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    • Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
    • Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
    • A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
    • Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.
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    Francophone Africa startup deals by sectors (2024)
    • Mobility led 2024’s startup funding in Francophone Africa with two deals at a value of $20.5M.
    • Fintech had the highest number of deals at 7, but with a lower total value than Mobility.
    • Cloud Services, Communications, and eCommerce each attracted over $3M from just one deal.
    • Agritech recorded the lowest funding at only $0.2M, despite being a vital sector.
    • Logistics, Healthtech, and HR/Payroll sectors saw two deals each, but with moderate funding.
    • Electric Motorcycle and Eyewear startups each secured $2M–$3M in one-off deals, showing niche interest.
    • Digital Health drew limited attention in both deal count and funding, signalling untapped or underdeveloped potential.
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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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  • 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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    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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  • In the third quarter of 2023, Nigeria collected a record ₦948 billion in Value Added Tax, the biggest in any quarter recorded from 2013. This data, spanning from Q1 2013 to Q3 2023, shows a consistent upward trajectory in VAT collections over the years.

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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

Since its debut at the 1992 Barcelona Paralympics, Nigeria has become one of the most successful African nations in the Paralympic Games, winning an average of ten medals per edition.

Nigeria’s Paralympic team has secured medals in every participation since their debut.
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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.

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The cost of damage caused by carbon dioxide emissions from fossil fuels in Zambia increased from 0.46% in 2009 to 1.77% in 2021. As of 2023, the southern African nation's population was estimated to be 20.6 million individuals.

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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.

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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.

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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

According to 2022 and 2023 data for 40 African countries, Egypt leads in the value of manufacturing output reaching $59.6 billion in 2023 despite a 21% drop from 2022.

Nigeria follows with $55.7 billion, while South Africa comes third with $48.8 billion.

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Safaricom has maintained the largest share of telecom subscribers in the Kenya over the years. From 2008 to 2024, it has expanded its subscriber base from 10.2 million to 44.7 million, reflecting an average annual growth of 2.2 million subscribers. This consistent growth underscores Safaricom's strong market position and effective business strategy in Kenya's telecom sector.

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When Olusegun Obasanjo took office in 1999, the exchange rate was ₦97 to $1; it was ₦128 under Yar'Adua in 2007. During Jonathan's tenure in 2010 it was ₦151 while it was ₦199 when Buhari was in office.

Despite efforts to let market forces decide the rate, the naira continues to weaken. Will the current administration turn things around soon?

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Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP.

Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.

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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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  • Nigeria’s National Bureau of Statistics (NBS) usually releases Q1 GDP data 53 days after the quarter ends.
  • As of June 25, 2025, the Q1 2025 figures are 86 days overdue—that’s 33 days longer than average.
  • The delay coincides with a GDP rebasing exercise, updating the base year to 2019.
  • Q1 GDP reports have typically come out in May for the past eight years—until now.
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  • Africa attracted $97 billion in FDI in 2024 — nearly double the 2023 level — marking a record year for the continent.
  • Egypt alone accounted for nearly 50% of total African inflows, driven by a $35 billion Ras El-Hekma megaproject and sweeping reforms.
  • Major gainers included Zambia (+1340%), Guinea (+105%), and Mauritania (+74%), showing momentum beyond usual hotspots.
  • Nigeria’s FDI dropped 42%, while South Africa (–29%) and Senegal (–58%) also saw steep declines.
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  • Global FDI rose to $1.51 trillion, still below its 2015 peak.
  • The top 10 countries accounted for 65% of total inflows.
  • Egypt ranked 8th globally with $46.6 billion, ahead of UAE and Mexico.
  • A $35 billion Ras El-Hekma deal drove much of Egypt’s surge.
  • Egypt’s FDI grew over 370%, the fastest among top recipients.
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  • Total trade rose from ₦12.7 trillion (Q2 2023) to over ₦36 trillion (Q1 2025).
  • Exports grew from ₦6.4 trillion (Q2 2023) to ₦20.6 trillion (Q1 2025).
  • Sustained trade surpluses started from Q2 2023, peaking at ₦5.2 trillion in Q1 2025.
  • Imports also rose from ₦6.3 trillion (Q2 2023) to ₦15.4 trillion (Q1 2025), but slower than exports.
  • Pre-2023 was deficit-heavy: Most quarters from 2020–2022 recorded trade deficits or very small surpluses.
  • Q1 2021 had the worst deficit: -₦1.89 trillion, driven by high imports and weak exports.
  • Naira devaluation is the turning point: Starting around Q2 2023, it inflated export values in naira terms.
  • Export growth may not reflect volume; gains are likely due to FX effects, not necessarily more goods shipped.
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  • South Africa ranked highest in Africa; it’s easy to move goods in and out.
  • It beat others on customs speed, delivery time, and tracking.
  • Nigeria, Ghana, and DR Congo scored low. Goods faced more delays and hassles.
  • Countries with high scores attract more trade and business.
  • A low score means slower shipments, higher costs, and weaker logistics.
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  • Lagos led the nation with ₦819.62B VAT, over 45% of the total generated by all 36 states combined.
  • Rivers followed distantly with ₦278.23B, around 34% of Lagos’s VAT haul.
  • Only five states (Lagos, Rivers, Oyo, Bayelsa, Kano) generated over ₦21B in Q1 2025.
  • 22 states generated below ₦10B, with 13 of them earning less than ₦6B in VAT.
  • Northern states like Katsina (₦5.96B), Yobe (₦5.81B), and Kebbi (₦5.13B) trail significantly in VAT contributions.
  • Abia, Cross River, Imo, and Taraba sit at the bottom, each with under ₦3B in VAT returns.
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