Bite-sized Insights about
 
Providing you with data-based insights about things happening around you.
Popular Insights
  • Nigeria ranked 2nd after India in Chainalysis' 2023 Global Crypto Adoption Index. However, it ranked 1st in the peer-to-peer (P2P) exchange trade volume sub-index, which has 6 other African countries in the top 10. Here are the leading countries in P2P crypto trading volume.

    See more

    The African countries with the highest life expectancies as of 2023 are: Algeria - 77 years, Tunisia - 77 years, Cape Verde - 77 years, Mauritius - 76 years.

    The African countries with the lowest life expectancies: Central African Republic - 55 years, Lesotho - 55 years, Nigeria - 54 years, Chad - 54 years.

    See more
  • 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.

    See more

    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.

    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
    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.
    See more

  • Five of the top tep African countries with the largest gold reserves are North African

    Half of the top 10 African countries with significant gold reserves come from North Africa, with Algeria leading with 174 tonnes. Egypt and South Africa come in second and third with 126 tonnes and 125 tonnes, respectively. Algeria, Egypt, South Africa, and Libya hold the most significant gold reserves.

    See more
  • 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.

    See more
  • 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.

    See more

Other Insights
Nigerian financial institutions’ contribution to GDP (2016–Q1 2024)
 
  • At 6.40%, financial institutions now contribute more than ever to Nigeria’s GDP.
  • From 3.60% in 2022 to 6.40% in Q1 2024, the sector’s share has nearly doubled in record time.
  • Between 2016 and 2019, the financial sector's contribution remained mostly flat at 2.60%–2.70%, showing little progress.
  • The financial sector started expanding post-2019, aligning with increased fintech adoption, digital banking growth, and financial inclusion policies.
  • The increasing role of financial institutions suggests more businesses and individuals are engaging with formal banking systems.
  • Despite economic uncertainties, Nigeria’s financial sector has successfully adapted and expanded, proving its ability to drive growth.
See more
Number of countries anticipated to either have sufficient or shortage of primary school teachers by region (2030)
  • Sub-Saharan Africa has the highest number of countries (37) expected to face a teacher shortage at the [primary levels.
  • In Latin America & the Caribbean, 18 countries are expected to have enough primary teachers.
  • Europe & Northern America is one of the best-performing after Latin America & the Caribbean, with 17 countries expected to meet primary teachers' demand.
  • If this trend continues, millions of children will struggle to access quality primary education, reinforcing cycles of poverty and limited economic mobility.
  • A lack of teachers doesn’t just mean fewer classrooms; it also means overburdened educators, lower student engagement, and declining educational outcomes.
See more

Key Takeaways:

  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.
See more

Key takeaways:

  • Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
  • The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
  • The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
  • In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
  • Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
  • The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.
See more

Key takeaways:

  • Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
  • Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
  • In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
  • The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.
See more

Key takeaways:

  • In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
  • To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
  • The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
  • Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.
See more
 
  • Nigeria recorded its highest-ever Chinese FDI inflow of $390.4 million in 2007
  • The second-highest inflow of $333.1 million was recorded in 2012
  • FDI from China to Nigeria fluctuated significantly over the years, with major peaks in 2007, 2012, and 2020
  • 2022 saw a decline in Chinese FDI to Nigeria, falling to $119.6 million from $308.9 million in 2020
See more

Key Takeaways:

  • As of March 13, 2025, Elon Musk is the sole individual whose net worth exceeds $300 billion.
  • Mark Zuckerberg is recognised as the youngest member among the top ten wealthiest individuals globally.
  • The exclusive $200 Billion Club features just three members: Musk, Bezos, and Zuckerberg.
  • The combined wealth of the ten richest individuals in the world totals around $1.8 trillion.
  • Eight individuals in the top ten wealth ranking list hail from the United States.
See more
  • Nigeria has received $9.4 billion dollars in Chinese loans across different sectors since 2002
  • The highest loan inflow was in 2017, with $2.8 billion, mainly for transportation and energy
  • Transportation projects received the most funding, with notable amounts in 2017 ($2 billion) and 2019 ($1 billion)
  • Loan inflows dropped significantly after 2017, with no borrowings between 2020 and 2022, and $973 million in 2023
See more
 

Key Takeaways:

  • The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
  • The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
  • The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
  • The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
See more
 

Key Takeaways:

  • The average price for 12.5kg cooking gas varies between ₦15,000 and ₦20,300
  • The average price difference of cooking gas among Nigerian states is 28.97%
  • Four out of the six states in the Southwest region are among the top 20 Nigerian states with the highest average cooking gas prices
  • Nine out of Nigeria's 36 states plus Abuja have an average price for 12.5kg cooking gas that exceeds ₦18,000
  • Taraba State stands out as the only state in Nigeria with an average cooking gas price surpassing ₦20,000
  • The national average price of 12.5kg cooking gas in Nigeria is ₦17,274.16
See more

Key takeaways:

