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  • As of 2021, only 10 African countries have enacted a Freedom of Information (FOI) Act with three of these countries enacting theirs in 2011. South Africa was the first country on the continent to enact a FOI act in 2001.

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    21% of the ₦17.67 billion lost to fraud in 2023 was recorded in October totaling ₦3.76 billion

    Fraud data submitted to the Nigeria Inter-Bank Settlement System by financial institutions in 2023 reveals that customers lost ₦17.67 billion across 95,630 cases, with the highest loss of ₦3.76 billion occurring in October 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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    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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  • MTN Group: Revenue from data almost tripled in a decade

    MTN Group's revenue of ZAR104.3b from voice services in 2014 dropped to ZAR81b in 2023, with data services revenue almost tripling within the same period. With increasing digital inclusion, data service is definitely the future for telcos.

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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
Key takeaways:
  • In 2024, there was a sharp drop in unrealised humanitarian funds from the amount received in 2023.
  • The rate at which the amount of unrealised humanitarian aid increased from 2022 to 2023 is approximately the same rate at which the unrealised amount dropped in 2024.
  • The lowest amount of unrealised funding was recorded in 2016.
  • The UN secured $632 million of the $1.08 billion needed for humanitarian assistance in Nigeria in 2020.
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Key takeaways:
  • The funding requirements for humanitarian assistance in Nigeria reached their highest in 2023 but significantly fell in 2024.
  • From 2016 to 2025, there has been an 89% rise in the United Nations' planned assistance.
  • The funding appeal peaked at $1.31 billion in 2023, representing a 16% increase compared to 2022.
  • During the global lockdown in 2020, the United Nations required a humanitarian funding target of $1.08 billion for Nigeria.
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Share of total DMB credit to Nigerian sectors (Jan-Sep 2024)
  • Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
  • The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
  • The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
  • The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.
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Sectoral contribution to GDP by sectors (2012 -2024)
  • With an impressive 20.1% CAGR, the Industry (including construction) has experienced the fastest expansion, more than doubling its contribution to GDP over the period.
  • Services remains the largest contributor to GDP, but its growth at 14.6% CAGR is being outpaced by Industry, signalling an evolving economic structure.
  • Agriculture’s 11.2% CAGR shows steady growth, but its share of GDP is shrinking compared to the industrial and service sectors.
  • The rapid growth in Industry reflects Tanzania’s shift towards manufacturing, construction, and infrastructure development.
  • Unlike decades ago, when agriculture dominated, today’s GDP contributions are more balanced between Services, Industry, and Agriculture, reducing reliance on any single sector.
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Top 10 African nations with the highest inflation rates (2024)
  • With 57.50% inflation, Zimbabwe’s economy is experiencing an extreme price surge, making it the most inflation-affected country in Africa.
  • At 34.80%, Nigeria is battling one of its worst inflation crises in decades, severely impacting food prices, transportation, and living costs.
  • The fact that seven out of ten countries on this list have inflation rates that double or even quadruple the African average shows the depth of the inflation crisis.
  • While their inflation rates (between 16% and 24%), as seen in Ghana, Ethiopia, Zambia, and the Congo, are lower than the top three, they still exceed the sustainable threshold for economic stability.
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Federal Government expenditure on debt services (2010-2024)
  • Debt servicing costs have grown significantly over the years, from ₦400 billion in 2010 to an estimated ₦11.8 trillion in 2024 — a nearly 30-fold increase in just 15 years.
  • Between 2010 and 2024, Nigeria has spent ₦45.57 trillion on servicing its debt, demonstrating the enormity of its financial obligations.
  • The year 2024 stands out as the most expensive year yet, with ₦11.8 trillion spent on debt servicing — a jump of over 37% compared to 2023's ₦8.6 trillion.
  • While debt service expenditures grew gradually in the early 2010s, the most rapid increases occurred after 2019, with spending surging from ₦2.4 trillion in 2019 to ₦8.6 trillion in 2023.
  • From 2019 to 2024, debt servicing costs rose by almost 392%, showcasing how Nigeria’s debt burden has amplified in a short period.
  • This steep rise in debt servicing diverts resources from critical areas such as infrastructure, health, and education, hindering overall development.
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