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  • In 2023, global vehicle production surged, led by China with over 30 million vehicles — a 12% increase from 2022.
    The US and Japan followed, holding 11% and 10% shares, respectively.

    Global output rose 10%, reaching 93.55 million vehicles, up from 85.02 million in 2022.

    Only two African countries — South Africa and Morocco — made the top 25, highlighting the continent's developing automotive sector.

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    The African Union Report on Labour Migration Statistics in Africa (Third Edition) indicates that Africa's labour force increased from 402.8 million in 2010 to an estimated 511.5 million in 2019. Here are Africa's labour force and working-age population from 2010 to 2019.

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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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  • 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 sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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  • Nigeria's population has increased from 45M at independence in 1960 to an estimated 206M as of 2020. Nigeria's GDP recorded its biggest year-on-year increase in 1981. Today, being her independence day, we present Nigeria's GDP and population growth rate since 1960.

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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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  • 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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Other Insights
     

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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Since 2001, the 2022/23 academic year has recorded the highest number of Nigerians studying in US' higher institutions, adding 3,202 students to the previous academic year to reach 17,640. This represents the biggest addition in the time period.

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Four of the seven African countries that have been certified malaria-free are North African; two are East African and one is Southern African. Here are the countries in Africa that have been certified malaria-free.

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Since 2017, 34% (₦5.8 trillion) of Nigeria's revenue allocation to states has gone to the South South states. This chart shows a snapshot of how allocations vary across regions.

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With about 24.8m people in Nigeria facing acute food insecurity, the country is first on the World Food Programme's list of hunger hotspots in 2023. 11 of the 20 countries on the list are African.
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Impact of flood in Nigeria People displaced and killed in 2022
 
Flood incidents affected 4.47 million people in Nigeria in 2022, displacing 2.4 million people and resulting in 665 deaths. Though Bayelsa was worst hit with 1.2 million displacements, Jigawa recorded 103 deaths from 68k+ displacements.
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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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In Q3 2023, Nigeria's GDP soared, with almost every sector recording year-on-year growth. Noteworthy growth includes Information and Communication, which increased by 40% compared to Q3 2022. Check out the chart for a quick overview.

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Between 2013 and 2022, Nigeria exported crude oil worth ₦123 trillion, with yearly figures ranging from ₦6.8 trillion to ₦21.1 trillion, and the highest (₦21.1 trillion) recorded in 2022. This chart shows the annual values.

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Out of the 57.5k African students enrolled in US higher institutions for the 2022/23 academic year, nearly one-third — 17.6k (30.7%) — are from Nigeria. The numbers have steadily risen from 3.8k in the 2000/01 academic year.

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With a trade surplus of ₦1.88 trillion in Q3 2023, Nigeria marked a 55% increase in foreign trade — the most significant leap in 38 quarters. This chart, spanning from Q1 2014 to Q3 2023, illustrates this progress.

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Borrowing costs in African countries (2008, 2019, and 2024)
  • Africa now spends 27.5% of revenue on interest payments, nearly 4 times higher than in 2008.
  • The debt burden is rising faster than economic growth as interest payments as a percentage of GDP grew from 5.4% in 2008 to 8.2% in 2024, showing increasing financial strain.
  • Effective interest rates have more than tripled from 1.4% in 2008 to 5.0% in 2024, making debt less affordable.
  • Between 2008 and 2019, the ratio of interest to revenue rose by 12.2 percentage points, and in five years (2019–2024), it surged by another 8.5 percentage points.
  • As borrowing costs rise, the risk of defaults and fiscal crises in African economies grows, making financial stability a concern.
  • More money spent on debt means less for roads, hospitals, and schools, slowing down long-term economic progress.
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Countries projected to have the lowest nominal GDP (2025)
  • With a projected GDP of $80 million, Tuvalu ranks as the smallest economy globally, producing less in a year than many corporations earn in a day.
  • Even when put together, these small economies still fall far behind the economic output of many mid-sized countries or cities.
  • Nigeria’s $199.72 billion GDP overshadows the economies of these nations.
  • Many of the world’s smallest economies are Pacific and Caribbean island nations, which often depend on tourism, remittances, and international aid.
  • With limited industries and small populations, these economies are highly vulnerable to external shocks like climate change, supply chain disruptions, or shifts in global tourism trends.
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Age (in years) of African nations since independence (top 10 and bottom 10)
  • Gaining independence in 1847, Liberia has been free for 177 years, long before most African nations began their fight for sovereignty.
  • With only 13 years of independence, South Sudan remains the newest nation on the continent, still navigating the challenges of nation-building.
  • The difference between Liberia and South Sudan is 164 years, showing the vast timeline over which African nations gained independence.
  • The majority of African nations secured sovereignty between the 1950s and 1970s, marking the height of the decolonisation movement.
  • Countries like Zimbabwe (1980), Namibia (1990), and Eritrea (1993) faced prolonged struggles against colonial rule.
  • Despite Liberia’s long years of independence, it has faced civil wars and economic instability, showing that the length of sovereignty doesn’t always translate to political or economic strength.
  • While sovereignty marks a historic milestone, many African nations, especially younger ones like South Sudan, continue to grapple with political, economic, and developmental challenges even decades after gaining independence.
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Key takeaways:
  • BUA Foods saw a significant profit increase between Q1 2021 and Q4 2024, with notable highs in 2024.
  • In Q3 2023, there was a drastic drop in profits, which was subsequently followed by a robust recovery.
  • The highest profit before tax was recorded in Q3 2024 at ₦78.47 billion.
  • Quarterly profits varied, ranging from as low as ₦2.02 billion to as high as ₦78.47 billion.
  • A significant turning point occurred in 2024, with quarterly profits consistently surpassing ₦60 billion.
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Key takeaways:
  • The most significant growth was observed in 2024, with operating profit reaching a record high of ₦174.97 billion in Q4.
  • Despite experiencing some fluctuations each quarter, the company displayed resilience and a strong capacity for scaling.
  • BUA Foods showed consistent improvement in operating profits year over year.
  • Quarterly operating profits ranged from around ₦20 billion in 2021 to nearly ₦175 billion in Q4 2024.
  • A major breakthrough occurred in 2024, with quarterly operating profits consistently exceeding ₦99 billion.
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Key takeaways:
  • BUA Foods Plc's turnover rose from ₦70.2 billion in Q1 2021 to ₦437.4 billion in Q4 2024.
  • The organisation experienced steady quarterly increases throughout all periods.
  • A notable spike was observed in 2024, with quarterly turnover consistently above ₦315 billion.
  • The fourth quarter of 2024 marked a peak turnover of ₦437.4 billion.
  • In terms of quarterly growth, Q1 2024 recorded the highest rate at 75%.
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