  • The average kerosene price increased by approximately 70.5%, rising from ₦1,206.1 in May 2023 to ₦2,056.4 in December 2024.
  • Prices witnessed a moderate growth rate of 13% from May to December 2023, while the rate of increase escalated sharply in 2024, with a rise of 50.9% from January to December 2024.
  • A notable acceleration in prices began in July 2024, when the price per litre first surpassed ₦1,700.
  • The average price in December 2024 (₦2,056.4) was 51% greater than the average price in December 2023 (₦1,362.3).
See more
1 8 9 10 11 12 66
Key Takeaways:
  • In 2007/08, personal income tax (PIT) contributed 29.46% of total tax revenue, while corporate income tax (CIT) added a substantial 24.46%.
  • The share of personal income tax in tax revenue rose by 27% from 2007/08 to 2023/24.
  • Corporate income tax contribution declined by 26% from 2007/08 to 2023/24.
  • In 2019/20, personal income tax made the largest contribution to tax revenue (38.9%), a 32% rise from the 2007/08 contribution.
  • Other taxes showed minor variations, averaging around 19% of total tax revenue.
  • Personal income tax reached its peak contribution at 38.92% in 2019/20 before dropping by 4% in 2023/24.
Read more
Key Takeaways:
  • Nestlé’s dividends increase year after year was highest in 2018 and 2019 at ₦17.83 billion and ₦12.68 billion, respectively.
  • The declared dividends reached a peak of ₦55.49 billion in 2020, while the lowest was recorded at ₦15.06 billion in 2016.
  • In recent years, Nestlé Nigeria Plc has shown a declining trend in declared dividends.
  • Dividends decreased by nearly 14%, 17%, and 28% in 2021, 2022, and 2023, respectively, compared to the previous years.
Read more
Key takeaways:
  • Nestlé Nigeria's income tax contributions rose from ₦5.6 billion in 2015 to ₦57 billion in 2024.
  • In 2024, the company saw an extraordinary 132% rise in taxes compared to the previous year.
  • Despite facing economic hurdles during the COVID-19 pandemic, Nestlé ensured that its tax contributions remained above ₦21 billion annually from 2020 to 2022.
  • The significant spike in 2024 was mainly due to a considerable loss before tax, driven by heightened finance costs stemming from the devaluation of the Naira.
  • Nestlé Nigeria's 144% income tax growth in 2016 is the highest in the past ten years.
Read more
Borrowing costs in African countries (2008, 2019, and 2024)
  • Africa now spends 27.5% of revenue on interest payments, nearly 4 times higher than in 2008.
  • The debt burden is rising faster than economic growth as interest payments as a percentage of GDP grew from 5.4% in 2008 to 8.2% in 2024, showing increasing financial strain.
  • Effective interest rates have more than tripled from 1.4% in 2008 to 5.0% in 2024, making debt less affordable.
  • Between 2008 and 2019, the ratio of interest to revenue rose by 12.2 percentage points, and in five years (2019–2024), it surged by another 8.5 percentage points.
  • As borrowing costs rise, the risk of defaults and fiscal crises in African economies grows, making financial stability a concern.
  • More money spent on debt means less for roads, hospitals, and schools, slowing down long-term economic progress.
Read more
Countries projected to have the lowest nominal GDP (2025)
  • With a projected GDP of $80 million, Tuvalu ranks as the smallest economy globally, producing less in a year than many corporations earn in a day.
  • Even when put together, these small economies still fall far behind the economic output of many mid-sized countries or cities.
  • Nigeria’s $199.72 billion GDP overshadows the economies of these nations.
  • Many of the world’s smallest economies are Pacific and Caribbean island nations, which often depend on tourism, remittances, and international aid.
  • With limited industries and small populations, these economies are highly vulnerable to external shocks like climate change, supply chain disruptions, or shifts in global tourism trends.
Read more
Age (in years) of African nations since independence (top 10 and bottom 10)
  • Gaining independence in 1847, Liberia has been free for 177 years, long before most African nations began their fight for sovereignty.
  • With only 13 years of independence, South Sudan remains the newest nation on the continent, still navigating the challenges of nation-building.
  • The difference between Liberia and South Sudan is 164 years, showing the vast timeline over which African nations gained independence.
  • The majority of African nations secured sovereignty between the 1950s and 1970s, marking the height of the decolonisation movement.
  • Countries like Zimbabwe (1980), Namibia (1990), and Eritrea (1993) faced prolonged struggles against colonial rule.
  • Despite Liberia’s long years of independence, it has faced civil wars and economic instability, showing that the length of sovereignty doesn’t always translate to political or economic strength.
  • While sovereignty marks a historic milestone, many African nations, especially younger ones like South Sudan, continue to grapple with political, economic, and developmental challenges even decades after gaining independence.
Read more
1 8 9 10 11 12 131

Can’t find what you’re looking for? Please fill the form below
Contact Form Demo
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved