• From an average of 4.33% in 1981–2001 to just 1.58% in 2002–2024, Nigeria’s capital expenditure as a percentage of GDP has more than halved.
• The early 2000s marked a major turning point. After peaking at 9.1% in 1999, capital spending nosedived, rarely surpassing 2% in the last two decades.
• Recent figures show Nigeria’s capital expenditure hovering around 1–2% of GDP.
• The data suggests a move away from infrastructure investments, potentially prioritising recurrent expenditure such as salaries and overheads.
• Low capital spending can slow infrastructure development, limiting productivity, economic expansion, and foreign investment attractiveness.
• If Nigeria is to achieve sustainable growth, there needs to be a renewed focus on capital investments to drive industrialisation, improve public services, and create jobs.

• Kenya is the absolute leader in startup funding, with $3.3 billion raised in the past six years.
• The rest of East Africa is way behind, with Tanzania ($286M), Uganda ($183M), and Rwanda ($91M) being the next in line. But collectively, they don’t even match 20% of the funding Kenya received.
• The total funding raised across East Africa from 2019 to 2024 is $3.94 billion, which means Kenyan startups alone secured more than 8 out of every 10 dollars invested in the region.
• Investor confidence is highly concentrated in Kenya, largely due to its well-developed venture capital ecosystem, startup accelerators, and government support for innovation.

• 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.