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  • The Nigerian Education Loan Fund (NELFUND), established by the Federal Government of Nigeria, has disbursed over ₦5 billion in tuition payments to 58 universities, with Bayero University, Kano State, receiving ₦834 million.

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    Nigeria's export value increased by 16.8% quarter-on-quarter to ₦20.49 trillion in Q3 2024. Petroleum products (oils, liquefied natural gas, and other petroleum gases) made up 85.52% of its exports, valued at ₦17.53 trillion.

    This figure highlights Nigeria's heavy reliance on the oil and gas sector for revenue, emphasising the need for diversification to reduce dependence on a single industry.

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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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  • Between 2010 and 2022, Nigeria imported 245 billion litres of Premium Motor Spirit (PMS), popularly called petrol, with the highest imports recorded in 2022. Here is the volume of PMS imported into the country in 13 years from 2010.

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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.

    See more
Other Insights
 

Between 2017 and 2020, Nigeria’s announced Foreign Direct Investment figures were highest in 2018. However, there have been significant differences between investment announcements and FDI inflow over the years. Here are the FDI announcements and FDI inflow from 2017 to 2020. A destination analysis shows that Bayelsa State leads investment destinations with 36% of the total investments.

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Jumia's $603 million Series C before the company's IPO remains the biggest funding round in the African tech space as of September 2021, followed by OPay's $400 million Series C.

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Top African countries by number of citizens studying in the US in 2020
 
  • Nigeria remained the top African country for students in the U.S., with 20,029 students enrolled in the 2023/2024 academic year, marking a 13.5% increase from the previous year.
  • Ghana saw the highest growth rate among African nations, with a 45% increase in students, totaling 9,394 in the U.S. during the 2023/2024 academic year.
  • These countries collectively contributed significantly, with 4,507 (Kenya), 3,078 (Ethiopia), and 2,814 (South Africa) students studying in the U.S. during 2023/2024.
  • Sub-Saharan Africa was the fastest-growing region for international student mobility to the U.S., experiencing a 13% overall increase in the 2023/2024 academic year.
  • In the 2020/2021 academic year, Nigeria had 12,900 students, Ghana had 4,200, and Kenya had 3,500 students enrolled in U.S. institutions.
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Since Nigeria's first attendance at the Olympic games, the country has won a total of 27 medals; 3 gold, 11 silver and 13 bronze medals. Following the just concluded Tokyo 2021 Olympic Games, we look at the African countries by Olympic medals won in the 2021 Tokyo Olympic games.

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The United States of America dominated the 2020 Olympic Games, winning a total of 113 medals followed by China with 88. No African country is in the top ten by the number of medals won.

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South Africans held more private wealth than people in Egypt, Nigeria, and Morocco combined. Africa's most populous country and home to the continent's richest man, Nigeria, ranked third after Egypt. Here are the top African countries by private wealth held as of December 2020.
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More Nigerians have been issued Canadian Study Permits than any other African citizen in the first half of 2021. Here are the top 10 African countries by citizens issued Canadian Study Permits in H1 2021.

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Lagos State has recorded 296 building collapses — 65% of all such incidents in Nigeria since October 1974. On Monday, November 1, 2021, a 21-storey building collapsed in Ikoyi, Lagos. Here are the top 20 recorded building collapse incidents by state in Nigeria since October 1974.
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States and the FCT accounted for ₦4.12 trillion — 19.98% of Nigeria's Total Domestic Debt and 12.45% of the Total Public Debt, with Lagos having the most outstanding debt of ₦507.4 billion — 12.3% of the Total Debt Stock by states and the FCT.
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According to Chainalysis, over $520 million worth of cryptocurrency was stolen from services and individuals through hacks and non-technical attacks like social engineering and phishing efforts in 2020.

