Intelpoint

Nigeria stands as one of the world’s most religiously diverse nations, a country where faith is not just a belief but a way of life. Out of its millions, 106.6 million Nigerians identify as Christians, representing about 46.5% of the population. Running almost parallel in number are the Muslims, about 105.3 million, making up 46% of Nigerians. Together, these two dominant faiths (Christianity and Islam), represent a remarkable balance rarely seen in one country. Yet, Nigeria’s spiritual story goes beyond the familiar, as 16.4 million people still follow ethnic or traditional religions, honouring ancestral spirits, deities, and sacred rituals that predate colonial times. Their beliefs thrive quietly in villages, festivals, and oral traditions, preserving a heritage that reminds Nigerians of where faith began. Other religions in Nigeria includes Agnostics (592,000), Baha'is (57,600), Hindus (45,000), Buddhists (12,600), Jews (1,200) and 65,000 Atheists. There are also 31,700 people identifying with other minor faiths and movements, reflecting Nigeria’s openness to diversity and spiritual experimentation. Despite its frequent religious tensions, the country’s balance of belief remains a living testimony of coexistence. In every prayer, chant, or drumbeat lies the heartbeat of a nation bound by faith, a land where almost everyone in one form or another is an adherent of something sacred.

Nigeria recorded its highest year-on-year increase in tax revenue in 2024, rising from ₦12.3 trillion to ₦21.7 trillion. The tax authority recorded a year-on-year drop six times within the last 13 years, four of which were consecutive from 2013 to 2016.

Kenya’s financial landscape has undergone a remarkable transformation in less than two decades. Formal financial access among adults has more than tripled, rising from 26.7% in 2006 to 84.9% in 2024. This shift underscores Kenya’s position as one of Africa’s leaders in financial inclusion, primarily driven by innovations in mobile banking and digital financial services. Over time, the country has witnessed a steady decline in the number of financially excluded adults, from 41.3% in 2006 to just 9.9% in 2024. This progress reflects deliberate policy efforts, technological adoption, and the success of platforms like M-Pesa, which have helped bridge the gap between traditional banking and informal systems. By making financial services more accessible and secure, Kenya has demonstrated how innovation can drive inclusion even in developing economies.

From 2005 to 2024, Egypt’s pharmaceutical imports were over ten times higher than exports in value, accruing $34.087 billion in trade deficit. In 2005, the country imported $317 million worth of pharmaceuticals but exported only $6 million. That year, Egypt was clearly a consumer, not a producer. The trade gap widened since then and imports continued to stand taller. In 2006, imports were at $253 million, while exports were $64 million. By 2007, imports climbed to $344 million, and exports to $92 million, showing cautious progress. The industry’s real shift began in 2008, when imports nearly tripled to $925 million, marking the start of Egypt’s rooted dependence on foreign pharmaceutical supplies. Over the next decade, that dependency deepened. Imports crossed $1 billion in 2009 and $2 billion by 2015, while exports stayed below $350 million. Imports averaged $2.3 billion from 2016 to 2020, while exports barely moved between $293 million and $273 million. By 2021, imports jumped to $3.529 billion, and exports to 327 million. Then came 2024, when exports climbed to $447 million, the highest in 20 years. It marked a turning point, although slow but significant. Imports still dominated at $3.521 billion, but Egypt’s export base was finally broadening. The trade story remains one of deficit, but also determination. With growing pharmaceutical infrastructure and regional partnerships, Egypt is no longer just buying pharmaceutical products; it is gradually learning to make and sell them, too.

As of Q2 2025, North-Eastern Nigeria’s domestic debt profile reveals wide disparities across the six states. Borno State, at ₦22.3 billion, stands out as the most fiscally restrained, managing its borrowing levels despite ongoing recovery and security challenges. In contrast, Bauchi State dominates the region’s debt landscape with ₦143.6 billion, followed by Taraba (₦93.9 billion) and Gombe (₦76.9 billion). The collective regional debt stock of ₦450.1 billion reflects a mix of cautious borrowing and investment-driven fiscal expansion as states continue to navigate economic rebuilding and public service delivery priorities.

