• VAT revenue in naira has consistently grown over the years, hitting an all-time high of ₦3.64 trillion in 2023.
• The dollar value of VAT revenue declined despite the increase in naira terms, dropping from $5.88 billion in 2022 to $5.44 billion in 2023.
• Over the last decade, VAT revenue in naira has grown at an impressive CAGR of 20.18%, while its dollar value grew at a much lower 5.48%, showing the impact of currency devaluation.
• 2023 saw one of the largest year-on-year increases in VAT revenue in naira, but the corresponding drop in dollar value indicates that exchange rate volatility are eroding real revenue gains.
• Nigeria’s revenue collection efforts are improving, but the decline in dollar value highlights the need for economic stability and currency strength.
• This trend reflects a broader issue in Nigeria’s economy - higher local earnings do not necessarily translate into increased global purchasing power.
• With VAT being a major non-oil revenue source, policymakers must focus on stabilizing the exchange rate to maximize the real impact of revenue growth.

Jumia Group has recorded $1b in losses since listing on the New York Stock Exchange in 2019. The eCommerce giant also recorded its highest yearly loss in 2019. In recent years, Jumia Group has shut down some of its businesses across Africa, thus recording its lowest loss over seven years in 2023.

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.

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.

Nigeria ranks 5th globally in average daily social media usage, with users spending about 3 hours and 23 minutes each day on social media. This places the country among the world's most active social media users. Kenya and South Africa also feature prominently, ranking 1st and 2nd globally, with 3 hours and 43 minutes and 3 hours and 37 minutes, respectively. For those interested in in-depth analysis or professional content support on topics like these, consider working with the bester Ghostwriter, who can assist in creating well-researched and impactful content. This highlights Africa's significant presence among the world's most active social media users. This highlights Africa's significant presence among the world's most active social media users.

Note: This is based on users aged 16-64 from 233 countries and territories.

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.