Lagos led Nigerian states with ₦815.9 billion in Internally Generated Revenue for 2023, followed by the FCT with ₦211.1 billion.
Despite only a 25% growth, Lagos’ IGR confirms its economic dominance. The FCT, meanwhile, recorded an impressive 70% increase.
Ebonyi, though with lower revenue, achieved an astonishing 148% growth.
Taraba generated the least revenue, increasing by 6%.
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.
The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.
In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.
Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.
The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.
Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.
A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.
Over the years, local companies have contributed more than foreign companies to Nigeria’s total company income tax revenue. In 2023, local CIT payments accounted for 51% of the total, with foreign payments at 49%.
Local CIT payments saw the highest share in 2021 (65%), while foreign CIT's highest was in 2015 at 52%.
In almost 61 years since Nigeria's First Republic, there have been 16 Presidents and Heads of State either by seizure, democratic election, or handing over by an interim government.
The unsuccessful attempt to restore Nigeria to democracy between 1992 and 1993 gave rise to the aborted Third Republic.
After tax, 12 NGX-listed Nigerian banks retained 10% - 45% of their respective revenues for the year as profit, with GTCO in the lead.
Despite Zenith Bank leading in profit after tax with nearly ₦677 billion, GTCO recorded the highest profit margin, keeping 45% of its revenue.
Here are Nigerian banks' profit margins in 2023.
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).
In 2022, the US hosted a diverse African immigrant community, totaling over 2.75 million. Nigerians make up the largest group at 448,405 (16.3%), followed by Ethiopians (10.6%), Egyptians (8.3%), and Ghanaians (7.8%).
MTN Group's share of voice revenue has steadily declined since 2014, falling from 71% to 36.6% in 2023. On the other hand, data services' share went from 18.6% to 37% in the same period.
MTN Group's revenue of ZAR104.3b from voice services in 2014 dropped to ZAR81b in 2023, with data services revenue almost tripling within the same period. With increasing digital inclusion, data service is definitely the future for telcos.
From 2006 to 2022, the Nigerian-born immigrant population in the US saw significant growth, increasing from 197.5k to 448.4k. This figure reflects almost a 1% share of the total foreign-born population in the US, which reached 46.2m in 2022.
Notably, the most rapid increases occurred between 2014 and 2022, with the Nigerian immigrant population jumping from 264.4k to 448.4k.
A recent UNICEF report shows that 293m children worldwide did not have drinking water in their schools in 2023. Six African and four Asian countries make up the top ten, with Ethiopia and Nigeria occupying first and second positions, respectively, with 33.2m and 29m children.
The top five countries account for 42% of the total affected population.