The Federal Government of Nigeria has earmarked ₦16.0 billion in the 2025 budget for the infrastructure development and expansion of the Economic and Financial Crimes Commission (EFCC). The allocation covers several large-scale construction projects, including new EFCC offices in Lagos and Kano, the establishment of three new zonal directorates, and an expanded EFCC academy in Abuja. This marks a significant investment in Nigeria’s anti-corruption architecture and the physical presence of the Commission across key regions. The expansion drive underscores the government’s intent to strengthen institutional capacity in the fight against corruption.

An elite military unit in Madagascar seized power in October 2025, ousting the country's embattled President Andry Rajoelina. This marks the second successful coup in the country (out of five attempts) and one of the successful coups in Africa out of the total 226 attempts on the continent. In the same month, Nigeria’s Defence Intelligence Agency detained several senior officers over an alleged coup plot, reportedly aimed at toppling President Bola Tinubu. Sudan leads Africa in the number of coup d’état attempts, recording 18 since 1950 — seven more than Burkina Faso, Burundi, and Sierra Leone, which each have 11. This reflects recurring power struggles and weak institutional structures that make military intervention a recurring part of the continent’s political narrative. Across Africa, 226 coups have been attempted between 1950 and 2025, revealing how deeply rooted the struggle for political power has been in the region’s post-independence history. Of these, over 110 have been successful. The prevalence of coups in countries like Mali, Niger, and Guinea-Bissau highlights a pattern: states grappling with insecurity, corruption, and weak governance often face repeated military takeovers as cycles of instability continue.

Nigeria’s GDP in 2024 was revised upward from $187.6 billion to $252.1 billion following the IMF’s October 2025 rebasing, which adopted 2019 as the new base year. The update marks one of the most extensive revisions in Nigeria’s economic history, adding between $20 billion and $235 billion to annual GDP figures across 1990–2025. The rebase captures a broader range of economic activity, including the digital economy, informal agriculture, modular oil refining, and social insurance schemes previously unrecorded in national accounts. The most dramatic change occurred in 2014, when GDP surged from $576 billion to $811 billion—Nigeria’s highest ever—briefly placing the country among the world’s 20 largest economies. The revision reflects how expanded data coverage and modern statistical standards can significantly reshape the understanding of an economy’s true scale.

Nigeria’s 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.63 trillion in Internally Generated Revenue (IGR). Lagos State maintained its position as the nation’s top revenue generator since 2008, contributing ₦1.26 trillion in 2024, about 34.7% of the total IGR recorded nationwide. A particularly remarkable development in the 2024 report is the rise of Enugu State, which re-entered the top 10 revenue-generating states for the first time since 2015. The state recorded an impressive ₦180.5 billion, representing a 433% year-on-year increase from its ₦33.8 billion in 2023, a strong indicator of expanding economic activity and improved revenue administration. Other states that made the top 10 list in 2024 include Rivers, the FCT, Ogun, Delta, Edo, Akwa Ibom, and Kano. However, while most states experienced steady growth, a few, notably Ondo, Ebonyi, and Yobe recorded year-on-year declines, reflecting uneven progress in subnational revenue performance across the country.

With the new 2019 base year, the IMF incorporated Nigeria’s revised national accounts, expanding data coverage to include the digital economy, informal activities, pensions, insurance, and small-scale industries. The update increased Nigeria’s nominal GDP by about 40.8 percent, reshaping its historical economic size in dollar terms. As a result, Nigeria ranked among the world’s 20 largest economies in 1998, 2013, 2014, and 2015, peaking in 2014 with a GDP of about $811 billion. Although currency depreciation and slower growth later reduced its global standing, the latest revision highlights how improved measurement and broader data capture can redefine a country’s true economic position.