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%.
Key takeaways:
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.
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.
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.
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.
Malawi's remittance inflow increased from $747k in 2000 to $263.4 million in 2023, with the highest year-on-year growth rate recorded in 2003. However, the biggest gain in value occurred in 2018, when it increased by $102.2 million over 2017.
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.
Over the past six decades, African economies have experienced both rapid growth and severe contractions.
Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960.
North African Libya, Algeria and Egypt have also been in the top three in the period.
As of 2023, Egypt led the continent's GDP rankings.
In Q2 2024, Nigeria’s Company Income Tax (CIT) collections reached ₦2.47 trillion, a record-high figure that could cover about 9% of the nation’s ₦28.78 trillion budget.
The surge may be due to improved corporate profitability, better tax compliance, and stricter enforcement. The higher exchange rate probably played a role too.
With an average growth rate of 10.51%, the number of active Internet subscribers in Zimbabwe increased from 3.95 million in 2012 to 11.24 million in 2023. In contrast, the number of new mobile subscribers increased by just 2.36 million over 12 years.
In the same time, the population and active mobile subscribers of the southern African nation grew at average rates of 2.10% and 1.82%, respectively.
Since 2020, the Nigerian National Petroleum Company Limited (NNPC) has seen a 1,048% profit increase, totalling ₦6.8 trillion over four years.
From nearly eliminating losses in 2019, NNPC achieved a 16,982% profit surge in 2020. The growth persisted with 135% in 2021 and 278% in 2022.
Despite a steady 29% increase in 2023, rising debts and fuel scarcity cast doubt on the sustainability of this success.
Since its inception, Binance has demonstrated remarkable growth, ending its first year with 1.5 million users and increasing its user base nearly eightfold the following year. Over six years, it has established itself as the largest cryptocurrency exchange in the world, reaching 150 million users by 2023. This growth highlights Binance's significant impact on the global crypto market and its commitment to expanding access to digital assets.
Tanzania's Internet subscriptions surged from 9.31 million in 2013 to 39.3 million as of June 2024, reflecting an average annual growth of 2.72 million. Apart from slower growth in 2018 and 2020, with 148,000 and 284,000 new subscriptions, respectively, the East African nation has consistently expanded its digital reach.
Notably, mobile wireless subscriptions accounted for a staggering 99.75% of all Internet subscriptions in Tanzania.
