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  • Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
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    • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
    • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
    • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
    • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
    • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
    • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.
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  • 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.

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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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  • 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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    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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  • Key takeaways:

    • Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
    • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
    • Each of the top six banks recorded profits exceeding ₦600 billion.
    • The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
    • FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
    • Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.
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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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  • 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.

    See more

Other Insights
 

While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate.

Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.

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Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy.

Total GDP grew by 3.08% during this period.

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President Tinubu's government recently added a new aircraft to the presidential fleet, sparking concerns over rising maintenance costs.

From 2017 to 2024, the cost of maintaining Nigeria's presidential air fleet has increased by 366%, jumping from ₦4.4 billion to ₦20.5 billion.

The Presidency argues that the new jet will save millions in maintenance and fuel costs.

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Nigeria, Egypt, and Morocco have consistently led Africa's diaspora remittance, contributing 67% of the continent's total inflows since 2000.

In 2023, African nations received $94.78 billion, with Egypt, Nigeria, and Morocco leading.

Here are the top ten countries since 2000.

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Africa's remittance inflow nearly reached $100 billion in 2021, driven by contributions from Nigeria, Egypt, and Morocco, the top recipients on the continent.

Growing from $9.7 billion in 2000 to $97.6 billion in 2021, highlights the crucial role of the African diaspora.

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top-10-african-countries-by-number-of-medals-won-in-summer-olympics-history-2-66c598118aa14

Kenya and South Africa dominate Africa's Olympic success, with 46% of the continent's total medals in Summer Games history.

Kenya tops the list with 124 medals, while South Africa follows with 95. Ethiopia, Egypt, and Nigeria trail with fewer wins.

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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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As of 2022, Libya had the highest dentist availability in Africa.

Many top African countries have fewer than 5 dentists per 10,000 people, with several falling below 1, and Nigeria at just 0.2.

The WHO recommends at least 2 per 10,000 for adequate care.

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Chickens and goats are Nigeria's most-reared livestock.

Per the National Bureau of Statistics' survey, of the estimated 40.2 million agricultural households in Nigeria, 41.5% rear chickens and 41.3% rear goats.

These numbers show that a significant portion of Nigeria's agricultural households focus on these two animals.

Here are the most-reared livestock in Nigeria's agricultural households.

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Nigeria's agricultural landscape is diverse, with households engaging in various farming activities.

Crop farming dominates, but livestock rearing and poultry farming are also significant. Each sector plays a crucial role in the economy, with crop farming driving food production and livestock providing protein.

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Team Nigeria made history with its largest Olympic squad ever at Paris 2024, featuring 88 athletes.

Despite the high participation, the team left without a medal, sparking discussions on the effectiveness of sports programmes and athlete support.

Peak performance was in 1996, but recent Games show a trend towards greater participation

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MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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  • Microsoft’s revenue has grown steadily from $26.8B in Q1 2018 to $70.1B in Q1 2025, marking a 161% increase over the seven-year period.
  • Its net income more than tripled from $7.4B in Q1 2018 to $25.8B in Q1 2025, with consistent year-on-year growth, especially sharp increases between 2020 and 2023.
  • The company crossed the $50B quarterly revenue mark for the first time in Q4 2021, and hasn’t dropped below that threshold since Q1 2022.
  • From Q1 2023 to Q1 2025 alone, Microsoft’s net income surged by over $7.5B, signalling an era of record profitability, with each quarter surpassing $20B in profit since Q2 2023.
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Share of global active Messenger users by continent (Jan. 2025)
  • Asia leads the world in Messenger usage with 471.8M users, representing 49.9% of the global total.
  • Asia has 2.2 times more users than the Americas, which is the next largest region.
  • The Americas account for 210.7M users, or 22.3% of the global audience.
  • Europe contributes 154.3M users, making up 16.3% of all Messenger users worldwide.
  • Africa stands at 104.6M users, showing growth potential and already accounting for 11.1% of global usage.
  • Oceania has the smallest user base at just 4.8M users, contributing 0.5%.
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Number of Nigerians who use each (selected) social media platform (Jan. 2025)
  • Facebook has the highest number of users in Nigeria at 38.7 million, reaching 16.4% of the population.
  • TikTok follows closely with 37.4 million users, accounting for 15.8% of Nigerians.
  • YouTube attracts 27 million users, showing its continued relevance for content consumption.
  • Snapchat boasts 19.6 million users, with 8.3% penetration across the country.
  • LinkedIn is used by 11 million Nigerians, reflecting rising interest in professional networking.
  • Instagram has 9.9 million users, slightly below LinkedIn in total reach.
  • X (formerly Twitter) has 7.57 million users, capturing 3.2% of the population.
  • Messenger is the least used among the listed platforms, with 5.65 million users in Nigeria.
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  • University students filed 497,000 loan applications, accounting for a staggering 90.1% of all institutional submissions.
  • College of education students submitted just 34,000 applications, making up only 6.2% of the total pool.
  • Polytechnics trailed with 21,000 applications, contributing 3.7% to the national tally.
  • Out of every 10 students applying for a loan, 9 are university students, underscoring their dominance in demand.
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  • The United States holds the largest IMF quota by far, with 82,994.2 billion SDRs, accounting for 17.42%, more than double the quota of any other country.
  • Japan, China, and Germany follow as the next largest contributors, each holding between 5.5% and 6.5% of total quota shares.
  • European countries (Germany, France, the U.K., Italy) collectively maintain a strong presence, together accounting for nearly 17.21%, almost equal to the U.S. alone.
  • Emerging economies like India and Russia have relatively modest shares (2.75% and 2.71%, respectively) despite their growing roles in global economic affairs, indicating an imbalance between global influence and IMF voting power.
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  • The number of female central bank governors rose from 21 in 2014 to 29 in 2024, a 38% increase over the decade.
  • The lowest point was in 2018, with just 14 female governors, marking a 33% drop from the 2014 figure.
  • A rebound began after 2018, with consistent annual growth from 2020 onwards, peaking in 2024.
  • The number remained under 20 for six consecutive years (2015–2021) before breaking past that mark again in 2022.
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