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  • After growing from 1.5% in 2015 and peaking at 5.1% in 2022, Nigeria's share of Canadian permanent residency status issuances dropped to 3.7% in 2023.

    This is Nigeria's share of Canadian permanent residency status issuances since 2015.

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    In the world's top 1,000 scrabble players' ranking, Nigerians occupy 156 positions, marking the highest representation from any country. According to ratings by the World English-language Scrabble Players' Association (WESPA), the top 1,000 players are from 43 countries.

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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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  • Jumia Group's quarterly active customers recorded steady growth for five consecutive quarters between Q1 2019 and Q2 2020. It also recorded growth in orders for three consecutive quarters in the same period. Jumia recorded its biggest percentage drop in active customers in Q4 2020.
    The eCommerce giant's biggest order volume was recorded in Q4 2021 with 11.3 million, followed by 10.3 million in Q2 2022. Q4 2021 and Q2 2022 were the only times that Jumia's order volume hit 8 figures in a quarter since Q1 2019.

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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
 
Airtel Nigeria started 2023 with slight drops in revenue in Q1 and Q2. However, a significant decline was recorded in the third quarter, representing the biggest quarterly decline since Q3 2018. Here are Airtel Nigeria's revenues since Q2 2018.
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In Q2 2023, MTN Nigeria made 71% less profit than it did in Q1 2023, with PBT dropping from ₦156b to ₦45b. It then declined further by 28% to ₦32 billion in Q3. Here are the telco's profits before tax since Q1 2019.
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The US has disbursed $10b in foreign assistance to Nigeria in the past 22 years, with its highest in the period coming in 2022. The disbursements have increased from $51m in 2001 to $973m in 2022. Here are the US' foreign assistance disbursements to Nigeria since 2001.
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Per projections made by Goldman Sachs, China should lead the global economy in terms of GDP by the year 2075, closely followed by India and the US. Nigeria and Egypt are the only African countries expected to be in the top 15 by that time.

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In 2022, MTN Group spent ZAR 12.7b paying salaries and incurring other staff costs (an 8.1% increase from 2021), amounting to about 6.1% of its total revenue (ZAR 207b). After accounting for staff costs, they still pocketed ZAR 194b - 93.9% of the revenue for the year.
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Nigeria ranked 2nd after India in Chainalysis' 2023 Global Crypto Adoption Index. However, it ranked 1st in the peer-to-peer (P2P) exchange trade volume sub-index, which has 6 other African countries in the top 10. Here are the leading countries in P2P crypto trading volume.

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Nigerian states and the FCT generated ₦1.92 trillion in internal revenue in 2022, ₦29.8 billion (1.57%) more than in 2021, with Lagos State accounting for 34% of the IGR in 2022. Here are the revenues collected by Nigeria's states in 2022.
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The number of non-resident visitors to Nigeria fell sharply in 2020 to the lowest level in 25 years. This sudden downturn was a contrast to the years between 1995 and 2010 when Nigeria's tourism sector experienced an amazing upswing.
Nigeria saw a record high of 6.1 million non-resident visitors in 2010, highlighting the country's increasing appeal as a travel destination. A remarkable spike in arrivals of 5.24 million in 2007 made the year stand out.
The global pandemic in 2020, however, caused a significant decline, with just 1.21 million visitors — the lowest number since 1996.
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Between 2010 and 2022, 8,848 passengers — 3.4% of the global refusals for the period — from Nigeria were refused entry into the UK for various reasons. The refusals have gradually declined from their peak (1,117) in 2012 to 340 in 2022.
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While many living in Nigeria have already experienced the effects of the fuel subsidy removal on their daily expenses, this chart presents a clearer picture of reality. Will the prices of food items continue to rise? Is there hope of some respite soon?

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The world’s smartphone companies shipped a combined 1.2 billion smartphones in 2022. Here are the top five.
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Nigerian students of Bini/Edo ethnicity had the highest tertiary institution completion rate as of 2013. Igbo, Ebira/Igbira, Ibibio, and Yoruba were notable ethnic groups in the top five. Which ethnic group do you think currently leads Nigeria's tertiary institution completion?
As of 2013, for a programme lasting at least four years, 21% of students from the Bini/Edo aged 25 to 29 completed their studies; for students between 30 and 34, it was 17%.
However, for those between 25 and 29 in a programme lasting at least two years, the Ebira/Igbira led with 41%, followed by Bini/Edo with 35%.
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Key takeaways:
  • The most significant growth was observed in 2024, with operating profit reaching a record high of ₦174.97 billion in Q4.
  • Despite experiencing some fluctuations each quarter, the company displayed resilience and a strong capacity for scaling.
  • BUA Foods showed consistent improvement in operating profits year over year.
  • Quarterly operating profits ranged from around ₦20 billion in 2021 to nearly ₦175 billion in Q4 2024.
  • A major breakthrough occurred in 2024, with quarterly operating profits consistently exceeding ₦99 billion.
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Key takeaways:
  • BUA Foods Plc's turnover rose from ₦70.2 billion in Q1 2021 to ₦437.4 billion in Q4 2024.
  • The organisation experienced steady quarterly increases throughout all periods.
  • A notable spike was observed in 2024, with quarterly turnover consistently above ₦315 billion.
  • The fourth quarter of 2024 marked a peak turnover of ₦437.4 billion.
  • In terms of quarterly growth, Q1 2024 recorded the highest rate at 75%.
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Eurobond issuance by African countries (2024)
  • South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
  • South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
  • Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
  • Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
  • At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.
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Key takeaways:
  • The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
  • Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
  • Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
  • Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
  • The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.
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Key takeaways:
  • The tax-to-GDP ratio reached its peak in 2022/23 at 24.9%, signifying enhanced efficiency in tax collection.
  • Throughout the past two decades, the percentage of tax revenue relative to GDP has exhibited significant stability.
  • The tax revenue as a proportion of GDP has fluctuated between 21% and 25% over the last twenty years.
  • Notable declines occurred during global economic downturns, such as the financial crisis of 2008-2009 and the COVID-19 pandemic.
  • The recent years (2021-2024) reflect a robust recovery, with tax revenue percentages approaching peak levels.
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  • Shoprite leads in geographical presence, with stores in 13 Nigerian states, followed by Marketsquare with 11 states.
  • Everyday Supermarket is the only other chain with a presence in at least five states, while the majority of other brands are in just four or fewer states.
  • Most retail chains in Nigeria remain regionally concentrated, with only a few achieving significant national coverage.
  • The presence of only a few nationwide chains may present an opportunity for expansion by emerging retailers.
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