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  • FTX, one of the biggest crypto exchanges in the world, went bankrupt. Before its bankruptcy, the price of Bitcoin rose to $21,000 and fell back to $19,000 on November 7, 2022, when Binance CEO, Changpeng Zhao revealed that his company would be selling off FTX's native coin, FTT.

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    MTN Nigeria’s voice and data revenue has been on an upward trend since 2018 but data recorded a higher year-on-year growth rate. Data grew at an average of 47.5% in five years, while voice, which had not seen an increase up to 10% in the years under review, grew to 27.1% in 2022.
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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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    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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  • 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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    Countries by Global Innovation Index 2024

    The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

    In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

    Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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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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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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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.

    See more
Other Insights
 
Nigeria's government collected ₦2 trillion in corporate income tax in H1 2023, with a spike from ₦469 billion in Q1 to ₦1.53 trillion in Q2. The corporate tax payments for H1 2023 are higher than any full-year collections from 2015 to 2021.
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In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

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Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
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In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.
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Nigeria's GDP increased in Q2 2023, with certain sectors prospering and others failing. Utility industries made significant gains that helped economic growth.
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Based on information from Comité Champagne, 42 African nations imported 5.1 million 75cl bottles of champagne in 2022 for a total of €134.8 million. Find out more here: bit.ly/3qAs8jO

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Nigerians made up 6.5% of international students in the United Kingdom as of 2022
 
In the 2021/2022 academic year, 2.86 million students studied in UK's higher education institutions, with 680k (23.8%) being international students. Nigerians accounted for 44k (6.5%) of overseas students in the UK, trailing China's 151k (22.3%) and India's 126k (18.6%).
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Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
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Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.

Eighty-six (86%) of the money involved in these cases was recovered thanks to banks' internal control techniques and assistance from relevant government agencies; ₦45 billion remains unrecovered.

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Following the May 29th announcement of fuel subsidy removal, which took effect on July 1st, transit fares increased drastically in June. Average bus fares within the city increased by 97.9%, while intercity bus trips increased by 42.1%.
Motorcycle (Okada) services witnessed a 33.1% increase in rates, while waterway passenger transport costs increased by 30.7%; air travel on specified routes saw a 4.9% increase in fares.
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In the past decade, Nigerian bank clients reported 35,453 complaints about unsuccessful transactions to the CBN. The data shows a 94.3% resolution rate (33,437 cases), with 5.7% (2,016 cases) still outstanding.
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As of 2022, the US had 948,519 international students, 14,438 (1.5%) of whom were Nigerian. Nigeria was ranked tenth among contributing countries to the international student community in the US.
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Private capital deals in Francophone Africa (2012 – 2024 H1)
  • Francophone Africa attracted $1.8 billion in private capital in 2021, about 9x the previous year (2020).
  • That same year saw 34 deals, which is quite high when compared to some other years, indicating strong investor confidence.
  • In 2024, deal value amounted to just $0.1 billion, and deal volume to 19, pointing to a significant cooling in activity.
  • Between 2012 and 2015, the region saw low deal values, with both 2014 and 2015 recording just $0.01 billion in investments.
  • A notable spike occurred in 2017 with $0.7 billion invested across 17 deals, marking the first major surge before 2021's breakout.
  • Deal counts haven’t always aligned with capital volume. For instance, 2023 had 42 deals but only $0.4B, suggesting a trend of smaller-sized investments.
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  • Lagos State contributed ₦305B in VAT, making up over 53% of the national total and more than three times that of any other state.
  • Rivers (₦90B) and Oyo (₦27B) followed Lagos as the second and third highest contributors, highlighting a steep drop after the top state.
  • Only a few states, including Bayelsa, Kano, Kwara, and Edo, remitted above ₦5B, showing a highly uneven distribution of VAT contributions.
  • Over 8 states, such as Kebbi, Osun, Imo, and Zamfara, contributed less than ₦2B each, indicating minimal VAT activity in many parts of the country.
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  • Kano State has the highest number of LGAs in Nigeria, with 44, far exceeding the national average of 21 LGAs per state.
  • Bayelsa, Nasarawa, and the FCT have the fewest LGAs, recording 8, 13, and 6 respectively, despite varying population sizes and landmass.
  • Northern states dominate the upper tier of the LGA count, with Katsina (34), Oyo (33), and Jigawa (27) all ranking among the top.
  • Southern states tend to have fewer LGAs, with Lagos and Ogun, two highly urbanised states, having just 20 LGAs each, hinting at a denser governance structure per area.
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  • Lagos had the highest female representation in Nigeria’s 2023 elections, with 114 female candidates, more than any other state.
  • Yobe recorded the lowest, with just 7 female candidates, highlighting a wide disparity in representation across regions.
  • The South East and South South zones recorded some of the strongest numbers overall, with Imo (86) and Rivers (85) nearly matching Lagos.
  • The South West led overall in female candidate numbers, while the North East trailed, with its highest (Gombe – 42) still lower than other zones’ peaks.
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Share of investments (deal volume) in tech-enabled firms in Francophone Africa, 2015 – 2024 H1
  • The breakthrough year for tech in Francophone Africa was 2021, with 71% of deal volume going to tech-enabled firms, an all-time high.
  • The growth of tech began slowly, from 0% in 2015 to just 12% in 2017, showing how recent the tech surge is.
  • Between 2018 and 2020, tech’s share gradually rose from 15% to 27%, setting the stage for the explosive growth of 2021.
  • Post-2021, tech dominance slightly softened—holding 52% in 2022, 50% in 2023, and 63% in 2024 H1, suggesting a more balanced diversification.
  • The last year traditional sectors led in deal volume was 2020, accounting for 73%, right before tech flipped the narrative.
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Total volume of private capital exits in Francophone Africa, 2012 – 2024 H1
  • The peak year was 2019 with 13 exits, marking the most successful exit year since tracking began in 2012.
  • Zero exits occurred in 2020, likely reflecting the impact of the COVID-19 pandemic on exit strategies and deal closures.
  • The years 2021 and 2022 saw a rebound, with 11 and 10 exits respectively, suggesting a recovery in investor confidence post-pandemic.
  • Slower exit activity was recorded in 2023 and early 2024, with 6 and 3 exits, respectively (2024 is as of H1).
  • From 2012 to 2016, annual exits ranged between 3 and 4, except for a spike in 2013 with 10 exits.
  • The overall average exit volume is low, with fewer than 7 exits per year on average across the 12 years.
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