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  • Asian countries dominated the global palm oil market in 2021.

    Indonesia and Malaysia accounted for 67.8 million tonnes out of 80.7 million tonnes produced.

    Smaller producers like Nigeria (1.4 million tonnes) and Guatemala (0.8 million tonnes) had modest contributions.

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    In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.
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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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    Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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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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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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  • Between September 2022 to August 2023, 3 of Nigeria's mobile Internet providers saw a combined 8 million increase in their active mobile Internet subscribers, with MTN gaining the most, followed by Globacom and Airtel. 9mobile on the other hand, recorded almost 1 million decline.

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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

Mobile App transfers increased by 174% to ₦53.21 trillion 20 2021, it also increased by 108% to ₦111.12 trillion in 2022. There was also a charge increase in the volume of funds transfers done on mobile apps. The Central Bank of Nigeria, in its figures, separated Mobile App transfers from those of Mobile Money Operators (MMOs).

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The value of transactions conducted over Unstructured Supplementary Service Data (USSD) in Nigeria in 2021 was ₦5.2 trillion, 73% higher than 2020 figures. The total transaction value dropped by ₦685 billion in 2022, a 13.3% decline. The transaction volume also witnessed a 6% decline.

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As of 2021, 6 in every 10 males aged 15 and above in sub-Saharan Africa had an account with a financial institution, compared to almost half of all females of the same age in the region. Check out the share of sub-Saharan Africans with bank/mobile money accounts.
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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.

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
With Chinese platforms like Alibaba and AliExpress serving customers across the globe, China's eCommerce sales in 2021 ($2.78 trillion) are larger than the sales in the USA, the UK, and other countries of the top 10 eCommerce markets globally combined.
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Since launching in 2007, the iPhone has been a key part of Apple's revenue stream. Apple's 2021 annual report shows that net sales for iPhones accounted for over half of the company's total net sales for the year.

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Apple recorded $191b in net sales from iPhones in 2021, a 39% increase from its 2020 figures. Apple attributed the increase to new iPhone models launched in Q1 and Q4 2021 and a favourable mix of iPhone sales. Here are Apple's iPhone net sales over the years:
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African startups raised $831 million in Q1 2023, about half of what was raised in the same quarter of the previous year. Financial Services startups accounted for 70% of the total amount raised in the quarter.

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African startups raised $831 million in Q1 2023, about half of what was raised in the same quarter of the previous year.

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As of March 2022, South Africa was still MultiChoice Group's biggest market, with 41.28% of its customer base, while its other African markets accounted for 58.72%. Here’s the share of MultiChoice’s subscriber base.

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Alibaba made $1.17 trillion in sales in 2020, larger than what Amazon and Walmart did in the same period, making the Chinese company the biggest eCommerce in the world.
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  • Kano State has the highest number of LGAs in Nigeria, with 44, far exceeding the national average of 21 LGAs per state.
  • Bayelsa, Nasarawa, and the FCT have the fewest LGAs, recording 8, 13, and 6 respectively, despite varying population sizes and landmass.
  • Northern states dominate the upper tier of the LGA count, with Katsina (34), Oyo (33), and Jigawa (27) all ranking among the top.
  • Southern states tend to have fewer LGAs, with Lagos and Ogun, two highly urbanised states, having just 20 LGAs each, hinting at a denser governance structure per area.
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  • Lagos had the highest female representation in Nigeria’s 2023 elections, with 114 female candidates, more than any other state.
  • Yobe recorded the lowest, with just 7 female candidates, highlighting a wide disparity in representation across regions.
  • The South East and South South zones recorded some of the strongest numbers overall, with Imo (86) and Rivers (85) nearly matching Lagos.
  • The South West led overall in female candidate numbers, while the North East trailed, with its highest (Gombe – 42) still lower than other zones’ peaks.
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Share of investments (deal volume) in tech-enabled firms in Francophone Africa, 2015 – 2024 H1
  • The breakthrough year for tech in Francophone Africa was 2021, with 71% of deal volume going to tech-enabled firms, an all-time high.
  • The growth of tech began slowly, from 0% in 2015 to just 12% in 2017, showing how recent the tech surge is.
  • Between 2018 and 2020, tech’s share gradually rose from 15% to 27%, setting the stage for the explosive growth of 2021.
  • Post-2021, tech dominance slightly softened—holding 52% in 2022, 50% in 2023, and 63% in 2024 H1, suggesting a more balanced diversification.
  • The last year traditional sectors led in deal volume was 2020, accounting for 73%, right before tech flipped the narrative.
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Total volume of private capital exits in Francophone Africa, 2012 – 2024 H1
  • The peak year was 2019 with 13 exits, marking the most successful exit year since tracking began in 2012.
  • Zero exits occurred in 2020, likely reflecting the impact of the COVID-19 pandemic on exit strategies and deal closures.
  • The years 2021 and 2022 saw a rebound, with 11 and 10 exits respectively, suggesting a recovery in investor confidence post-pandemic.
  • Slower exit activity was recorded in 2023 and early 2024, with 6 and 3 exits, respectively (2024 is as of H1).
  • From 2012 to 2016, annual exits ranged between 3 and 4, except for a spike in 2013 with 10 exits.
  • The overall average exit volume is low, with fewer than 7 exits per year on average across the 12 years.
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Total volume of private capital deals in Francophone Africa, by sector, 2012 – 2024 H1
  • The consumer staples sector attracted the highest private capital volume with 69 deals.
  • The financial sector shows strong traction, especially as digital finance and fintechs continue to open access to banking services in underserved markets.
  • Fifty-five deals in the consumer discretionary category suggest investors are interested in rising middle-class consumption, retail, and lifestyle-driven spending patterns.
  • At 50 deals, industrials, including manufacturing and infrastructure, remain a backbone for private capital.
  • Healthcare (24 deals) and utilities (37 deals) reflect increasing investor focus on sectors with long-term impact and scalable public value.
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Private capital deal value in the top 5 Francophone African countries, 2012 – 2024 H1
  • With $1.2B in deal value (25%), Côte d’Ivoire stands far ahead, signalling strong investor confidence.
  • At $697M (14.5%), Senegal is proving itself as a rising investment star.
  • Despite being a small economy, Rwanda drew $166M (3.5%).
  • DR Congo attracted $143M (3.0%), a modest share relative to its size.
  • Twenty-four Francophone African countries collectively received 47.4% ($2.3B) of the deal value, suggesting huge untapped or underserved markets across Francophone Africa.
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