• UAC Nigeria's revenue has consistently grown since 2018, reaching ₦197.6 billion in 2024
• 2024 saw the highest year-on-year revenue growth of 64%
• The company recorded steady revenue increases from 2019 to 2023, growing by 14.5% annually on average
• 2024's unaudited revenue figure marks a new milestone for UAC Nigeria

Key takeaways:

• The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
• The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
• The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
• Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
• The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.

• South-West drives Nigeria’s VAT but gets little back. The region remitted ₦341.38B (53%) but received only ₦99.85B (29% return).
• South-South remitted ₦121.84B but got ₦52.49B (43% return); Rivers alone gave ₦90.21B but got just ₦11.01B.
• The North enjoyed the highest VAT gains, remitting ₦66.18B and receiving ₦161.11B (240% return); the North-West got ₦66.75B from ₦28.31B (235% return).
• South-East and North-East got the biggest VAT boost. South-East: ₦10.94B remitted, ₦39.13B received (357.6% return); North-East: ₦14.94B remitted, ₦46.68B received (312.5% return).

• South America led in growth, surging by 116.5%, signaling rapid adoption in emerging markets.
• Europe and Oceania also saw explosive growth, with 60.3% and 114.3% increases, respectively.
• Asia remained dominant, with the highest number of owners, growing to 326.8M in 2024.
• Africa showed the slowest growth (8.5%), suggesting possible barriers like regulation or adoption hurdles.

• Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
• Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
• A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
• Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.

Key takeaways:

• Throughout the decade, Nigeria saw a consistent decline in education funding as a percentage of GDP.
• The most substantial allocation occurred in 2012 at 0.55% of GDP.
• The lowest allocation was noted in 2022 at 0.35% of GDP.
• There was a brief recovery from 2017 to 2018 before the downward trend resumed in 2019.
• Over the decade, the overall reduction in education spending relative to GDP was approximately 36.5%.
• Nigeria's education spending as a percentage of GDP is significantly lower than the UNESCO recommendation of 4-6% for developing nations.

Key Takeaways:

• Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
• The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
• Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
• The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
• In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.

Key takeaways:

• February 2024 saw the largest month-on-month rise in inflation, climbing nearly 2% from 23.59% in January 2024.
• Nigeria experienced brief periods of relief, with slight drops in core inflation during November 2023 and September 2024.
• From May 2023 to December 2024, the inflation rate fluctuated within the 20% to 30% range.
• December 2023 registered the highest inflation rate during the first eight months of the observed period.
• The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024 due to the Consumer Price Index rebasing from 2009 to 2024.

Key takeaways:

• Libya's total revenue (85.78% of GDP) significantly surpassed all other African states.
• Lesotho is noteworthy with the second-highest total revenue ratio at 48.12%.
• Equatorial Guinea and Sao Tomé & Príncipe in Western Africa recorded total revenue of 30.79% and 25.38% respectively.
• South Africa generated 27.74% of its GDP in revenue.
• The top ten countries reported total revenue exceeding 28%.

• The South-South remitted ₦121.84B, making it one of the biggest net donors to the national VAT pool.
• The region received only ₦52.49B, meaning it got back just 43% of its VAT contributions.
• Rivers State alone remitted a staggering ₦90.21B (74% of the region’s total) but received only ₦11.01B (12.2% return), marking one of the worst VAT allocation disparities in Nigeria.
• Cross River had the lowest VAT contribution (₦1.55B) but received ₦7.45B, a 380% gain, while Bayelsa, despite remitting ₦12.8B, received only ₦8.02B, less than lower-remitting states like Delta (₦9.05B).
• Every state in the South-South received more than it remitted, except for Bayelsa and Rivers, with the latter being the only state to suffer a massive VAT deficit.

• East Africa: Ethiopia leads with 36.2 million agricultural workers (27.3% of its 132.5 million population). Agriculture is vital to its economy. Tanzania follows with 19.2 million workers (approximately 28.8% of 66.6 million). Uganda has 23.4% of its 50 million population in agriculture, and Kenya employs 7.6 million workers (approximately 13.7% of 55.3 million), despite land degradation affecting 80% of its land.
• West Africa: Nigeria has 26.8 million agricultural workers, but with a population of 232 million, it heavily depends on food imports as only 11.5% of its population work in the agriculture section. Ghana employs 5.5 million agricultural workers (16% of 34.4 million) and has strong potential for agricultural export growth, especially cocoa.
• Central Africa: DR Congo has 18.6 million agricultural workers out of a population of 109.2 million.
• Southern Africa: Mozambique has 9.9 million agricultural workers 29% of 34.6 million, while Madagascar employs 10.5 million (33% of 31.9 million). Agriculture is key to Madagascar’s economy but hindered by land issues, with women producing 80% of crops.
• North Africa: Egypt has 5.7 million agricultural workers (5% of 116.5 million), and relies on irrigation due to limited arable land and high food imports.

• North Africa dominates with 53.8% of Africa’s total reserves.
• West Africa holds 17.6%, despite economic challenges.
• Southern Africa accounts for 20.3%, benefiting from strong reserves in South Africa.
• East Africa lags behind with 4.4%, indicating lower reserve accumulation in the region.
• Central Africa holds the smallest share at 4%, reflecting economic struggles and weak financial buffers.