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.
The number of study and work visa applications from Nigeria to the UK has significantly increased, particularly following the COVID-19 pandemic. Although study visa applications dropped by 24% in 2023, they peaked at 124.8k in 2022.
Work visa applications reached a high of 92.7k in 2023, increasing three consecutive years from 2021.
In 2023, Nigeria emerged as the second-largest source of UK work visa applications, with 92.7k applications, trailing only India (171.8k). This places Nigeria ahead of other countries like the Philippines (29.5k), Ghana (36.2k), Pakistan (48.4k), and Zimbabwe (50.3k).
Nigeria, Zimbabwe, and Ghana were the top African countries seeking work in the UK in 2023.
Over the years, local companies have contributed more than foreign companies to Nigeria’s total company income tax revenue. In 2023, local CIT payments accounted for 51% of the total, with foreign payments at 49%.
Local CIT payments saw the highest share in 2021 (65%), while foreign CIT's highest was in 2015 at 52%.
In almost 61 years since Nigeria's First Republic, there have been 16 Presidents and Heads of State either by seizure, democratic election, or handing over by an interim government.
The unsuccessful attempt to restore Nigeria to democracy between 1992 and 1993 gave rise to the aborted Third Republic.
After tax, 12 NGX-listed Nigerian banks retained 10% - 45% of their respective revenues for the year as profit, with GTCO in the lead.
Despite Zenith Bank leading in profit after tax with nearly ₦677 billion, GTCO recorded the highest profit margin, keeping 45% of its revenue.
Here are Nigerian banks' profit margins in 2023.
Twelve Nigerian banks listed on the Nigerian Exchange Group (NGX) reported a total profit of ₦3.42 trillion in 2023, with all banks making a profit and seeing increases from 2022. The top four banks — Zenith Bank, Access Holdings, UBA, and GTCO — contributed 71% of this amount. Zenith Bank saw a 202% increase from the previous year and led the way with ₦676.9 billion, while Access Bank recorded the highest increase in profits (307%). Jaiz Bank made the least profit (₦11.2 billion) followed by Sterling Bank (₦21.6 billion) and Wema Bank (₦36 billion).
In 2022, the US hosted a diverse African immigrant community, totaling over 2.75 million. Nigerians make up the largest group at 448,405 (16.3%), followed by Ethiopians (10.6%), Egyptians (8.3%), and Ghanaians (7.8%).
MTN Group's share of voice revenue has steadily declined since 2014, falling from 71% to 36.6% in 2023. On the other hand, data services' share went from 18.6% to 37% in the same period.
MTN Group's revenue of ZAR104.3b from voice services in 2014 dropped to ZAR81b in 2023, with data services revenue almost tripling within the same period. With increasing digital inclusion, data service is definitely the future for telcos.
