Nigeria has made strides in metering electricity customers, but progress is slow, with nearly 7.1 million unmetered customers as of June 2024.
Despite customer numbers doubling from 6.5m to 13m (June 2015-2024) and a 95.4% rise in metered customers, the percentage of unmetered customers increased to 54.4%.
Metering must outpace customer growth to end estimated billing.
Nigeria: The best WAEC results in the last nine years were recorded between 2021 and 2023, with many students getting at least five credits, including in mathematics and English.
However, 2024 saw a decline, with 72.1% following 79.8% in 2023.
The Nigerian Workplace Report indicates that over 50% of Nigeria’s working population earns less than ₦200,001 monthly. It further highlights that individuals earning above ₦600k are among the top 10% earners.
Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked.
Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.
Private institutions represent the largest share of Nigeria’s higher education sector, accounting for half of the universities and polytechnics in the country.
Between 2000 and 2023, Africa received $182 billion in Chinese loans, primarily for energy and transportation development.
Angola, with 25%, was the largest recipient; Ethiopia, Egypt, Nigeria, and Kenya followed.
While 49 countries benefited, experts warn of increasing debt risks.
Over the years, Nigeria has seen significant increases in electricity revenue.
Revenue surged from ₦129 billion in 2015 to ₦683 billion in H1 2024, while the number of customers has doubled from 6.5 million to 13 million.
This 428% increase in revenue highlights rising consumption and tariff hikes.
In H1 2024, Nigeria's FDI accounted for just 2.5% of the country's $5.98 billion total capital imports, down from 14% in H2 2023 and 6.2% in H1 2023.
This highlights a shift towards other capital inflows like portfolio investments.
Portfolio investments rose significantly to $3.48 billion, rebounding from $397 million in H2 2023 and $756 million in H1 2023.
Nigeria's FDI has dropped significantly. From an average of $417m per quarter (2013-2015) to less than $100m (Q1 2022 - Q2 2024), it hit its lowest ($29.8m) in Q2 2024.
The trend shows declines since 2013, with key fluctuations and a shift in investment priorities.
2013-2015: FDI was mostly above $200 million per quarter, peaking at $769 million in Q4 2014.
2016-2021: FDI mostly stayed under $400 million, with a $531 million spike in Q3 2018.
2022-2024: FDI hit new lows, bottoming out at $48 million in Q1 2023 and falling even further to $29.8 million in Q2 2024 — the lowest in 46 quarters.
As of 2022, the top five African countries indebted to the World Bank — Nigeria, Egypt, Ethiopia, Kenya, and Tanzania — accounted for 46% of the continent's outstanding debt with the institution.
Forty-eight African countries collectively owed around $125 billion, representing 31% of the total global debt of $408 billion. These are the top ten countries from 1970 to 2022.
