Education - Intelpoint

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In 2023, Kiribati took the lead in global educational investment by allocating 16.4% of its budget

Key Takeaways:

In 2023, Kiribati spent the largest % of its GDP on education, amounting to 16.39%.
Kiribati, Tuvalu, and Vanuatu each allocated over 10% of their GDP to education.
Bolivia and the Solomon Islands each directed around 8.3% of their GDP spending towards education.
The top ten countries dedicated approximately 6.6% to 16.4% of their GDP to education.

From 2012 to 2022, Nigeria's government expenditure on education decreased from 0.55% of GDP to 0.35%

Key takeaways:

Throughout the decade, Nigeria saw a consistent decline in education funding as a percentage of GDP.
The most substantial allocation occurred in 2012 at 0.55% of GDP.
The lowest allocation was noted in 2022 at 0.35% of GDP.
There was a brief recovery from 2017 to 2018 before the downward trend resumed in 2019.
Over the decade, the overall reduction in education spending relative to GDP was approximately 36.5%.
Nigeria's education spending as a percentage of GDP is significantly lower than the UNESCO recommendation of 4-6% for developing nations.

The Finance and Insurance sector led Nigeria's 3.2% GDP growth in the first 9 months of 2024

Nigeria’s GDP for 2024 is up by 3.2% so far, with key sectors driving the growth. In the first nine months of 2024, Finance and Insurance took the lead with a 30.3% increase, followed by Water Supply & Waste Management at 8.3%, and Mining and Quarrying with 5.7% growth. These are the sectors leading Nigeria’s real GDP growth.