After tax, 12 NGX-listed Nigerian banks retained 10% - 45% of their respective revenues for the year as profit, with GTCO in the lead.
Despite Zenith Bank leading in profit after tax with nearly ₦677 billion, GTCO recorded the highest profit margin, keeping 45% of its revenue.
Here are Nigerian banks' profit margins in 2023.
Nigeria was the seventh most populous nation in the world in 2020, with 206.1 million people. Projected to reach a population of 401.3 million by 2050, Nigeria will rank third after India (1st) and China (2nd). According to Institut national d'études démographiques' projections, Nigeria, Ethiopia, DR Congo, Egypt, Tanzania, and Kenya will be among the world’s top 20 most populous countries by 2050.
Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.
These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.
India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022.
Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt.
Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.
Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase.
Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development.
As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.
Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
In 2023, Nigeria saw a 17% reduction in petrol supply as imports fell by nearly 14% from 23.5 billion litres in 2022 to 20.3 billion litres.
The removal of the fuel subsidy in May 2023 led to higher prices and lower demand, especially in the second half of the year.
The Dangote refinery’s rising output could shape future supply.
Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.
The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.
Airfares in Nigeria have surged by 26% just one month after the Nigerian Airspace Management Agency proposed an 800% increase in navigational charges — the largest spike in 32 months.
From an average of ₦38,200 in January 2022 to ₦123,700 in August 2024, costs have more than tripled.
Further price hikes could raise concerns about air travel affordability nationwide.
On #WorldContraceptionDay, it's vital to highlight that in 2023, many women and girls aged 15 to 49 globally still have unmet contraceptive needs.
Samoa (28%), Angola (27%), and Liberia (25%) are among the top 10 countries.
Notably, seven of the top 10 are African, underscoring the urgent need for better reproductive health services.
In 2022, Nigeria led global production of root crops like yam, cassava, and taro, alongside nuts such as kola and karite, as well as grains like sorghum, with 61.2 million tonnes of yam and 60.8 million tonnes of cassava.
In 2022, only 11.3% of Burundi's population was using the Internet. As of 2023, the East African nation had an adult population of over 7 million and less than 3,000 fixed broadband subscriptions and 8.65 million mobile lines. Burundi's fixed broadband subscriptions grew from only 160 in 2009 to 2,790 in 2023, peaking at 4,230 in 2020 before a decline.
Nigeria was once a global leader in palm oil production, but it has been overtaken by Malaysia, Indonesia, Thailand, and Colombia.
Indonesia, in particular, has seen a 34,018% increase in production since 1961, reaching 49.7 million tonnes by 2021.
In 2022, yams topped the list of over 44 agricultural products in Nigeria, with 61.2 million tonnes valued at $25 billion, making Nigeria the leading producer of yam globally.
Cassava followed with $8.8 billion, and maize ranked third with $4.5 billion. These crops underscore Nigeria's agricultural strength.
