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  • Twelve Nigerian banks listed on the Nigerian Exchange Group (NGX) reported a total profit of ₦3.42 trillion in 2023, with all banks making a profit and seeing increases from 2022. The top four banks — Zenith Bank, Access Holdings, UBA, and GTCO — contributed 71% of this amount. Zenith Bank saw a 202% increase from the previous year and led the way with ₦676.9 billion, while Access Bank recorded the highest increase in profits (307%). Jaiz Bank made the least profit (₦11.2 billion) followed by Sterling Bank (₦21.6 billion) and Wema Bank (₦36 billion).

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    GSM subscribers in Nigeria only recorded three year-on-year drops in the past 11 years

    As of March 2024, there were 219m subscribers in Nigeria's GSM market which is dominated by three players each with over 20% market share. More than 40 mobile virtual network operators (MVNOs) have been licensed to date, all of whom will rely on the infrastructure of the country's four mobile network operators to offer their services.

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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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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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    Top ten African countries by estimated number of films produced annually

    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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  • Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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Other Insights
 
  • Only 12.1% of entrepreneurs are aged 18–25, showing limited entry among very young adults.
  • The largest groups are 26–35 (33.3%) and 36–45 (33.8%), together accounting for two-thirds of entrepreneurs.
  • Mid-life representation: 14.6% are aged 46–55.
  • Just 6.2% are 56 and above, indicating fewer older adults start or run MSMEs.
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  • 48.8% of MSMEs earn less than ₦100,000 monthly.
  • 19.5% report revenues between ₦100,000 and ₦199,900.
  • The share of businesses decreases steadily in the ₦200,000–₦999,900 bands, ranging from 9.3% to 6%.
  • Only 8.8% of MSMEs earn above ₦1 million monthly, with just 0.4% exceeding ₦100 million.
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  • Mauritius leads Africa with the highest GII score (32.5), ranking 53rd globally out of 139 countries.
  • North Africa dominates the top 5, with Morocco and Tunisia both strong performers.
  • Sub-Saharan Africa’s bright spots include South Africa, Seychelles, Botswana, and Senegal.
  • Nigeria is 105th globally (21.1), highlighting Africa’s uneven innovation capacity.
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  • At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
  • Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
  • Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
  • By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
  • This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.
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  • After yielding 61.9 million tonnes, yams were valued at $25.4 billion in 2023, the highest among reported commodities.
  • With 62.7 million tonnes produced, cassava generated $9.1 billion, making it the second most valuable crop.
  • Okra ($818/t), tomatoes ($808/t), and pineapples ($753/t) earned the highest returns per unit despite smaller volumes (1.6–3.8 million tonnes).
  • Maize ($3.7 b, 11.1 m t), rice ($3.1 b, 8.9 m t), sorghum ($2.3 b, 6.4 m t), cowpeas ($1.2 b, 4.3 m t), and groundnuts ($0.9 b, 4.3 m t) form the backbone of production.
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  • In 2023, the total number of African-born immigrants in the US was about 2.79 million.
  • Western Africa is the largest source region, contributing 1.08 million immigrants (39%), led by Nigeria (476k).
  • Eastern Africa is the second-largest source (28%), dominated by Ethiopia (278.2k).
  • Northern Africa accounts for 17%, mainly from Egypt (225.7k).
  • Central Africa contributes 8%, with Cameroon (90.7k) as the top country.
  • Southern Africa is smaller at 5%, almost entirely from South Africa (133.4k).
  • Five countries—Nigeria, Ethiopia, Egypt, Cameroon, and South Africa—together make up nearly half of all African-born immigrants in the US.
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  • Food prices rose roughly 13.9% from January to August 2025, according to the rebased Consumer Price Index (CPI) from the National Bureau of Statistics.
  • Month-on-month inflation for food fluctuated, with some months seeing sharper increases than others.
  • Using January as a baseline, the purchasing power of money for food declined steadily, meaning households need more naira to buy the same items.
  • Food carries a large weight in the CPI basket, making it a major driver of overall inflation and cost-of-living increases.
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  • Kenya’s microfinance assets grew by just 1.62% between 2014 and 2024.
  • The sector peaked in 2019 at KSh 76.4B, before entering a steady decline.
  • 2023 (-8.8%) and 2024 (-9.8%) posted the steepest year-on-year declines.
  • The sector recorded only two notable growth spikes: 2015 (+21.9%) and 2019 (+7.9%).
  • Overall, the trend from 2020 onward shows persistent contraction in asset value.
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  • Kenya’s insurance sector PAT grew by 143% between 2017 and 2024.
