• Kenya dominates East Africa’s startup funding, securing over 83% of all funds raised between 2019 and 2024 — a clear indication of its position as the region’s startup capital.
• Kenya’s startup funding share has remained consistently above 80% since 2020.
• 2023 and 2024 saw Kenya secure nearly 89% of all funds, marking its strongest position.
• Other East African countries combined have not received more than 30% of the funding in any year since 2019.
• The lowest share of funding Kenya secured was in 2019 (69.81%).

• Smartphones are nearly universal, with only 2.2% of internet users worldwide not owning one.
• Laptop and desktop ownership (58.3%) lags behind smartphones, reinforcing the shift toward mobile-first usage for internet access.
• Smart TVs (48.2%) are closing in on traditional computing devices, showing how entertainment consumption is increasingly digital and on-demand.
• Wearables are rising, with smartwatches (25.8%) and smart wristbands (12.9%) becoming more mainstream, signalling a growing appetite for health and fitness tracking.
• Gaming consoles (18.9%) and smart home devices (17.4%) have niched but steady adoption, appealing to entertainment and home automation enthusiasts.
• Virtual Reality (VR) remains a specialty product, with just 4.7% ownership.
• For businesses, the mobile-first reality is non-negotiable —any service, product, or content must prioritise accessibility via smartphones to reach the widest audience.

• Economic services still receive the largest share of capital expenditure (47% on average), which has declined over time, raising concerns about long-term infrastructure development.
• Spending on administration has risen, now accounting for a quarter of total capital expenditure (25%), highlighting a stronger focus on governance and institutional processes.
• Social community services (such as education and healthcare) have seen growth in allocation, reaching around 12-19% in recent years, signalling a shift toward social development.
• Transfers, which are funds allocated to specific entities or programmes, have fluctuated but occasionally spiked.

Key takeaways:

• Africa's ten most profitable banking institutions are concentrated in South Africa, Egypt, and Nigeria.
• South African and Egyptian banks claim the first five positions among Africa's most profitable banks.
• Nigeria's banking sector shows resilience, with three of its "FUGAZ" banks securing positions in the continental top ten.
• The average profit after tax among Africa's top ten profitable banks reached $867 million.
• The four most profitable banks in Africa each exceeded $1 billion in profit after tax.

Key Takeaways:

• MTN Nigeria's income tax payments consistently rose from ₦75.66 billion in 2018 to ₦170.1 billion in 2022.
• In 2023, there was a significant drop in the payments, which fell to ₦40.87 billion, the lowest in the period under review.
• In 2024, MTN Nigeria saw its income tax jump by 267% from 2023's figure.
• The company achieved its peak income tax payment of ₦170.1 billion in 2022.
• The income tax for MTN in 2023 dropped by ~76% due to substantial forex loss from naira devaluation.

Key Takeaways:

• Okomu Oil Palm Company's revenue expanded by 1,236%, from ₦9.74 billion in 2015 to ₦130.06 billion in 2024.
• Profit after tax saw a substantial increase of 1,189%, from ₦2.66 billion in 2015 to ₦34.27 billion in 2024.
• The most significant profit growth took place between 2021 and 2024, with profit almost tripling during this timeframe.
• Although there have been some variations in profit margins, the company has consistently realised growth annually.
• The figures for revenue and profit reached their peak in 2024.
• The disparity between revenue and profit after tax in 2024 is significantly greater than in earlier years.

Key Takeaways:

• Dangote Sugar Refinery saw impressive growth rates of 68% in 2016 and 51% in 2024, marking periods of considerable expansion.
• The company’s revenue rose from ₦101.06 billion in 2015 to ₦665.69 billion in 2024.
• There were notable year-on-year fluctuations, with growth rates varying from -26% to 68%.
• The period from 2020 to 2024 indicated particularly strong performance, featuring consistent positive growth.
• The highest revenue allocation for the company was noted in 2024.

Key takeaways:

• Seplat’s revenue steadily increased from ₦112.97 billion in 2015 to ₦1.65 trillion in 2024.
• The difference between revenue and profit after tax in 2024 is notably broader than in previous years.
• Profitability varied over the years, with losses recorded in 2016 and 2020 but consistent recoveries during other periods.
• The year 2024 saw the company's peak revenue (₦1.65 trillion) and profit (₦214.25 billion).

• Lesotho's external debt stock grew from $912.1 million in 2014 to $1.74 billion in 2020.
• The most significant increase in debt occurred between 2015 and 2016, when the debt surged from $952.6 million to $1.36 billion.
• After 2020, external debt levels started to stabilise, with only a slight decline from $1.83 billion in 2021 to $1.78 billion in 2023.
• Despite the recent stabilisation, Lesotho’s external debt remains relatively high, indicating a need for debt sustainability and fiscal management.

• All ten of the world’s lowest GDP per capita countries are in Africa, signalling deep economic inequality at the global level.
• South Sudan has the lowest GDP per capita at just $763, reflecting its ongoing economic struggles and instability.
• Burundi and the Central African Republic follow, both under $1,300.
• Even the highest GDP per capita country in this bottom ten, Niger, at $1,978, remains below $2,000.
• Low GDP per capita directly impacts standard of living, limiting access to quality healthcare, education, and infrastructure.

• A staggering 92.16% of all startup funding in West Africa flowed into Nigeria in 2019, showing the country’s lead in attracting investors.
• Nigerian startups still led, but their share dropped to 68.03% in 2023 and 69.75% in 2024, indicating that other West African countries are starting to attract more investment.
• Despite some shifts, no other West African country has come close to breaking Nigeria’s dominance. The remaining 20-30% of funding is spread across multiple nations, making it difficult for any single country to challenge Nigeria's position.
• While Nigeria’s startup dominance is impressive, a more balanced regional investment landscape could lead to greater innovation and economic growth across multiple countries.

• Nigeria is the clear leader, securing over 80% of total startup funding in West Africa. Its ecosystem benefits from a strong fintech sector, a large market, and increased investor trust.
• Ghana and Senegal are challengers, attracting $460M and $410M, respectively. These countries are proving they can compete but still have a long way to go to match Nigeria.
• Nigeria’s startups raised over ten times more than Ghana, the second-highest country on the list. This highlights an imbalance in investor focus.
• Benin ($133M) and Côte d'Ivoire ($107M) are rising players but remain in the shadows of the region’s top three. Their growing startup ecosystems could gain more traction with the right policies and investments.
• Mali, Togo, and Sierra Leone struggle to attract major funding, receiving less than $30M each. This signals a need for stronger ecosystems and investor confidence in these markets.