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  • Between 2005 and 2022, Cote d'Ivoire's natural rubber production grew at an average of 12% yearly, maintaining its continental dominance. With an estimated population of nearly 29 million, the West African country produced 1.286 million tonnes in 2022, 73% of the continent's output, and placed fourth globally.
     
    Meanwhile, Nigeria's production has grown 158% since 1961, peaking at 155 thousand tonnes in 1991.
    Ghana's production has grown steadily, peaking at 117 thousand tonnes in 2022. Liberia and Cameroon complete the top five in Africa as of 2022.
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    In 2023, Egypt, South Africa, Algeria, and Morocco dominated Africa's steel industry, accounting for 88% of the continent's production.

    Egypt led the charge, contributing 43% of Africa's total steel output. Despite this, Africa's 23.92 million tonnes only make up 1.26% of global production.

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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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  • Nigeria’s public debt decreased in dollar terms between June 2023 and June 2024. However, when converted to naira, it jumped to ₦134.3 trillion, largely due to currency devaluation. This sharp increase in debt could lead to tighter budgets, potentially affecting public services and everyday costs for Nigerians.

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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
 

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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Nigerians spent ₦56.6 million last weekend seeing two blockbuster movies — #Barbie and #Oppenheimer. Popularly called Barbenheimer, they were released simultaneously on July 21, 2023. Barbie made 129% more than Oppenheimer in their first weekend.

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Did you know? From Hausa and Igbo to Yoruba and others, Nigeria boasts more than 500 spoken languages, making it one of the world's most linguistically diverse countries. Here are the top ten countries with the most living languages as of 2022.

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Seychelles has the most powerful passport in Africa in 2023, with visa-free access to 155 countries and territories, followed by Mauritius (148). Nigerian passport holders have visa-free access to 46 countries, one of the lowest in Africa. Africa's most powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:

Seychelles (155), Mauritius (148), South Africa (106), Botswana (89), Namibia (81), Lesotho (79), Eswatini (77), Kenya (76), Malawi (75), Tanzania (73).

Africa's least powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:
Liberia (51), Djibouti (49), Ethiopia (47), Nigeria (46), South Sudan (46), DR Congo (45), Eritrea (44), Sudan (44), Libya (41), Somalia (35).

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Singaporean passport holders can travel visa-free to 192 countries and territories, making the country first in Henley & Partners' Global Passport Ranking for 2023. Of the top 15 most powerful passports, 12 are European. Here are the most powerful passports in 2023.

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In the past 13 years, Africa's port activity has grown steadily from handling 22.8 million containers in 2010 to 35.8 million in 2022.

Asia's bustling ports outpaced the world, handling nearly 6 billion containers since 2010, and 561 million in 2022.

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Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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Abdulsamad Rabiu’s wealth has consistently increased for 4 consecutive years since 2020. Aliko Dangote, on the other hand, experienced 3 consecutive years of wealth growth starting from 2021. Mike Adenuga's wealth recorded growth in 2021 and 2022, but it took a downturn in 2023.

Abdulsamad Rabiu's financial journey has been particularly noteworthy, with his wealth witnessing a substantial surge from $1.2b in 2014 to $8.2b in 2023. This growth has seen him surpass Mike Adenuga and become the country's second-wealthiest individual as of 2023.

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Nigeria produced 1.4 million tons of palm oil in 2022, 2% of the global production in the 2022/2023 market year, making the country the fifth largest producer of the commodity. Indonesia dominated global production with 59%, followed by Malaysia and Thailand.
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The oil refining industry experienced the highest industrial decline in 2022
 

Nigeria's GDP grew by 3.1% in 2022, with at least 17 of its industries recording less than 5% growth individually. The oil refining industry experienced the least growth, contributing ₦11.2 billion — 42% less than ₦19.3 billion in 2021.

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Over time, Nigerian workers under 50 have increasingly relied on pension savings during unemployment. This graph illustrates the upward trend with some fluctuations in both the total amount withdrawn — ₦26.9 billion in 2022, and the number of approved withdrawals. Individuals who can withdraw 25% of their retirement savings balance are those who disengaged/retired before the age of 50 years in accordance with the terms and conditions of their respective employment and stayed unemployed for at least six months.

