• With a projected GDP of $80 million, Tuvalu ranks as the smallest economy globally, producing less in a year than many corporations earn in a day.
• Even when put together, these small economies still fall far behind the economic output of many mid-sized countries or cities.
• Nigeria’s $199.72 billion GDP overshadows the economies of these nations.
• Many of the world’s smallest economies are Pacific and Caribbean island nations, which often depend on tourism, remittances, and international aid.
• With limited industries and small populations, these economies are highly vulnerable to external shocks like climate change, supply chain disruptions, or shifts in global tourism trends.

• Gaining independence in 1847, Liberia has been free for 177 years, long before most African nations began their fight for sovereignty.
• With only 13 years of independence, South Sudan remains the newest nation on the continent, still navigating the challenges of nation-building.
• The difference between Liberia and South Sudan is 164 years, showing the vast timeline over which African nations gained independence.
• The majority of African nations secured sovereignty between the 1950s and 1970s, marking the height of the decolonisation movement.
• Countries like Zimbabwe (1980), Namibia (1990), and Eritrea (1993) faced prolonged struggles against colonial rule.
• Despite Liberia’s long years of independence, it has faced civil wars and economic instability, showing that the length of sovereignty doesn’t always translate to political or economic strength.
• While sovereignty marks a historic milestone, many African nations, especially younger ones like South Sudan, continue to grapple with political, economic, and developmental challenges even decades after gaining independence.

Key takeaways:

• BUA Foods saw a significant profit increase between Q1 2021 and Q4 2024, with notable highs in 2024.
• In Q3 2023, there was a drastic drop in profits, which was subsequently followed by a robust recovery.
• The highest profit before tax was recorded in Q3 2024 at ₦78.47 billion.
• Quarterly profits varied, ranging from as low as ₦2.02 billion to as high as ₦78.47 billion.
• A significant turning point occurred in 2024, with quarterly profits consistently surpassing ₦60 billion.

Key takeaways:

• The most significant growth was observed in 2024, with operating profit reaching a record high of ₦174.97 billion in Q4.
• Despite experiencing some fluctuations each quarter, the company displayed resilience and a strong capacity for scaling.
• BUA Foods showed consistent improvement in operating profits year over year.
• Quarterly operating profits ranged from around ₦20 billion in 2021 to nearly ₦175 billion in Q4 2024.
• A major breakthrough occurred in 2024, with quarterly operating profits consistently exceeding ₦99 billion.

Key takeaways:

• BUA Foods Plc's turnover rose from ₦70.2 billion in Q1 2021 to ₦437.4 billion in Q4 2024.
• The organisation experienced steady quarterly increases throughout all periods.
• A notable spike was observed in 2024, with quarterly turnover consistently above ₦315 billion.
• The fourth quarter of 2024 marked a peak turnover of ₦437.4 billion.
• In terms of quarterly growth, Q1 2024 recorded the highest rate at 75%.

• South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
• South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
• Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
• Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
• At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.

Key takeaways:

• The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
• Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
• Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
• Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
• The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.

Key takeaways:

• The tax-to-GDP ratio reached its peak in 2022/23 at 24.9%, signifying enhanced efficiency in tax collection.
• Throughout the past two decades, the percentage of tax revenue relative to GDP has exhibited significant stability.
• The tax revenue as a proportion of GDP has fluctuated between 21% and 25% over the last twenty years.
• Notable declines occurred during global economic downturns, such as the financial crisis of 2008-2009 and the COVID-19 pandemic.
• The recent years (2021-2024) reflect a robust recovery, with tax revenue percentages approaching peak levels.

• Shoprite leads in geographical presence, with stores in 13 Nigerian states, followed by Marketsquare with 11 states.
• Everyday Supermarket is the only other chain with a presence in at least five states, while the majority of other brands are in just four or fewer states.
• Most retail chains in Nigeria remain regionally concentrated, with only a few achieving significant national coverage.
• The presence of only a few nationwide chains may present an opportunity for expansion by emerging retailers.

• Bokku! Mart dominates the retail landscape with 123 locations, nearly three times the count of the second-largest chain, Addide, which has 44 stores
• Marketsquare, Justrite, and Shoprite round out the top five with 36, 31, and 23 stores, respectively, indicating a competitive yet fragmented retail sector
• Most retail chains have fewer than 25 stores, with 13 out of the 18 listed having fewer than 15 stores
• Traditional supermarket names like Shoprite and Game face competition from local brands

• 2G remains the dominant network, covering 94.14% of Nigeria’s population, ensuring basic connectivity across the country.
• 3G has strong penetration at 89.42%, serving as a bridge between legacy and modern networks.
• 4G coverage reaches 84.19%, reflecting growing adoption but still lagging behind older technologies.
• 5G penetration is extremely low at just 11.80%, indicating that its rollout is still in its infancy and mostly limited to urban areas.
• The high coverage of older networks suggests continued reliance on legacy infrastructure, particularly in rural and underserved areas.

• Glo is the only Nigerian mobile operator that prioritises tower ownership.
• It owns 8,550 towers, far exceeding its competitors combined.
• MTN, 9mobile, and Airtel own 286, 86, and 61 towers, respectively.
• Most operators lease towers from third-party providers like IHS Towers and American Tower Corporation, while Glo prefers to control its infrastructure.