Poverty rate: 87 million Nigerians raise rate to 38.9% in 2023

Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.

Source:

Worldbank.org

Period:

1985-2023
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Nigeria's tax revenue
  • Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
  • NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
  • Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
  • Newer tax streams like the Electronic Money Transfer Levy and NASENI (National Agency for Science and Engineering Infrastructure) funding have emerged, but still make up less than 2% of total revenue.
  • Minor tax categories like Capital Gains Tax, NITDEF (National Information Technology Development Fund), and NPTFL (Nigeria Police Trust Fund) had negligible impact, each contributing less than 0.5%
South Sudan tops Africa's food inflation list with 106%; two other East African nations in top 5
  • South Sudan and Zimbabwe have crossed 100% food inflation.
  • Three of the top five countries with the highest food inflation in Africa are in East Africa, showing a regional pattern of vulnerability.
  • Nigeria ranks 7th in Africa for food inflation at 21.3%, underlining persistent cost-of-living pressures despite being a major economy.
  • Liberia and Zambia round out the top 10 with double-digit food inflation.
  • Djibouti, Somalia, and Senegal are experiencing food price deflation, setting them apart from most African countries.
Lagos State's year-end outstanding foreign debt peaked in 2017, before gradually easing to $1.17 billion as of 2024
  • From just $190 million in 2006, Lagos State's year-end external debt rose significantly to over $1.1 billion by 2024, a more than 500% increase over 19 years.
  • The highest year-end debt was recorded in 2017 at $1.47 billion, with a gradual decline afterwards, except for a brief rise again in 2022–2023.
  • By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
  • If Lagos State paid off or borrowed funds in a given year, only the remaining unpaid amount by year-end is shown in the data.
Nigeria’s nominal GDP has grown by over 80%, but real GDP has grown by only 6%
  • Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
  • Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
  • The gap between nominal and real GDP widened sharply after 2021, reaching ₦155 trillion in 2024.
  • Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
  • Inflationary pressures have driven nominal gains, masking subdued real economic expansion.
Gold (jewellery, bar & coin) demand in Egypt (2010–2024)
  • Jewellery demand made up 81.35% of Egypt’s total gold demand between 2010 and 2024.
  • The highest jewellery demand was recorded in 2010 at 53 tonnes, and no year since has reached that level.
  • Jewellery demand declined by 50.75% between 2010 and 2024.
  • Bar and coin demand saw a sharp 700% increase between 2021 and 2022.
  • In 2023, bar and coin demand hit a record high of 30.3 tonnes and, for the first time, exceeded jewellery demand.
  • Overall, bar and coin demand rose by 943.48% between 2010 and 2024.
Number of road accidents by geopolitical zone in Nigeria (Cumulative, Q3 2020-Q3 2024)
  • The North Central zone accounts for the highest share of road accidents in Nigeria, contributing 34.55% of the national total.
  • Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
  • The South West zone ranks second, responsible for 25.78% of all accidents nationwide, with Ogun State leading the zone at 6,418 accidents.
  • The South East zone has the lowest share, contributing just 5.38% of total accidents from Q2 2020 to Q2 2024.
  • Enugu State, the highest contributor within the South East, accounts for only 1.59% of the national total.
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