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68% of Nigeria's capital imports in Q1 went to three sectors - banking, production, and IT services
 

Most of Nigeria's capital imports in the first quarter of 2023 were directed toward three sectors. The banking sector got the most investments with $304 million, accounting for 27%, and the production and IT services sectors followed, with 22% and 19%, respectively.

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Key takeaways:
  • Libya's total revenue (85.78% of GDP) significantly surpassed all other African states.
  • Lesotho is noteworthy with the second-highest total revenue ratio at 48.12%.
  • Equatorial Guinea and Sao Tomé & Príncipe in Western Africa recorded total revenue of 30.79% and 25.38% respectively.
  • South Africa generated 27.74% of its GDP in revenue.
  • The top ten countries reported total revenue exceeding 28%.
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  • The South-South remitted ₦121.84B, making it one of the biggest net donors to the national VAT pool.
  • The region received only ₦52.49B, meaning it got back just 43% of its VAT contributions.
  • Rivers State alone remitted a staggering ₦90.21B (74% of the region’s total) but received only ₦11.01B (12.2% return), marking one of the worst VAT allocation disparities in Nigeria.
  • Cross River had the lowest VAT contribution (₦1.55B) but received ₦7.45B, a 380% gain, while Bayelsa, despite remitting ₦12.8B, received only ₦8.02B, less than lower-remitting states like Delta (₦9.05B).
  • Every state in the South-South received more than it remitted, except for Bayelsa and Rivers, with the latter being the only state to suffer a massive VAT deficit.
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  • East Africa: Ethiopia leads with 36.2 million agricultural workers (27.3% of its 132.5 million population). Agriculture is vital to its economy. Tanzania follows with 19.2 million workers (approximately 28.8% of 66.6 million). Uganda has 23.4% of its 50 million population in agriculture, and Kenya employs 7.6 million workers (approximately 13.7% of 55.3 million), despite land degradation affecting 80% of its land.
  • West Africa: Nigeria has 26.8 million agricultural workers, but with a population of 232 million, it heavily depends on food imports as only 11.5% of its population work in the agriculture section. Ghana employs 5.5 million agricultural workers (16% of 34.4 million) and has strong potential for agricultural export growth, especially cocoa.
  • Central Africa: DR Congo has 18.6 million agricultural workers out of a population of 109.2 million.
  • Southern Africa: Mozambique has 9.9 million agricultural workers 29% of 34.6 million, while Madagascar employs 10.5 million (33% of 31.9 million). Agriculture is key to Madagascar’s economy but hindered by land issues, with women producing 80% of crops.
  • North Africa: Egypt has 5.7 million agricultural workers (5% of 116.5 million), and relies on irrigation due to limited arable land and high food imports.
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  • North Africa dominates with 53.8% of Africa’s total reserves.
  • West Africa holds 17.6%, despite economic challenges.
  • Southern Africa accounts for 20.3%, benefiting from strong reserves in South Africa.
  • East Africa lags behind with 4.4%, indicating lower reserve accumulation in the region.
  • Central Africa holds the smallest share at 4%, reflecting economic struggles and weak financial buffers.
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  • Libya leads Africa’s reserves with $92.4B, followed by Algeria ($81.2B) and South Africa ($62.5B).
  • Morocco $36.3B reserve places it fourth among African nations.
  • Egypt’s holds $33.1B, maintaining a strong reserve position.
  • Angola ($13.9B), Tunisia ($9.24B), Kenya ($7.34B), Mauritius ($7.25B), and DR Congo ($5.1B) round out the top 10.
  • Libya and Algeria’s strong reserves highlight North Africa’s dominance in the Black continent reserve.
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  • In 2013, Africa’s total reserves stood at $560 billion, the highest recorded in the past decade.
  • A steady decline followed, with reserves dropping to $402 billion by 2016.
  • A moderate recovery began in 2017 at $426 billion, stabilising around $400 billion in recent years.
  • As of 2022, Africa’s total reserves were estimated at $397 billion.
  • Despite fluctuations, Africa’s reserves have hovered around $400 billion since 2019.
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