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  • Lagos contributed the most IGR among all states in the country but got an allocation 28.5% less than its IGR. Here is a breakdown of the Federation Account Allocation and Internally Generated Revenue by South-Western states in 2020.

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    Following the May 29th announcement of fuel subsidy removal, which took effect on July 1st, transit fares increased drastically in June. Average bus fares within the city increased by 97.9%, while intercity bus trips increased by 42.1%.
    Motorcycle (Okada) services witnessed a 33.1% increase in rates, while waterway passenger transport costs increased by 30.7%; air travel on specified routes saw a 4.9% increase in fares.
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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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  • Airtel Nigeria started 2023 with slight drops in revenue in Q1 and Q2. However, a significant decline was recorded in the third quarter, representing the biggest quarterly decline since Q3 2018. Here are Airtel Nigeria's revenues since Q2 2018.
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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
Federal government expenditure on Presidency Amnesty Programme (2015 - 2024)
  • ₦1.9 trillion spent on the PAP from 2015 to 2024, a significant amount dedicated to reintegrating former militants and fostering peace in the Niger Delta.
  • 2017 saw an extraordinary spike with ₦1.3 trillion spent, which is over 68% of the entire decade’s spending.
  • Expenditure stabilized after 2017, maintaining a consistent ₦59.6 billion - ₦65 billion annually from 2018 to 2024.
  • 2024 spending (₦65 billion) reflects only the first three quarters, meaning the final total could be slightly higher.
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Market share by mobile phone generation (2024)
  • 2G is still widely used but has dropped significantly from 57.78% in January to 41.59% in December.
  • 4G has become the dominant mobile network in Nigeria, surpassing 2G by mid-2024 and maintaining a steady increase in market share.
  • 3G remains stable, averaging around 9% market share,
  • 5G adoption is slow but rising, increasing from 1.11% in January to 2.46% in December.
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Forms of economic cost of violence (2023)
  • The world spent $19.1 trillion on violence in 2023, accounting for 13.5% of global GDP.
  • Military and internal security spending make up 74% of this cost.
  • Homicides alone cost the global economy $1.34 trillion, highlighting the economic toll of crime beyond loss of life.
  • Private security is now a $1.15 trillion industry, as businesses and individuals invest heavily in safety.
  • Violent crime resulted in $760 billion in economic losses, affecting productivity, businesses, and legal systems worldwide.
  • Spending on security competes with development needs, diverting resources from education, healthcare, and infrastructure.
  • The cost per person globally is $2,380, illustrating how violence impacts individuals, not just governments or corporations.
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  • Instant messaging leads with 94% usage, reflecting its role as the primary communication tool for Nigerians.
  • Social media is used by 91% of mobile internet users, but only 65% engage with it for business purposes, showing its dominance in personal interactions.
  • Online voice and video calls are highly popular, emphasising a shift toward real-time digital communication.
  • Only 45% access government services, while 41% use online health platforms, indicating gaps in essential digital services.
  • Agriculture-related internet use is the lowest at 25%, highlighting the rural digital divide and limited online resources for the sector.
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  • Heritage Bank emerged from the ashes of Société Générale Bank Nigeria (SGBN), which lost its license in 2006.
  • The bank rebranded and re-entered the market in 2012, later acquiring Enterprise Bank in 2014 to expand its reach.
  • Despite its growth, financial instability and poor loan performance plagued its operations.
  • By 2021, it recorded a staggering 81.2% non-performing loan (NPL) ratio.
  • Regulatory pressures mounted, leading to the revocation of its banking license in June 2024.
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  • Bank PHB was among the banks flagged in the 2009 CBN/NDIC audit for capital inadequacy and governance failures.
  • Despite regulatory interventions, it failed to recapitalise by the September 30, 2011 deadline, leading to its license revocation.
  • The CBN and Nigeria Deposit Insurance Corporation (NDIC) established Keystone Bank as a bridge bank to take over Bank PHB’s assets and liabilities.
  • The Asset Management Corporation of Nigeria (AMCON) managed Keystone Bank until 2017, when it was sold to private investors.
  • The bank later divested from its international subsidiaries, focusing on the domestic market.
  • In 2024, the CBN dissolved its board, signalling ongoing financial and governance concerns.
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