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  • 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.

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    • Nigeria’s sports budget rose sharply to ₦113 billion in 2025, tripling from the 2024 figure.
    • The 2025 allocation represents a 243.8% increase compared to the previous year.
    • Youth and Sports budget allocations were relatively stable between 2021 and 2023, averaging about ₦186 billion.
    • The splitting of the Ministry of Youth and Sports budgets in 2024 likely contributed to the steep dip that year.
    • The rebound in the sports development budget in 2025 signals government re-prioritisation of sports development.
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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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    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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    • Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
    • NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
    • Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
    • Newer tax streams like the Electronic Money Transfer Levy and NASENI (National Agency for Science and Engineering Infrastructure) funding have emerged, but still make up less than 2% of total revenue.
    • Minor tax categories like Capital Gains Tax, NITDEF (National Information Technology Development Fund), and NPTFL (Nigeria Police Trust Fund) had negligible impact, each contributing less than 0.5%
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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
Key takeaways:
  • Africa's ten most profitable banking institutions are concentrated in South Africa, Egypt, and Nigeria.
  • South African and Egyptian banks claim the first five positions among Africa's most profitable banks.
  • Nigeria's banking sector shows resilience, with three of its "FUGAZ" banks securing positions in the continental top ten.
  • The average profit after tax among Africa's top ten profitable banks reached $867 million.
  • The four most profitable banks in Africa each exceeded $1 billion in profit after tax.
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Key Takeaways:
  • MTN Nigeria's income tax payments consistently rose from ₦75.66 billion in 2018 to ₦170.1 billion in 2022.
  • In 2023, there was a significant drop in the payments, which fell to ₦40.87 billion, the lowest in the period under review.
  • In 2024, MTN Nigeria saw its income tax jump by 267% from 2023's figure.
  • The company achieved its peak income tax payment of ₦170.1 billion in 2022.
  • The income tax for MTN in 2023 dropped by ~76% due to substantial forex loss from naira devaluation.
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Key Takeaways:
  • Okomu Oil Palm Company's revenue expanded by 1,236%, from ₦9.74 billion in 2015 to ₦130.06 billion in 2024.
  • Profit after tax saw a substantial increase of 1,189%, from ₦2.66 billion in 2015 to ₦34.27 billion in 2024.
  • The most significant profit growth took place between 2021 and 2024, with profit almost tripling during this timeframe.
  • Although there have been some variations in profit margins, the company has consistently realised growth annually.
  • The figures for revenue and profit reached their peak in 2024.
  • The disparity between revenue and profit after tax in 2024 is significantly greater than in earlier years.
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Key Takeaways:
  • Dangote Sugar Refinery saw impressive growth rates of 68% in 2016 and 51% in 2024, marking periods of considerable expansion.
  • The company’s revenue rose from ₦101.06 billion in 2015 to ₦665.69 billion in 2024.
  • There were notable year-on-year fluctuations, with growth rates varying from -26% to 68%.
  • The period from 2020 to 2024 indicated particularly strong performance, featuring consistent positive growth.
  • The highest revenue allocation for the company was noted in 2024.
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Key takeaways:
  • Seplat’s revenue steadily increased from ₦112.97 billion in 2015 to ₦1.65 trillion in 2024.
  • The difference between revenue and profit after tax in 2024 is notably broader than in previous years.
  • Profitability varied over the years, with losses recorded in 2016 and 2020 but consistent recoveries during other periods.
  • The year 2024 saw the company's peak revenue (₦1.65 trillion) and profit (₦214.25 billion).
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  • Lesotho's external debt stock grew from $912.1 million in 2014 to $1.74 billion in 2020.
  • The most significant increase in debt occurred between 2015 and 2016, when the debt surged from $952.6 million to $1.36 billion.
  • After 2020, external debt levels started to stabilise, with only a slight decline from $1.83 billion in 2021 to $1.78 billion in 2023.
  • Despite the recent stabilisation, Lesotho’s external debt remains relatively high, indicating a need for debt sustainability and fiscal management.
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