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The average amount of time (in hours and minutes) that internet users worldwide aged 16+ spend with each medium or device each day (as of Jan 2025)
  • With nearly four hours daily, mobile internet is the primary way people interact with content.
  • At 3 hours and 13 minutes daily, TV remains relevant but is being outpaced by mobile consumption.
  • With 2 hours and 21 minutes daily, platforms like Instagram, TikTok, and X are where people spend much of their mobile time.
  • Digital press consumption (58 minutes daily) outpaces traditional print (42 minutes), signalling a continued decline in physical media.
  • Users spend 1 hour 25 minutes on music streaming, but gaming consoles only see 1 hour and 3 minutes, showing that on-the-go entertainment is preferred.
  • With podcasts at 52 minutes and radio at 51 minutes, audio content is still relevant but not as dominant as video and social media.
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Cellular mobile connections compared with total population (Percentage per region), as of Jan. 2025
  • Southern Africa is the global leader in mobile connectivity, with 183% mobile connections compared to its population, significantly ahead of all other regions.
  • The world’s most connected regions are outside North America and Western Europe, with Eastern Europe (144%), Eastern Asia (133%), and Southern Europe (131%) leading the charge after Southern Africa.
  • Africa is deeply divided in mobile adoption. While Southern Africa dominates, Eastern Africa (79%) and Middle Africa (66%) have a lower penetration.
  • Some regions have more mobile connections than people. The fact that multiple regions exceed 100% connectivity means that many individuals own multiple SIM cards, a trend driven by business needs, mobile money, and telecom competition.
  • Western Africa, at 85% connectivity, is doing better than Eastern Africa but still lags behind the global average, signaling potential for more growth in mobile adoption.
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Share of individuals in each generation (January 2025)
  • Generation Alpha is the largest generation, making up 24.4% of the global population.
  • Gen Z and Millennials still hold strong influence, comprising 22.9% and 21.2% of the global population.
  • The Baby Boomer generation (12.8%) is gradually declining, which will impact industries like retirement services, healthcare, and wealth distribution.
  • The Silent Generation is now just 2% of the population, highlighting the demographic shift away from the older generations.
  • Generation X, at 16.7%, remains a crucial but often overlooked group, balancing leadership roles in business and governance while supporting both older and younger generations.
  • The rise of Generation Alpha signals the dawn of an even more digital-native world, shaping the future of education, marketing, and work environments.
  • With Millennials, Gen Z, and Gen Alpha making up nearly 70% of the population, the global workforce, economy, and social dynamics will see rapid transformation in the coming years.
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Percentage of internet users globally aged 16+ who consume each media type (as of Q3 2024)
  • Social media is not optional; it’s universal, with 93% usage globally.
  • Traditional broadcast TV still sees 89.7% usage, and streaming TV (77.1%) isn’t far behind.
  • Individuals consume online news more than physical newspapers.
  • 66.4% still tune in to radio, showing that audio content still has a loyal base.
  • At 65.3% usage, platforms like Spotify and Apple Music are not just for entertainment; they’re part of people’s routines.
  • With 63.7% global engagement, podcasts are now a core part of modern media usage.
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Nigeria's capital expenditure as a percentage of GDP (1981–2024)
  • From an average of 4.33% in 1981–2001 to just 1.58% in 2002–2024, Nigeria’s capital expenditure as a percentage of GDP has more than halved.
  • The early 2000s marked a major turning point. After peaking at 9.1% in 1999, capital spending nosedived, rarely surpassing 2% in the last two decades.
  • Recent figures show Nigeria’s capital expenditure hovering around 1–2% of GDP.
  • The data suggests a move away from infrastructure investments, potentially prioritising recurrent expenditure such as salaries and overheads.
  • Low capital spending can slow infrastructure development, limiting productivity, economic expansion, and foreign investment attractiveness.
  • If Nigeria is to achieve sustainable growth, there needs to be a renewed focus on capital investments to drive industrialisation, improve public services, and create jobs.
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Total funding raised in East Africa, excluding exits (2019 - 2024)
  • Kenya is the absolute leader in startup funding, with $3.3 billion raised in the past six years.
  • The rest of East Africa is way behind, with Tanzania ($286M), Uganda ($183M), and Rwanda ($91M) being the next in line. But collectively, they don’t even match 20% of the funding Kenya received.
  • The total funding raised across East Africa from 2019 to 2024 is $3.94 billion, which means Kenyan startups alone secured more than 8 out of every 10 dollars invested in the region.
  • Investor confidence is highly concentrated in Kenya, largely due to its well-developed venture capital ecosystem, startup accelerators, and government support for innovation.
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