• FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
• The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
• Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
• Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.

• UAC Nigeria's ₦17 billion naira profit in 2024 is the highest since 2014
• The company recorded losses in 2018, 2019 and 2022, with ₦9.5 billion, ₦9.2 billion and ₦4 billion losses, respectively
• Profit recovery started in 2020 and improved significantly in 2023 and 2024
• 2024’s unaudited profit is almost double the ₦8.9 billion recorded in 2023
• Profitability has been volatile over the past decade, with major losses and strong rebounds

• UAC Nigeria's revenue has consistently grown since 2018, reaching ₦197.6 billion in 2024
• 2024 saw the highest year-on-year revenue growth of 64%
• The company recorded steady revenue increases from 2019 to 2023, growing by 14.5% annually on average
• 2024's unaudited revenue figure marks a new milestone for UAC Nigeria

Key takeaways:

• The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
• The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
• The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
• Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
• The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.

• South-West drives Nigeria’s VAT but gets little back. The region remitted ₦341.38B (53%) but received only ₦99.85B (29% return).
• South-South remitted ₦121.84B but got ₦52.49B (43% return); Rivers alone gave ₦90.21B but got just ₦11.01B.
• The North enjoyed the highest VAT gains, remitting ₦66.18B and receiving ₦161.11B (240% return); the North-West got ₦66.75B from ₦28.31B (235% return).
• South-East and North-East got the biggest VAT boost. South-East: ₦10.94B remitted, ₦39.13B received (357.6% return); North-East: ₦14.94B remitted, ₦46.68B received (312.5% return).

• South America led in growth, surging by 116.5%, signaling rapid adoption in emerging markets.
• Europe and Oceania also saw explosive growth, with 60.3% and 114.3% increases, respectively.
• Asia remained dominant, with the highest number of owners, growing to 326.8M in 2024.
• Africa showed the slowest growth (8.5%), suggesting possible barriers like regulation or adoption hurdles.

• Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
• Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
• A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
• Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.

Key takeaways:

• Throughout the decade, Nigeria saw a consistent decline in education funding as a percentage of GDP.
• The most substantial allocation occurred in 2012 at 0.55% of GDP.
• The lowest allocation was noted in 2022 at 0.35% of GDP.
• There was a brief recovery from 2017 to 2018 before the downward trend resumed in 2019.
• Over the decade, the overall reduction in education spending relative to GDP was approximately 36.5%.
• Nigeria's education spending as a percentage of GDP is significantly lower than the UNESCO recommendation of 4-6% for developing nations.

Key Takeaways:

• Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
• The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
• Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
• The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
• In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.

Key takeaways:

• February 2024 saw the largest month-on-month rise in inflation, climbing nearly 2% from 23.59% in January 2024.
• Nigeria experienced brief periods of relief, with slight drops in core inflation during November 2023 and September 2024.
• From May 2023 to December 2024, the inflation rate fluctuated within the 20% to 30% range.
• December 2023 registered the highest inflation rate during the first eight months of the observed period.
• The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024 due to the Consumer Price Index rebasing from 2009 to 2024.

Key takeaways:

• Libya's total revenue (85.78% of GDP) significantly surpassed all other African states.
• Lesotho is noteworthy with the second-highest total revenue ratio at 48.12%.
• Equatorial Guinea and Sao Tomé & Príncipe in Western Africa recorded total revenue of 30.79% and 25.38% respectively.
• South Africa generated 27.74% of its GDP in revenue.
• The top ten countries reported total revenue exceeding 28%.

• The South-South remitted ₦121.84B, making it one of the biggest net donors to the national VAT pool.
• The region received only ₦52.49B, meaning it got back just 43% of its VAT contributions.
• Rivers State alone remitted a staggering ₦90.21B (74% of the region’s total) but received only ₦11.01B (12.2% return), marking one of the worst VAT allocation disparities in Nigeria.
• Cross River had the lowest VAT contribution (₦1.55B) but received ₦7.45B, a 380% gain, while Bayelsa, despite remitting ₦12.8B, received only ₦8.02B, less than lower-remitting states like Delta (₦9.05B).
• Every state in the South-South received more than it remitted, except for Bayelsa and Rivers, with the latter being the only state to suffer a massive VAT deficit.