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  • Oyo State, the sixth most populous in Nigeria, contributed 3.2% of the total internally generated revenue (IGR) in 2022. Notably, its population represented 3.2% of the nation's total, according to a 2023 estimate.

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    INEC has started its continuous voter registration against the 2023 general election. In 2019, 21% of Nigeria’s voting-age population did not register to vote.

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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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  • Top 23 most powerful countries by strength index in 2024

    South Africa is rising on the global stage, showcasing its growing influence as it secures its spot as the only African country among the world's top 23 superpowers.

    The United States leads with a strength index of 0.89, followed closely by China at 0.80. While traditional powers like Germany and Japan hold their ground, South Africa proudly stands among the top 23 superpowers with a strength index of 0.1. This is the only African country that made the top 23, coming 22nd on the list.

    The ranking is based on analysis from Ray Dalio's Great Powers Index 2024. Dalio assessed each nation's strength based on a wide range of metrics, including education, innovation and technology, cost competitiveness, economic output, and military strength.

    Note: The Eurozone, ranked third on the list, was removed as it cannot be considered a single country.

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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
 

The African Union Report on Labour Migration Statistics in Africa (Third Edition) indicates that Africa's labour force increased from 402.8 million in 2010 to an estimated 511.5 million in 2019. Here are Africa's labour force and working-age population from 2010 to 2019.

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Nigerians can visit 19 visa-free countries and 26 visa-on-arrival countries, with varying durations of stay. Here is a breakdown of the number of visa-free and visa-on-arrival countries for Nigerians by region.

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Seychelles, Mauritius, and South Africa lead other African countries in the number of visa-free countries their citizens can visit globally. Here are the most powerful passports in Africa by the number of visa-free countries citizens can visit in 2021.

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According to the Global Peace Index 2021, South Sudan, Somalia, and DR Congo are Africa's least peaceful countries. As the world observes The International Day of Peace 2021, we present the continent's 20 least peaceful countries by their Global Peace Index 2021 score.

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Africa has witnessed 83 coup attempts since 1990, 42 of which were successful. The latest, Sudan's military coup, occurred yesterday, Monday, October 25, 2021. Although rare today, coups still threaten democracy. Here are the attempted coups in Africa since 1990.

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ASUU strikes have lasted a total of 742 days since 2010. The longest to date was the almost nine-month-long strike of 2020. With another academic strike looming, we give you the trend of all ASUU strikes by duration since 2010.

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With assets worth ₦536 billion, Leadway Assurance was the leading insurance company by total assets as of 2022 — two times more assets than second-placed AIICO Insurance with ₦270 billion. These are the top ten insurance companies in Nigeria by total
assets as of 2022.

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africas-imports-by-country-2022-65bcdbd921bcd
 

African countries imported products worth $694 billion in 2022, with South Africa, the continent's leading importer, bringing in products worth $111.9 billion, representing 16.1% of the total. Egypt followed with $79.7 billion, constituting 11.5%.

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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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top rice producing countries for 2024
 
  • 1990-2000: In this decade, China and India accounted for over 50% of the world's total output, with other dominant rice producers being Indonesia, Vietnam, and Bangladesh, with production figures falling between 20 and 30 million metric tons.
  • 2001-2010: China and India remained the two top producers, with China producing 140 million metric tons annually and India 100 million metric tons annually. 
  • 2011-2020: China and India continue to lead at about 150 million and 105 million metric tons, respectively. 
  • 2021-2024: China and India continued to lead. China reached 144.62 million metric tons in 2023/2024, and India accounted for 137.83 million metric tons.
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With 68% of 80.7k inmates awaiting trial, Nigerian correctional centres have 23.4k (41%) more inmates than their 57.2k capacity. From October 2021 to November 2023, 10.6k inmates have been added to the country's prison population.
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Of the $157 million worth of human hair exported globally in 2022, India had the highest share, with almost 90%. The top four, which are Asian countries, accounted for 95%. Here are the world's top human hair exporting countries in 2022.
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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.
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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.
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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.
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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.
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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.
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Key takeaways:
  • BUA Foods saw a significant profit increase between Q1 2021 and Q4 2024, with notable highs in 2024.
  • In Q3 2023, there was a drastic drop in profits, which was subsequently followed by a robust recovery.
  • The highest profit before tax was recorded in Q3 2024 at ₦78.47 billion.
  • Quarterly profits varied, ranging from as low as ₦2.02 billion to as high as ₦78.47 billion.
  • A significant turning point occurred in 2024, with quarterly profits consistently surpassing ₦60 billion.
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