• Nigeria's largest cement manufacturers each recorded over 50% revenue growth in 2024
• BUA Cement recorded the largest revenue growth in 2024 (90.5%), nearly doubling its revenue from ₦460 billion in 2023
• Dangote Cement's revenue exceeded the combined revenue of BUA Cement and Lafarge Africa in both 2023 and 2024
• Lafarge Africa earned ₦696.8 billion in revenue, the lowest revenue of the three cement majors

Key takeaways:

• Tecno (23.55%) and Infinix (21.73%) lead the Nigerian mobile market, making up a combined 45.28% of the market share.
• Samsung (12.36%) is the leading non-Chinese brand, with Apple (9.43%) following closely behind.
• Xiaomi (7.15%) and Huawei (4.34%) are emerging as significant players in Nigeria's mobile sector.
• Premium brands such as Samsung (12.36%) and Apple (9.43%) have considerable but smaller market shares compared to their Chinese counterparts.
• Chinese manufacturers collectively dominate over 60% of the mobile market in Nigeria.

Key takeaways:

• In February 2025, Samsung and Apple dominate the mobile market in Africa.
• Samsung leads with a 29.80% share of the continent's mobile market based on usage.
• Apple ranks second with a 13.27% share, demonstrating resilience in markets sensitive to pricing.
• Collectively, Chinese manufacturers hold more than 45% of the mobile market in Africa.
• Brands under Transsion Holdings (Tecno, Infinix, Itel) together represent nearly 25% of the total market share based on usage.

Key Takeaways:

• In 2023, Kiribati spent the largest % of its GDP on education, amounting to 16.39%.
• Kiribati, Tuvalu, and Vanuatu each allocated over 10% of their GDP to education.
• Bolivia and the Solomon Islands each directed around 8.3% of their GDP spending towards education.
• The top ten countries dedicated approximately 6.6% to 16.4% of their GDP to education.

• Lagos carried the South-West VAT burden, remitting ₦305.52B (89.6% of the region's total) but receiving only ₦62.59B (20.5% return), making it the highest net contributor in Nigeria.
• Osun had the most disproportionate gain, remitting a mere ₦590M but receiving ₦7.73B, an astronomical 1,211% return—the highest redistribution gain in the South-West.
• The entire South-West remitted ₦341.18B but received only ₦106.85B, meaning it got back just ₦0.31 for every ₦1 contributed, highlighting a severe VAT allocation imbalance.
• Ondo and Ogun remitted only ₦3.3B but received ₦16B combined, far exceeding their generated VAT, while Lagos alone subsidised most of the allocations across the country.

• The South-East remitted ₦10.94 billion in VAT but received ₦39.15 billion, a 257.7% increase, showing a high reliance on VAT sharing.
• Abia, the lowest contributor (₦734M), received ₦7.29B, nearly 10× its remittance, making it the biggest relative beneficiary in the region.
• Anambra, the highest contributor (₦3.56B), received only ₦8.72B, showing a sharing trend where high-contributing states do not necessarily receive the most.
• Every South-East state received at least 2× what they remitted, with an average allocation of ₦7.83B despite an average contribution of just ₦2.19B.

• The North-West region received ₦66.55 billion, more than double its remittance (₦28.31B), showing a heavy reliance on federal VAT sharing.
• Zamfara, the lowest contributor (₦1.45B), received the highest percentage gain (+433%), getting ₦7.72B, while Kano, the highest contributor (₦9.59B), had the smallest relative gain (+41.5%).
• Kaduna and Katsina, despite remitting ₦3.50B and ₦3.86B, received ₦10.18B and ₦10.01B, respectively, nearly tripling their remittance.
• Kano remitted 34% of the zone’s VAT but received only 20.4% of the total allocation, reinforcing that VAT is distributed based on equality and not economic strength.

• The North-East remitted only ₦14.98 billion but received ₦46.68 billion, showing a 211.6% gain due to sharing.
• Taraba, the lowest contributor (₦0.94 billion), saw the highest percentage gain (635%) with an allocation of ₦6.91 billion, reinforcing that smaller economies benefit the most from VAT sharing.
• Bauchi, despite remitting just ₦2.44 billion, received the highest allocation (₦8.93 billion), a 266% increase, illustrating how VAT is shared based on equality and population, not economic activity.
• Every state in the region received at least 2× what they remitted, highlighting the North East’s reliance on VAT sharing and fuelling the fiscal federalism debate on whether VAT should be retained at the state level.

• Men hold the majority share in crypto adoption (61%), indicating that the industry is still male-dominated despite growing female participation.
• Over 219M women own crypto globally, showing that female adoption is increasing but still lags behind male ownership.
• With 6.8% of the world’s population involved in crypto, adoption is growing, but there is still massive untapped potential, especially among women.
• Bridging the gender gap could drive the next wave of crypto adoption, and greater financial inclusion and education could encourage more women to enter the space.

• African countries issued a total of $15.7 billion in Eurobonds, demonstrating continued reliance on external debt markets.
• While the first ten months totaled $6.2 billion, November and December alone added $7.5 billion, marking a sharp increase.
• The total issuance jumped from $6.2 billion in October to $10 billion in November and then $13.7 billion in December, showing a drastic shift in borrowing.
• Eight African countries drove this activity, as the borrowing is concentrated among key economies.

• Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
• In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
• Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
• In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
• The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and  securing a $50 million private placement as part of its recapitalisation

• FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
• The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
• Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
• Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.