  • The lowest point came in 2020, with profits dropping 57.7% to KSh 6.4B.
  • A sharp rebound followed, with profits rising steadily each year from 2021 to 2024.
  • The strongest yearly growth was in 2019, with a 108% surge in profits.
  • By 2024, PAT stood at KSh 33.1B, the highest in the seven-year period.
  • Profits more than quadrupled from 2020 (KSh 6.4B) to 2024 (KSh 33.1B).
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  • Gross premium income in Kenya’s insurance sector grew by 89.1% between 2017 and 2024.
  • Premiums rose from KSh 209.0B in 2017 to KSh 395.3B in 2024.
  • The most substantial annual growth occurred in 2023 at 17.6%.
  • 2021 also recorded a significant rise of 16.6% growth.
  • The slowest growth was observed in 2020, at just 2.3%, likely reflecting the impact of the pandemic.
  • Despite fluctuations, the sector has maintained an upward growth trajectory across the 7 years.
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  • Kenya’s insurance assets more than doubled in seven years, from KSh 591B in 2017 to KSh 1.2T in 2024.
  • This represents a 109.4% growth over the period.
  • The sector recorded positive growth every single year, with no declines.
  • The most substantial growth occurred in 2024, at 17%.
  • Asset growth averaged between 7.5% and 12.5% annually until the surge in 2024.
  • 2023 marked the first time assets crossed the KSh 1 trillion mark.
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  • Government securities consistently dominate, holding between 69% and 71% of total insurance assets.
  • In 2022, government securities reached their peak share at 71.4%.
  • Investments in subsidiaries fell steadily from 11.9% in 2021 to 8.4% in 2024.
  • Ordinary shares and investment property grew slightly, reaching 9.4% and 9.2% respectively, in 2024 and 2023.
  • Term deposits declined from 8.6% in 2021 to around 6.7% in 2024.
  • The sector made gradual diversification moves but remained highly concentrated in government securities.
  • The consistent focus on low-risk assets highlights insurers’ preference for stability and capital preservation.
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  • The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
  • States’ share has more than halved, from 20.5% to 7.4% in six years.
  • Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
  • Nigeria’s debt burden is increasingly concentrated at the centre, amplifying federal repayment risks and reducing fiscal independence for states.
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  • Wealth-building dominates motivation: 45.4% cite “active wealth building” as their primary motive, and an additional 21.8% cite “long-term financial security”.
  • Payments and utility are minor drivers: Only 3.3% report “daily utility” and 2.2% “digital commerce” as their chief motive for using crypto.
  • Hedging and cross-border flows matter: 8.7% use crypto for currency hedging, and 4.1% for cross-border payments, showing a dual role of investment plus international value flows.
  • Nigerian retail users treat crypto like a conventional financial instrument rather than only as a means of payment or speculation.
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  • Nearly two-thirds (67%) of all crypto transactions in Nigeria are below ₦50,000, reflecting widespread use among everyday retail users.
  • The ₦15,000–₦25,000 band (28.2%) is the single largest group, showing consistent, small-scale engagement rather than high-value speculation.
  • Around 25% of users transact between ₦50,000 and ₦250,000, suggesting a growing middle class of more confident, mid-level investors.
  • Less than 3% of users transact above ₦1 million, confirming that Nigeria’s crypto market remains primarily retail-driven, not institutional or high-net-worth.
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  • A majority (67.2%) of Nigerian crypto users (17.7 million people) use digital assets mainly for investment and long-term financial growth.
  • Overall, 26.34 million Nigerians—over one in eight adults—actively use or hold cryptocurrency, giving the country the highest adoption rate globally.
  • About 18.4% (4.8 million) use crypto for everyday needs such as remittances, payments, and inflation protection.
  • 14.4% (3.8 million) identify as active traders, providing liquidity and earning income through market participation.
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  • Total public debt hits ₦152.4 trillion, marking another milestone in Nigeria’s expanding debt profile.
  • Domestic debt leads at ₦80.5 trillion, making up about 53% of total obligations.
  • External debt stands at ₦71.8 trillion, equivalent to roughly 47%, reflecting Nigeria’s ongoing exposure to foreign lenders.
  • The data signals growing fiscal dependence on local markets, as authorities seek to limit exchange rate risks while still financing deficits.
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  • Power supply remains the biggest challenge affecting Nigerian businesses, affecting 82.5% of firms nationwide.
  • Poor transport infrastructure limits operations for over a quarter of businesses.
  • Internet disruptions affect more than one in five firms, highlighting connectivity gaps.
  • Climate and water issues are emerging risks, with some firms reporting weather damage and supply shortages.
  • The survey covered 1,043 firms across Nigeria and reflects responses from business owners and top managers.
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