• Lagos State contributed ₦305B in VAT, making up over 53% of the national total and more than three times that of any other state.
• Rivers (₦90B) and Oyo (₦27B) followed Lagos as the second and third highest contributors, highlighting a steep drop after the top state.
• Only a few states, including Bayelsa, Kano, Kwara, and Edo, remitted above ₦5B, showing a highly uneven distribution of VAT contributions.
• Over 8 states, such as Kebbi, Osun, Imo, and Zamfara, contributed less than ₦2B each, indicating minimal VAT activity in many parts of the country.

• Kano State has the highest number of LGAs in Nigeria, with 44, far exceeding the national average of 21 LGAs per state.
• Bayelsa, Nasarawa, and the FCT have the fewest LGAs, recording 8, 13, and 6 respectively, despite varying population sizes and landmass.
• Northern states dominate the upper tier of the LGA count, with Katsina (34), Oyo (33), and Jigawa (27) all ranking among the top.
• Southern states tend to have fewer LGAs, with Lagos and Ogun, two highly urbanised states, having just 20 LGAs each, hinting at a denser governance structure per area.

• Lagos had the highest female representation in Nigeria’s 2023 elections, with 114 female candidates, more than any other state.
• Yobe recorded the lowest, with just 7 female candidates, highlighting a wide disparity in representation across regions.
• The South East and South South zones recorded some of the strongest numbers overall, with Imo (86) and Rivers (85) nearly matching Lagos.
• The South West led overall in female candidate numbers, while the North East trailed, with its highest (Gombe – 42) still lower than other zones’ peaks.

• The breakthrough year for tech in Francophone Africa was 2021, with 71% of deal volume going to tech-enabled firms, an all-time high.
• The growth of tech began slowly, from 0% in 2015 to just 12% in 2017, showing how recent the tech surge is.
• Between 2018 and 2020, tech’s share gradually rose from 15% to 27%, setting the stage for the explosive growth of 2021.
• Post-2021, tech dominance slightly softened—holding 52% in 2022, 50% in 2023, and 63% in 2024 H1, suggesting a more balanced diversification.
• The last year traditional sectors led in deal volume was 2020, accounting for 73%, right before tech flipped the narrative.

• The peak year was 2019 with 13 exits, marking the most successful exit year since tracking began in 2012.
• Zero exits occurred in 2020, likely reflecting the impact of the COVID-19 pandemic on exit strategies and deal closures.
• The years 2021 and 2022 saw a rebound, with 11 and 10 exits respectively, suggesting a recovery in investor confidence post-pandemic.
• Slower exit activity was recorded in 2023 and early 2024, with 6 and 3 exits, respectively (2024 is as of H1).
• From 2012 to 2016, annual exits ranged between 3 and 4, except for a spike in 2013 with 10 exits.
• The overall average exit volume is low, with fewer than 7 exits per year on average across the 12 years.

• The consumer staples sector attracted the highest private capital volume with 69 deals.
• The financial sector shows strong traction, especially as digital finance and fintechs continue to open access to banking services in underserved markets.
• Fifty-five deals in the consumer discretionary category suggest investors are interested in rising middle-class consumption, retail, and lifestyle-driven spending patterns.
• At 50 deals, industrials, including manufacturing and infrastructure, remain a backbone for private capital.
• Healthcare (24 deals) and utilities (37 deals) reflect increasing investor focus on sectors with long-term impact and scalable public value.

• With $1.2B in deal value (25%), Côte d’Ivoire stands far ahead, signalling strong investor confidence.
• At $697M (14.5%), Senegal is proving itself as a rising investment star.
• Despite being a small economy, Rwanda drew $166M (3.5%).
• DR Congo attracted $143M (3.0%), a modest share relative to its size.
• Twenty-four Francophone African countries collectively received 47.4% ($2.3B) of the deal value, suggesting huge untapped or underserved markets across Francophone Africa.

Key takeaways:

• Manufactured goods accounted for 44.2% of Nigeria’s total imports.
• Petroleum products (excluding crude oil) made up 38% of the import value.
• Raw materials represented 11% of the total import value.
• Agricultural imports contributed 6.2% to the overall import value.
• The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
• The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

• Nigeria’s MMR dropped by just 13% in 23 years — from 1,136 to 993
• The country never left the global top 10 between 2000 and 2023
• Nigeria became number one by 2021 and still leads
• Sierra Leone dropped by 78%, from 1,603 to 354
• South Sudan dropped by 58%, despite conflict
• Africa dominated the list, with nearly all top 10 countries coming from the region
• Nigeria accounted for 29% of global maternal deaths in 2023

Key Takeaways:

• Mineral fuels and oils dominated the US' imports from Nigeria, totalling $5.28 billion.
• Total US imports from Nigeria reached $5.70 billion in 2024.
• Non-oil sectors contributed approximately $423 million to the total US imports from Nigeria.
• US imports from Nigeria cut across 70 distinct product categories.
• The average value across all import categories was $81.4 million.
• The top 10 imported goods made up 99.1% of the total imported value.

Key Takeaways:

• Mineral fuels and oils led the US' exports to Nigeria at $1.82B, making up over 43% of the total.
• Vehicles and automotive parts followed at $677.65 million, with machinery and nuclear reactors contributing $487.23 million.
• Total US exports to Nigeria reached $4.17 billion in 2024.
• The top 10 export categories made up 90.7% of the total export value.
• The top three US export categories to Nigeria accounted for nearly 72% of total exports.

• Only 4 African countries ever crossed 1 million b/d:   Libya, Nigeria, Algeria, and Angola.
• Libya was Africa’s top producer in the 1970s and 2000s. At its peak, Libya did over 3 million b/d. No other African country has touched that.

• Nigeria peaked in 2005 with 2.5 million b/d. But since then, it’s been unstable due to theft and pipeline issues.

• Angola and Algeria have stayed around or above 1 million b/d for long periods, especially post-2000.
• Despite oil discoveries, most African countries never got close to 1 million b/d: countries like Chad, Sudan, and Gabon, while some peaked under 500k.