• The United States holds the strongest military globally, with a Firepower Index of 0.0744, reflecting its superior military resources and capabilities.
• Russia and China are tied with 0.0788, showcasing their comparable and highly advanced military strengths.
• India ranks fourth with 0.1184, solidifying its position as a major military power in Asia.
• South Korea and the United Kingdom follow closely, with 0.1656 and 0.1785, respectively, highlighting their robust defense systems.
• France, Japan, Turkiye (Turkey), and Italy round out the top 10, with Firepower Indexes ranging from 0.1839 to 0.2164, demonstrating their significant military influence on the global stage.

• The number of collateral-backed debtors fell by almost 50% from 2017 to 2018
• The number of debtors began increasing consistently from 2019 to 2021
• The highest post-2018 debt level was recorded in 2023, reaching 7,390, which is close to pre-2018 figures.
• The decline in 2018 could indicate cautious borrowing or stricter regulations, while the rise afterward suggests a possible easing of credit access.

• VAT revenue in naira has consistently grown over the years, hitting an all-time high of ₦3.64 trillion in 2023.
• The dollar value of VAT revenue declined despite the increase in naira terms, dropping from $5.88 billion in 2022 to $5.44 billion in 2023.
• Over the last decade, VAT revenue in naira has grown at an impressive CAGR of 20.18%, while its dollar value grew at a much lower 5.48%, showing the impact of currency devaluation.
• 2023 saw one of the largest year-on-year increases in VAT revenue in naira, but the corresponding drop in dollar value indicates that exchange rate volatility are eroding real revenue gains.
• Nigeria’s revenue collection efforts are improving, but the decline in dollar value highlights the need for economic stability and currency strength.
• This trend reflects a broader issue in Nigeria’s economy - higher local earnings do not necessarily translate into increased global purchasing power.
• With VAT being a major non-oil revenue source, policymakers must focus on stabilizing the exchange rate to maximize the real impact of revenue growth.

• China's total LNG imports dropped by over 55%, from $44 billion in 2021 to $19.4 billion in 2023, showing a significant reduction in demand and a shift in sourcing.
• Australia, which was China’s largest LNG supplier in 2021 ($16.3 billion), is no longer among the sources in 2023, signaling a shift in China’s energy diversification strategy.
• Russia and Turkmenistan have emerged as dominant suppliers in 2023, with Turkmenistan leading at $9.61 billion and Russia following at $6.44 billion
• The U.S. has nearly disappeared from China's LNG market, dropping from $6.22 billion in 2021 to just $52,400 in 2023, a staggering 99.99% decline, likely due to geopolitical tensions and trade policies.

• Digital wallets are the fastest-growing POS payment method in Nigeria, projected to rise from 18% in 2023 to 37% in 2027.
• Cash transactions, though still dominant, are steadily declining from 55% to 42%, reflecting a gradual shift towards digital payments.
• Debit card usage is decreasing from 12% to 8%, possibly due to the convenience of digital wallets and A2A transfers.
• Prepaid and credit cards remain stable, each holding a minor share of Nigeria’s POS transactions.
• POS financing remains a niche payment method, with no significant growth expected between 2023 and 2027.
• Nigerian consumers are prioritizing speed, convenience, and security in their transactions, pushing digital payments to the forefront.

• Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
• A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
• Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
• Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
• Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.

• Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
• Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
• Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
• The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
• Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
• Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.

• External debt has nearly doubled as in 2017, it stood at 26.64%, but by 2024, it had risen to 46.96%.
• Domestic debt has dropped from 73.36% in 2017 to 53.04% in 2024, showing a decline.
• Nigeria’s increasing reliance on external loans suggests a strategic shift in public debt financing.
• Unlike other years, domestic debt share slightly increased in 2023, rising to 60.74%, before external debt rebounded in 2024.
• A rising share of external debt means higher exposure to foreign exchange risks and global market conditions.
• If the trend continues, Nigeria’s external and domestic debt may soon be equal, reducing the traditional dominance of domestic borrowing.

• Nigeria remains the largest forest owner in West Africa, despite a steady decline in forest area from 217,902.5 km² in 2019 to 213,003.5 km² in 2022.
• Ghana is the only top forest-owning country with increasing forest area, growing from 79,784.8 km² in 2019 to 80,001.6 km² in 2022.
• Liberia, Senegal, and Burkina Faso all experienced gradual declines in forest area over the period.
• Burkina Faso has the smallest forest area among these countries, with 61,164 km² in 2022.

• Apple leads the global market with $3.863 trillion market capitalisation, followed closely by Nvidia at $3.355 trillion and Microsoft at $3.200 trillion.
• Tesla ($1.385T) remains the most valuable automobile company, far ahead of traditional car manufacturers.
• The highest-ranked non-tech company, Saudi Aramco, stands at $1.805 trillion.
• Other trillion-dollar companies span industries such as finance (Berkshire Hathaway – $0.984T) and media (Meta – $1.514T).

• Nigeria’s agricultural GDP reached ₦19.3 billion in 2023, showing minimal growth.
• From 2013 to 2023, agriculture played a key role in Nigeria’s economic growth, averaging 24.43% of the total annual GDP.
• Agriculture's share in the total GDP in 2020 (25.90%) dropped to 24.76% in 2023.
• Post-pandemic recovery in the agricultural sector has been robust, with consistent growth from ₦18.3 billion in 2020 to ₦19.3 billion in 2023.
• Agriculture remains a critical driver of Nigeria’s economy, ensuring food security and supporting livelihoods across the country.

Key takeaways:

• The highest percentage of requirements was met in 2019.
• Less than 50 percent of UN funds targeted towards Nigeria's humanitarian aid was realised in 2023.
• As of 2020, the year of the Covid-19 pandemic, approximately 58 percent of the UN target for Nigeria's humanitarian support was raised, which is lower than the percentage realised in 2019 and 2021.
• Every year, Nigeria obtains at least 40% of the UN's humanitarian aid needs.