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  • After growing from 1.5% in 2015 and peaking at 5.1% in 2022, Nigeria's share of Canadian permanent residency status issuances dropped to 3.7% in 2023.

    This is Nigeria's share of Canadian permanent residency status issuances since 2015.

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    On 2020's World Chocolate Day, an annual celebration of chocolate, we look at the top 12 African countries with the highest chocolate export value in 2020 -- a combined $421.43m.
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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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  • Africa's producers of natural rubber in 2022
    Côte d'Ivoire has maintained its title of Africa's largest producer of natural rubber, increasing production by an average of 13% annually. Nigeria was Africa's largest producer of natural rubber in the early 90s until Côte d'Ivoire took the top spot in 1999. As of 2022, its production capacity was 8.6x more than Nigeria's. In 2022, Côte d'Ivoire produced 1.286 million tonnes of natural rubber; Nigeria and Ghana followed with 149.4 thousand tonnes and 117 thousand tonnes, respectively.
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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.

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Other Insights

Although Nigeria had the third highest number of learners on Coursera enroled in courses related to science, technology, engineering, and mathematics (STEM) as of March 2023, the country had the highest year-on-year increase — almost double.

Five African countries were in the top ten increasing STEM learners on the e-learning platform.

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What fields were Nigerian students in the US enroled in during the 2022/2023 academic year?

Science, Technology, Engineering, and Mathematics (STEM) fields took centre stage, collectively constituting a substantial 61% of the Nigerian student body.

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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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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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  • The North-East remitted only ₦14.98 billion but received ₦46.68 billion, showing a 211.6% gain due to sharing.
  • Taraba, the lowest contributor (₦0.94 billion), saw the highest percentage gain (635%) with an allocation of ₦6.91 billion, reinforcing that smaller economies benefit the most from VAT sharing.
  • Bauchi, despite remitting just ₦2.44 billion, received the highest allocation (₦8.93 billion), a 266% increase, illustrating how VAT is shared based on equality and population, not economic activity.
  • Every state in the region received at least 2× what they remitted, highlighting the North East’s reliance on VAT sharing and fuelling the fiscal federalism debate on whether VAT should be retained at the state level.
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  • Men hold the majority share in crypto adoption (61%), indicating that the industry is still male-dominated despite growing female participation.
  • Over 219M women own crypto globally, showing that female adoption is increasing but still lags behind male ownership.
  • With 6.8% of the world’s population involved in crypto, adoption is growing, but there is still massive untapped potential, especially among women.
  • Bridging the gender gap could drive the next wave of crypto adoption, and greater financial inclusion and education could encourage more women to enter the space.
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Cumulative issuance of Eurobonds by African countries (Jan 2024 - Jan 2025)
  • African countries issued a total of $15.7 billion in Eurobonds, demonstrating continued reliance on external debt markets.
  • While the first ten months totaled $6.2 billion, November and December alone added $7.5 billion, marking a sharp increase.
  • The total issuance jumped from $6.2 billion in October to $10 billion in November and then $13.7 billion in December, showing a drastic shift in borrowing.
  • Eight African countries drove this activity, as the borrowing is concentrated among key economies.
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  • Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
  • In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
  • Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
  • In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
  • The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and  securing a $50 million private placement as part of its recapitalisation
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  • FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
  • The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
  • Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
  • Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.
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  • UAC Nigeria's ₦17 billion naira profit in 2024 is the highest since 2014
  • The company recorded losses in 2018, 2019 and 2022, with ₦9.5 billion, ₦9.2 billion and ₦4 billion losses, respectively
  • Profit recovery started in 2020 and improved significantly in 2023 and 2024
  • 2024’s unaudited profit is almost double the ₦8.9 billion recorded in 2023
  • Profitability has been volatile over the past decade, with major losses and strong rebounds
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