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  • The Nigerian movie industry, mainly financed via public or private funding and international grants, produces the most films in Africa, yearly. Nigeria produced more than double the number of films that the Ghanaian and Kenyan movie industries produce annually.

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    Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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  • Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
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    Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.

    The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.

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  • Nigeria was the seventh most populous nation in the world in 2020, with 206.1 million people. Projected to reach a population of 401.3 million by 2050, Nigeria will rank third after India (1st) and China (2nd). According to Institut national d'études démographiques' projections, Nigeria, Ethiopia, DR Congo, Egypt, Tanzania, and Kenya will be among the world’s top 20 most populous countries by 2050.

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    This table shows how adult literacy rates varied among African countries between 2018 and 2021. Seychelles and South africa were first and second respectively, with 96% and 95% of their adult population able to read and write. As of 2021, Chad had the lowest literacy rate.
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  • The Nigerian movie industry, mainly financed via public or private funding and international grants, produces the most films in Africa, yearly. Nigeria produced more than double the number of films that the Ghanaian and Kenyan movie industries produce annually.

    See more

  • Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

    See more
  • Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
    See more
Other Insights
 

The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year.

By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth.

Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally.

Rising immigrant numbers could strengthen remittance flows back to Nigeria.

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In 2023, the US immigrant (foreign-born) population reached an estimated 47.83 million, a 3.6% increase from 46.18 million in 2022, with Mexico leading as the top country of birth for immigrants, contributing nearly 23% of the total.

India, China, and the Philippines follow, with significant communities from El Salvador, Cuba, and Guatemala.

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Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.

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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.

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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.

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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.

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MultiChoice Group experienced a 31% decline in revenue from Nigeria in 2024 compared to 2023. Nigeria represented 35% of the group's Rest of Africa (RoA) subscription revenue in 2024, down from 44% in 2023. South Africa's contribution to subscription revenue grew from 56.2% in 2023 to 58.4% in 2024. Meanwhile, Nigeria's share of the total revenue dropped from 18.7% in 2023 to 13.9%.

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India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022.

Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt.

Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.

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Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase.

Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development.

As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.

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Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.

Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.

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In 2023, Nigeria saw a 17% reduction in petrol supply as imports fell by nearly 14% from 23.5 billion litres in 2022 to 20.3 billion litres.

The removal of the fuel subsidy in May 2023 led to higher prices and lower demand, especially in the second half of the year.

The Dangote refinery’s rising output could shape future supply.

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Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.

The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.

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The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year. By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth. Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally. Rising immigrant numbers could strengthen remittance flows back to Nigeria.
Read more
In 2023, the US immigrant (foreign-born) population reached an estimated 47.83 million, a 3.6% increase from 46.18 million in 2022, with Mexico leading as the top country of birth for immigrants, contributing nearly 23% of the total. India, China, and the Philippines follow, with significant communities from El Salvador, Cuba, and Guatemala.
Read more
Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.
Read more
   
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.
Read more
 
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.
Read more
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.
Read more
1 2 3 … 60
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