• Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
• Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
• Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
• The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
• Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
• Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.

• External debt has nearly doubled as in 2017, it stood at 26.64%, but by 2024, it had risen to 46.96%.
• Domestic debt has dropped from 73.36% in 2017 to 53.04% in 2024, showing a decline.
• Nigeria’s increasing reliance on external loans suggests a strategic shift in public debt financing.
• Unlike other years, domestic debt share slightly increased in 2023, rising to 60.74%, before external debt rebounded in 2024.
• A rising share of external debt means higher exposure to foreign exchange risks and global market conditions.
• If the trend continues, Nigeria’s external and domestic debt may soon be equal, reducing the traditional dominance of domestic borrowing.

• Nigeria remains the largest forest owner in West Africa, despite a steady decline in forest area from 217,902.5 km² in 2019 to 213,003.5 km² in 2022.
• Ghana is the only top forest-owning country with increasing forest area, growing from 79,784.8 km² in 2019 to 80,001.6 km² in 2022.
• Liberia, Senegal, and Burkina Faso all experienced gradual declines in forest area over the period.
• Burkina Faso has the smallest forest area among these countries, with 61,164 km² in 2022.

• Apple leads the global market with $3.863 trillion market capitalisation, followed closely by Nvidia at $3.355 trillion and Microsoft at $3.200 trillion.
• Tesla ($1.385T) remains the most valuable automobile company, far ahead of traditional car manufacturers.
• The highest-ranked non-tech company, Saudi Aramco, stands at $1.805 trillion.
• Other trillion-dollar companies span industries such as finance (Berkshire Hathaway – $0.984T) and media (Meta – $1.514T).

• Nigeria’s agricultural GDP reached ₦19.3 billion in 2023, showing minimal growth.
• From 2013 to 2023, agriculture played a key role in Nigeria’s economic growth, averaging 24.43% of the total annual GDP.
• Agriculture's share in the total GDP in 2020 (25.90%) dropped to 24.76% in 2023.
• Post-pandemic recovery in the agricultural sector has been robust, with consistent growth from ₦18.3 billion in 2020 to ₦19.3 billion in 2023.
• Agriculture remains a critical driver of Nigeria’s economy, ensuring food security and supporting livelihoods across the country.

Key takeaways:

• The highest percentage of requirements was met in 2019.
• Less than 50 percent of UN funds targeted towards Nigeria's humanitarian aid was realised in 2023.
• As of 2020, the year of the Covid-19 pandemic, approximately 58 percent of the UN target for Nigeria's humanitarian support was raised, which is lower than the percentage realised in 2019 and 2021.
• Every year, Nigeria obtains at least 40% of the UN's humanitarian aid needs.

Key Takeaways:

• The average price for 5kg cooking gas ranges from ₦6,000 to ₦8,100.
• The price difference of cooking gas between various Nigerian states is 25.09%.
• Out of Nigeria's 36 states plus Abuja, fifteen have an average price for 5kg cooking gas above the national average.
• Taraba State is uniquely positioned as the sole state in Nigeria with an average cooking gas price above ₦8,000.
• The national average cost for 5kg cooking gas in Nigeria is ₦7,177.27.

Key takeaways:

• The highest amount of funds raised for Nigeria’s humanitarian aid was recorded in 2017 at $770 million.
• From 2019 to 2020, there was only a slight increase of 0.3% in the amount raised.
• By 2023, a decline of 23.42% from 2022's raised funds was witnessed, and it is the lowest decline experienced since 2017.
• Regardless of fluctuations in annual assistance, Nigeria continued to receive humanitarian aid from the United Nations.

Key Takeaways:

• The top 20 food items witnessed extreme inflation, surpassing 200%.
• Onions and yams lead the list with remarkable price hikes of 353% and 317%, respectively.
• Various types of rice exhibited significant price increases (310% for Ofada rice, 250% for local rice, etc).
• Basic protein sources such as eggs (207%) and chicken (202%) saw their prices more than double, making them increasingly less affordable.

• Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
• Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
• The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
• ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.

• Among all the 40 countries studied in the report, Nigeria leads the decline in cash transactions, dropping from 91% in 2019 to 55% in 2023, a sharper decline than any other country analysed.
• By 2027, Nigeria’s cash transactions are projected to fall to 42%.
• Mexico, Thailand, and Japan are also experiencing significant declines, with cash transactions expected to drop below 35% in all three countries by 2027.
• Brazil, which started with a relatively lower cash transaction rate (48% in 2019), is on track to become one of the least cash-dependent nations in this group, with just 12% of transactions expected to be cash-based by 2027.
• The global average for cash transactions was already low at 26% in 2019, and it is set to decline further to just 11% by 2027, making cash an increasingly rare payment method worldwide.
• Germany, a traditionally cash-friendly economy, has seen a major drop, with cash transactions decreasing from 50% in 2019 to a projected 29% by 2027, reflecting broader changes in consumer behavior.

• 56% (91 million) of unregistered children live in Africa, more than the rest of the world combined.
• South Asia follows with 32%, while the rest of the world accounts for just 12%.
• Africa’s share of unregistered children is nearly double that of South Asia and over four times that of the rest of the world.
• This disparity underscores the urgent need for improved civil registration systems in high-impact regions.