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  • Bayelsa, Gombe, and Katsina States have the fewest accredited universities — five each — of the 274 in Nigeria in 2024. Ogun leads with 19, followed closely by Abuja (17) and Delta (15).

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    Although Nigeria had the third highest number of learners on Coursera enroled in courses related to science, technology, engineering, and mathematics (STEM) as of March 2023, the country had the highest year-on-year increase — almost double.

    Five African countries were in the top ten increasing STEM learners on the e-learning platform.

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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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    Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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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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    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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  • Jumia Group's quarterly active customers recorded steady growth for five consecutive quarters between Q1 2019 and Q2 2020. It also recorded growth in orders for three consecutive quarters in the same period. Jumia recorded its biggest percentage drop in active customers in Q4 2020.
    The eCommerce giant's biggest order volume was recorded in Q4 2021 with 11.3 million, followed by 10.3 million in Q2 2022. Q4 2021 and Q2 2022 were the only times that Jumia's order volume hit 8 figures in a quarter since Q1 2019.

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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.

    See more
Other Insights
  • Cabo Verde maintained relatively stable unemployment rates, averaging around 13% from 1991 to 2015.
  • Nigeria's unemployment rate climbed to 5.742% in 2020, marking an increase compared to previous years.
  • Burkina Faso saw a sharp rise in unemployment, reaching 5.389% in 2022, the highest in its recorded history.
  • Niger experienced extreme unemployment fluctuations, with a peak of 3.1% in 2005 and a drastic drop to 0.316% in 2011.
  • Ghana experienced its highest unemployment rate of 10.456% in 2000.
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  • The United States holds the strongest military globally, with a Firepower Index of 0.0744, reflecting its superior military resources and capabilities.
  • Russia and China are tied with 0.0788, showcasing their comparable and highly advanced military strengths.
  • India ranks fourth with 0.1184, solidifying its position as a major military power in Asia.
  • South Korea and the United Kingdom follow closely, with 0.1656 and 0.1785, respectively, highlighting their robust defense systems.
  • France, Japan, Turkiye (Turkey), and Italy round out the top 10, with Firepower Indexes ranging from 0.1839 to 0.2164, demonstrating their significant military influence on the global stage.
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Average number of collateral-backed debtors of financial institutions in Nigeria (2017 - 2024)
  • The number of collateral-backed debtors fell by almost 50% from 2017 to 2018
  • The number of debtors began increasing consistently from 2019 to 2021
  • The highest post-2018 debt level was recorded in 2023, reaching 7,390, which is close to pre-2018 figures.
  • The decline in 2018 could indicate cautious borrowing or stricter regulations, while the rise afterward suggests a possible easing of credit access.
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Nigeria's Value Added Tax (VAT) revenue collection in USD (2013 - 2023)
  • 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.
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China LNG imports from top countries (2021 vs 2023)
  • China's total LNG imports dropped by over 55%, from $44 billion in 2021 to $19.4 billion in 2023, showing a significant reduction in demand and a shift in sourcing.
  • Australia, which was China’s largest LNG supplier in 2021 ($16.3 billion), is no longer among the sources in 2023, signaling a shift in China’s energy diversification strategy.
  • Russia and Turkmenistan have emerged as dominant suppliers in 2023, with Turkmenistan leading at $9.61 billion and Russia following at $6.44 billion
  • The U.S. has nearly disappeared from China's LNG market, dropping from $6.22 billion in 2021 to just $52,400 in 2023, a staggering 99.99% decline, likely due to geopolitical tensions and trade policies.
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POS payments method in Nigeria (transaction value %), 2023 and 2027
  • Digital wallets are the fastest-growing POS payment method in Nigeria, projected to rise from 18% in 2023 to 37% in 2027.
  • Cash transactions, though still dominant, are steadily declining from 55% to 42%, reflecting a gradual shift towards digital payments.
  • Debit card usage is decreasing from 12% to 8%, possibly due to the convenience of digital wallets and A2A transfers.
  • Prepaid and credit cards remain stable, each holding a minor share of Nigeria’s POS transactions.
  • POS financing remains a niche payment method, with no significant growth expected between 2023 and 2027.
  • Nigerian consumers are prioritizing speed, convenience, and security in their transactions, pushing digital payments to the forefront.
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