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  • Key Takeaways:

    • Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
    • Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
    • The manufacturing sector made up just 2.95% of the total export value.
    • Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
    • Non-oil sectors collectively made up less than 12% of export value.
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    In 1961, China produced just 167,000 tonnes of apples, accounting for a mere 1% of global production.

    Over the next six decades, this figure surged by 28,300%, reaching 47.5 million tonnes by 2022 and capturing 50% of global production — growing at an average rate of around 7.5% per year.

    China's rise began with agricultural reforms in the late 1970s and gained momentum in the 1980s and 1990s.

    These are the top ten apple-producing countries over the years.

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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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    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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  • In 2023, 7,383 people from Nigeria were issued US immigrant visas, 33% higher than 5,547 in 2022. Visas issued to skilled workers, professionals, and unskilled workers declined by 66%. Here are the US immigrant visas issued to Nigerians in 2023 by visa class.

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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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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.

    See more
Other Insights
  • In 2023, over 324 million chickens were slaughtered in Nigeria, making them the dominant source of meat.
  • Goats and sheep followed at 28.23 million and 19.45 million, respectively, but their slaughter numbers were far lower than poultry.
  • Pigs accounted for 8.11 million slaughters, while cows were the least slaughtered at 3.32 million, likely due to their higher economic value.
  • The disparity in slaughter numbers highlights Nigeria's preference for poultry over red meat, aligning with global trends in cost-effective protein consumption.
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  • Moniepoint began as TeamApt in 2015, building solutions for banks before pivoting to agent banking in 2019.
  • In 2022, Moniepoint secured a banking license, launched business banking, and processed 5.2 billion transactions.
  • The company rebranded to Moniepoint in 2023, relocated to the UK, and launched personal banking.
  • By 2024, Moniepoint achieved unicorn status, with over $200 million in total funding.
  • In 2025, Moniepoint plans to expand into contactless payments and remittances through Monieworld.
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  • Nigeria leads Africa in total arable land with 36,872,000 hectares, more than twice that of Niger, the second-ranking country.
  • Niger ranks second with 17,700,000 hectares.
  • The Democratic Republic of Congo (DRC) ranks third with 13,680,000 hectares, revealing the role of Central Africa in agricultural land availability.
  • Other notable countries include Chad (5.3M hectares), Zambia (3.8M hectares), and Guinea (3.1M hectares).
  • The countries at the bottom of the top ten list, such as Congo (550,000 hectares), Liberia (500,000 hectares), and Mauritania (450,000 hectares), have relatively limited arable land compared to leading nations.
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  • The number of artists earning over $5,000 in royalties from Spotify has risen from 36,400 in 2017 to 110,500 in 2024, a 205% increase.
  • The growth trend accelerated significantly after 2020, crossing 80,000 artists by 2021.
  • Between 2017 and 2019, the growth rate was slower, rising from 36,400 to 53,700 artists in two years.
  • The most significant jumps happened between 2019-2021, as numbers surged from 53,700 to 81,700 artists.
  • The consistent rise suggests increased monetisation opportunities for independent and mainstream artists on Spotify.
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  • Avatar remains the highest-grossing movie globally, earning $2.92 billion.
  • Titanic, released in 1997, is still among the top-grossing films with $2.22 billion, showing the lasting appeal of classics.
  • Recent films like Avatar: The Way of Water ($2.32 billion) and Spider-Man: No Way Home ($1.92 billion) prove that sequels and superhero films continue to drive massive revenues.
  • Disney properties dominate the list, with multiple Marvel, Star Wars, and animated films ranking among the top earners.
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  • Dangote first announced the refinery in 2013 with a $9 billion plan, securing $3.3 billion in funding.
  • The estimated cost grew to $15 billion in 2017, as planned refining capacity increased to 650,000 barrels per day.
  • By 2023, the refinery was finally commissioned, after its total cost surged past $20 billion.
  • In December 2023, the first crude supply of 1 million barrels arrived, marking the start of operations.
  • By 2024, the refinery began producing diesel and jet fuel, with 6 million barrels received for processing.
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