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  • Real GDP Growth projection across regions (2023 - 2025)

    The Nigerian economy shows promise as the IMF projects an increase in the country's GDP growth, rising to 3.2% in 2025. This comes when projections show stagnant global growth at 3.2%, while sub-Saharan Africa outpaces other regions with an anticipated rise to 4.2% by 2025.

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    As of March 2022, South Africa was still MultiChoice Group's biggest market, with 41.28% of its customer base, while its other African markets accounted for 58.72%. Here’s the share of MultiChoice’s subscriber base.

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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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    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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  • 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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    Top ten African countries by estimated number of films produced annually

    The Nigerian movie industry, mainly financed via public or private funding and international grants, produces the most films in Africa, yearly. Nigeria produced more than double the number of films that the Ghanaian and Kenyan movie industries produce annually.

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  • With assets worth ₦536 billion, Leadway Assurance was the leading insurance company by total assets as of 2022 — two times more assets than second-placed AIICO Insurance with ₦270 billion. These are the top ten insurance companies in Nigeria by total
    assets as of 2022.

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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
Key Takeaways:
  • The average price for 5kg cooking gas ranges from ₦6,000 to ₦8,100.
  • The price difference of cooking gas between various Nigerian states is 25.09%.
  • Out of Nigeria's 36 states plus Abuja, fifteen have an average price for 5kg cooking gas above the national average.
  • Taraba State is uniquely positioned as the sole state in Nigeria with an average cooking gas price above ₦8,000.
  • The national average cost for 5kg cooking gas in Nigeria is ₦7,177.27.
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Key takeaways:
  • The highest amount of funds raised for Nigeria’s humanitarian aid was recorded in 2017 at $770 million.
  • From 2019 to 2020, there was only a slight increase of 0.3% in the amount raised.
  • By 2023, a decline of 23.42% from 2022's raised funds was witnessed, and it is the lowest decline experienced since 2017.
  • Regardless of fluctuations in annual assistance, Nigeria continued to receive humanitarian aid from the United Nations.
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Key Takeaways:
  • The top 20 food items witnessed extreme inflation, surpassing 200%.
  • Onions and yams lead the list with remarkable price hikes of 353% and 317%, respectively.
  • Various types of rice exhibited significant price increases (310% for Ofada rice, 250% for local rice, etc).
  • Basic protein sources such as eggs (207%) and chicken (202%) saw their prices more than double, making them increasingly less affordable.
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  • Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
  • Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
  • The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
  • ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.
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Share of POS cash transaction value in selected countries (2019, 2023 and 2027)
  • Among all the 40 countries studied in the report, Nigeria leads the decline in cash transactions, dropping from 91% in 2019 to 55% in 2023, a sharper decline than any other country analysed.
  • By 2027, Nigeria’s cash transactions are projected to fall to 42%.
  • Mexico, Thailand, and Japan are also experiencing significant declines, with cash transactions expected to drop below 35% in all three countries by 2027.
  • Brazil, which started with a relatively lower cash transaction rate (48% in 2019), is on track to become one of the least cash-dependent nations in this group, with just 12% of transactions expected to be cash-based by 2027.
  • The global average for cash transactions was already low at 26% in 2019, and it is set to decline further to just 11% by 2027, making cash an increasingly rare payment method worldwide.
  • Germany, a traditionally cash-friendly economy, has seen a major drop, with cash transactions decreasing from 50% in 2019 to a projected 29% by 2027, reflecting broader changes in consumer behavior.
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  • 56% (91 million) of unregistered children live in Africa, more than the rest of the world combined.
  • South Asia follows with 32%, while the rest of the world accounts for just 12%.
  • Africa’s share of unregistered children is nearly double that of South Asia and over four times that of the rest of the world.
  • This disparity underscores the urgent need for improved civil registration systems in high-impact regions.
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