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  • GTCO shatters records with ₦1.08t earnings in first three quarters of 2024 following historic Q1 profit.

    Guaranty Trust Holding Company (GTCO) sets a new milestone with ₦1.08t profit after tax in the first three quarters of 2024, following its record-breaking first quarter.

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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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  • 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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    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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  • 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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    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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  • Figures as of December 2022 show that Nigeria's millionaires decreased by 30% between 2012 and 2022, indicating a significant shift in the dynamics of wealth. Mauritius saw a noteworthy increase of 69%, with Kenya recording a 30% growth.
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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
Deliberate Internet and social media shutdowns from Jan to Jul 2023 have cost the affected economies an estimated $2.1 billion combined, with Ethiopia the most affected. Asian and sub-Saharan African countries are the hardest hit.
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Five of the top tep African countries with the largest gold reserves are North African

Half of the top 10 African countries with significant gold reserves come from North Africa, with Algeria leading with 174 tonnes. Egypt and South Africa come in second and third with 126 tonnes and 125 tonnes, respectively. Algeria, Egypt, South Africa, and Libya hold the most significant gold reserves.

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In 2022, 703 million people were estimated to lack basic drinking water services globally. Sub-Saharan Africa accounted for more than half of this estimate, with 408 million people facing this problem. Central & Southern Asia comes next with 20%.
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In the US fiscal year 2022, 26% of Nigerians who applied for a US visitor visa were denied, marking the lowest refusal rate in 17 years. After a steady refusal rate of between 32% and 38% from 2007 to 2015, there was an increase to 67% over four consecutive years.
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According to a recent Cable.co.uk study, Sudan has the cheapest broadband options in 2023, with an average monthly cost of just $2.30.

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With a score of 0.802, Namibia ranks 8th globally and 1st in Africa's Gender Gap Index. Rwanda, 2nd in Africa, occupies the 12th position globally, with a score of 0.794. The score ranges from 0 to 1, with 0 denoting a significant gender gap and 1, gender parity.
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The New World Wealth's Africa Wealth Report for 2023 ranked Lagos 4th among African cities with the most dollar millionaires, below South Africa's Johannesburg and Cape Town, and Egypt's Cairo. Four of the cities in the top ten are South African.
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Figures as of December 2022 show that Nigeria's millionaires decreased by 30% between 2012 and 2022, indicating a significant shift in the dynamics of wealth. Mauritius saw a noteworthy increase of 69%, with Kenya recording a 30% growth.
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Did you know that for every dollar millionaire in Nigeria, there are nearly four in South Africa? Discover the diverse wealth of Africa's landscapes.
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Nigeria imported hair products such as wigs, false beards, eyebrows, eyelashes, and others worth $5.1 million in 2022, with 94.7% coming from China. Here are the countries from which Nigeria imported these products.

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Since 2004, Nigerian employees have saved a cumulative ₦8.4 trillion for their retirement. Employees in the public sector have saved ₦4.4 trillion, while those in the private sector have put ₦4 trillion aside.

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  • MTN dominates submarine fibre optic deployment among GSM operators in Nigeria, increasing its network from 1,500 km in 2018 to 17,984 km in 2022
  • Glo had the earliest and largest submarine fibre deployment, peaking at 19,200 km in 2012, but later scaled down to 9,800 km from 2014 onwards
  • Airtel has not invested in submarine fibre, with its network remaining below 25 km throughout the period
  • 9mobile has not deployed any submarine fibre cable since 2012
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  • Airtel has shown the most aggressive fibre optic expansion, increasing from 4,632 km in 2012 to 16,112 km in 2022
  • Glo initially led with 16,224 km in 2012, but its fibre optic deployment later declined and stabilised around 13,000 km from 2018 to 2022
  • Between 2019 and 2022, MTN's deployment remained unchanged at 14,612 km
  • 9mobile's fibre deployment peaked in 2018 at 4,650 km and remained unchanged till 2022
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  • Dangote Cement has grown its revenue consistently since 2014 and reached a historic ₦3.6 trillion in 2024
  • Revenues have more than tripled between 2020 (₦1.0 trillion) and 2024 (₦3.6 trillion)
  • The year-on-year growth rate shows fluctuations, with declines in some years and sharp rebounds in 2020, 2022, and 2024
  • The highest year-on-year growth occurred in 2024 (62.2%), signalling a particularly strong performance
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  • Nigeria’s active mobile GSM lines reached an all-time high of 224 million in 2023, up from 222 million in 2022.
  • The number of active lines has grown steadily from 40 million in 2007, with notable surges in 2012 (110 million), 2018 (172 million), and 2020 (204 million).
  • Growth slowed between 2016 and 2017, where active lines dipped slightly from 154 million to 145 million, before resuming an upward trajectory.
  • With over 220 million active lines, Nigeria remains one of Africa’s largest telecom markets, driven by increasing mobile adoption.
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Africa's debt-to-GDP ratio (2024 vs 2028)
  • Unlike other regions, Southern Africa’s debt-to-GDP ratio is expected to increase by 5.8 percentage points, reaching 77.4% by 2028.
  • Northern Africa is set to achieve the largest debt-to-GDP decline of 14.7 percentage points, from 84.2% to 69.5%, indicating significant fiscal adjustments.
  • Central Africa is expected to see a 12 percentage point drop, reducing its debt-to-GDP ratio from 45.8% to 33.8%.
  • West Africa’s debt-to-GDP ratio is projected to fall by 4.3 percentage points, while Eastern Africa is expected to drop by 5.2 percentage points, both showing signs of improved debt management.
  • Even with the projected declines, some regions like Northern Africa (69.5%) and Southern Africa (77.4%) will still have high debt burdens compared to others like Central Africa (33.8%).
  • The declining debt-to-GDP ratios in most regions suggest either economic expansion or strategic debt control, but Southern Africa’s increase indicates potential fiscal stress.
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  • Nigeria's largest cement manufacturers each recorded over 50% revenue growth in 2024
  • BUA Cement recorded the largest revenue growth in 2024 (90.5%), nearly doubling its revenue from ₦460 billion in 2023
  • Dangote Cement's revenue exceeded the combined revenue of BUA Cement and Lafarge Africa in both 2023 and 2024
  • Lafarge Africa earned ₦696.8 billion in revenue, the lowest revenue of the three cement majors
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