followed with the next highest staff-cost-to-revenue ratios.
GTCO had the lowest staff-cost burden among the listed banks.
ETI spent the most in absolute staff costs, at ₦782.8 billion.