Thirty four per cent (34%) of Nigeria's revenue allocation to states since 2017 have gone to the South South states

Since 2017, 34% (₦5.8 trillion) of Nigeria's revenue allocation to states has gone to the South South states. This chart shows a snapshot of how allocations vary across regions.

Source:

National Bureau of Statistics

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Period:

2017-August 2023

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North and Southern Africa grew their reserve in 2023, while West, East, and Central Africa saw declines

North Africa dominates with 53.8% of Africa’s total reserves.
West Africa holds 20.3%, despite economic challenges.
Southern Africa accounts for 17.6%, 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.

In 2023, Libya and Algeria topped Africa’s reserves, as Egypt faced decline

Libya leads Africa’s reserves with $92.4B, followed by Algeria ($81.2B) and South Africa ($62.5B).
Egypt’s $36.3B reserve places it fourth among African nations.
Morocco holds $33.1B, maintaining a strong reserve position.
Angola ($13.9B), Tunisia ($9.24B), Kenya ($7.34B), Mauritius ($7.25B), and DR Congo ($5.1B) round out the top 10.
Libya and Algeria’s strong reserves highlight North Africa’s dominance in the Black continent reserve.

Africa's reserves, peaking at $560 billion in 2013, declined to $397 billion in 2022

In 2013, Africa’s total reserves stood at $560 billion, the highest recorded in the past decade.
A steady decline followed, with reserves dropping to $402 billion by 2016.
A moderate recovery began in 2017 at $426 billion, stabilising around $400 billion in recent years.
As of 2022, Africa’s total reserves were estimated at $397 billion.
Despite fluctuations, Africa’s reserves have hovered around $400 billion since 2019.

Africa's $375 billion reserves in 2023 make up just 2.6% of the global total

Africa ranks 5th globally in total reserves. The continent’s $375B in reserves lags behind most regions, surpassing only Oceania.
Asia leads with $8.24T, over half of global reserves, maintaining the strongest reserve and continent buffer driven by China, Japan, and India.
Europe holds nearly five times Africa’s reserves, with $3.68T.
South America’s $590B reserves is 57% more than Africa’s.
Oceania remains the lowest with $84.8B.

Nigerian financial institutions contributed approximately ₦6.40 out of every ₦100 generated nationally in Q1 2024, up from about ₦4.60 contributed in 2023

At 6.40%, financial institutions now contribute more than ever to Nigeria’s GDP.
From 3.60% in 2022 to 6.40% in Q1 2024, the sector’s share has nearly doubled in record time.
Between 2016 and 2019, the financial sector's contribution remained mostly flat at 2.60%–2.70%, showing little progress.
The financial sector started expanding post-2019, aligning with increased fintech adoption, digital banking growth, and financial inclusion policies.
The increasing role of financial institutions suggests more businesses and individuals are engaging with formal banking systems.
Despite economic uncertainties, Nigeria’s financial sector has successfully adapted and expanded, proving its ability to drive growth.

The inflation rate in Nigeria rose from 22.41% in May 2023 to 34.80% by December 2024 and dropped to 24.48% in January 2025

Key takeaways:

Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.