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  • Lagos State led Nigeria’s 2022 PAYE tax collections, surpassing the total of 32 other states combined.

    PAYE, a tax on employees’ income, saw Lagos contributing 36%, far ahead of Rivers State (11%) and the FCT (∼9%).
    This highlights the economic disparity across states.

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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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Key takeaways:
  • In December 2024, the top five states with the highest average kerosene prices were: Abuja (₦2,950.0), Akwa Ibom (₦2,538.3), Kaduna (₦2,510.6), Cross River (₦2,430.7), and Sokoto (₦2,400.1).
  • Abuja recorded the highest average price of kerosene in December 2024, while Borno state recorded the lowest price.
  • The price of kerosene per litre ranged from ₦1,520.4 to ₦2,950 across Nigerian states in December 2024.
  • The percentage difference in the price of kerosene across Nigeria states in December 2024 is approximately 63.9%.
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  • Airtel Africa leads the Nigerian stock market with a market cap of ₦8.11 trillion naira, followed by Dangote Cement at ₦8.10 trillion and BUA Foods at ₦7.52 trillion.
  • The largest public companies in Nigeria are mostly in financial services, industrial goods and consumer goods.
  • A total of 16 Nigerian public companies have surpassed the ₦1 trillion market cap threshold.
  • The lowest-ranked trillion-naira company, First HolCo, has a ₦1 trillion naira market cap.
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Key takeaways: 
  • The boneless beef price recorded the largest increase of more than ₦3,620 on average, followed closely by dried catfish (+₦3,619.35) and frozen chicken (+₦3,583.82).
  • Prices of major animal proteins have more than doubled, with price increases ranging from ₦1,900 to ₦3,630 on average.
  • The top 20 food items saw price hikes of at least ₦1,900.
  • The cost of a medium-sized crate of eggs more than tripled between May 2023 and December 2024.
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Key takeaways:
  • The total wealth of the three richest women surpasses $259 billion.
  • Alice Walton is the only woman in the world whose net worth exceeds $100 billion.
  • These women share a legacy of inherited wealth that they have successfully transformed into increased wealth.
  • Each of the top three richest women holds a net worth greater than $70 billion.
  • The top three richest women in the world are engaged in philanthropic endeavours.
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  • Women-led businesses in Africa raise significantly less funding than male-led counterparts. In 2017, female-led startups secured only $1 for every $25 raised by male-led startups, and this disparity persisted through 2024.
  • Despite making up 26% of all entrepreneurs in Africa, women receive less than 10% of total investment capital.
  • Women in Africa face structural financing challenges, including limited collateral, fewer investment networks, and biases in lending decisions.
  • While some countries have introduced financial inclusion programmes, overall access to credit for women remains disproportionately low.
  • The rise of women-focused venture funds, such as WIC Capital and Janngo, signals a slow but emerging shift towards more equitable funding distribution.
  • If this trend continues, Africa risks stifling economic growth by not fully leveraging the entrepreneurial potential of women-led businesses.​​
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Key takeaways:
  • The total wealth of Nigeria's top four billionaires amounts to $37.4 billion.
  • Aliko Dangote's fortune accounts for almost 64% of the overall wealth among Nigerian billionaires.
  • Dangote's net worth is more than three times the net worth of Adenuga, and nearly 16 times greater than Otedola's.
  • All four individuals accumulated their wealth primarily through entrepreneurial efforts.
  • The sources of wealth for Nigeria's four richest men span various sectors, including cement, telecommunications, agriculture, and energy.
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