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  • In 2024, the top ten universities in Nigeria graduated 3,047 first-class students. Seventeen per cent of private university students in Nigeria earned first-class degrees, compared to 3% in federal/state universities.

    The University of Benin convocated the most first-class students (385), while the Federal University of Agriculture, Abeokuta (FUNAAB) had the least, with 122.

    Covenant University had the highest proportion, with one in five students graduating with a first class.

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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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    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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  • 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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    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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  • Nigeria's import value increased by 8.7% quarter-on-quarter and 63% year-on-year, reaching ₦14.67 trillion in Q3 2024. China led as the top trading partner with imports valued at ₦3.57 trillion (24%), while Malta rounded out the top five with ₦767 billion (5%).

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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
  • 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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  • UAC Nigeria's revenue has consistently grown since 2018, reaching ₦197.6 billion in 2024
  • 2024 saw the highest year-on-year revenue growth of 64%
  • The company recorded steady revenue increases from 2019 to 2023, growing by 14.5% annually on average
  • 2024's unaudited revenue figure marks a new milestone for UAC Nigeria
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