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  • Jumia Group has recorded $1b in losses since listing on the New York Stock Exchange in 2019. The eCommerce giant also recorded its highest yearly loss in 2019. In recent years, Jumia Group has shut down some of its businesses across Africa, thus recording its lowest loss over seven years in 2023.

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    Compared to 2022, there was a remarkable surge of 133.7% in the issuance of Canadian study permits to Nigerians in 2023. After experiencing a decline in 2020 (-22%), the number of Nigerian study permit recipients rebounded strongly.

    Globally, the issuance of Canadian study permits witnessed an increase of 24.6%, climbing from 548,610 in 2022 to 683,585 in 2023.

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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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    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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  • telecoms-subscribers-663796a2bc04d

    In May 2023, 4G made up 25% of Nigeria's telecoms market; by March 2024, its share had increased to 32.7%. 2G's share of the market went from 58% to 57%, with 3G dropping from 16.5% to 9%. 5G has maintained steady growth from 0.12% to 1.24%.

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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
  • The North-West region received ₦66.55 billion, more than double its remittance (₦28.31B), showing a heavy reliance on federal VAT sharing.
  • Zamfara, the lowest contributor (₦1.45B), received the highest percentage gain (+433%), getting ₦7.72B, while Kano, the highest contributor (₦9.59B), had the smallest relative gain (+41.5%).
  • Kaduna and Katsina, despite remitting ₦3.50B and ₦3.86B, received ₦10.18B and ₦10.01B, respectively, nearly tripling their remittance.
  • Kano remitted 34% of the zone’s VAT but received only 20.4% of the total allocation, reinforcing that VAT is distributed based on equality and not economic strength.
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  • The North-East remitted only ₦14.98 billion but received ₦46.68 billion, showing a 211.6% gain due to sharing.
  • Taraba, the lowest contributor (₦0.94 billion), saw the highest percentage gain (635%) with an allocation of ₦6.91 billion, reinforcing that smaller economies benefit the most from VAT sharing.
  • Bauchi, despite remitting just ₦2.44 billion, received the highest allocation (₦8.93 billion), a 266% increase, illustrating how VAT is shared based on equality and population, not economic activity.
  • Every state in the region received at least 2× what they remitted, highlighting the North East’s reliance on VAT sharing and fuelling the fiscal federalism debate on whether VAT should be retained at the state level.
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  • Men hold the majority share in crypto adoption (61%), indicating that the industry is still male-dominated despite growing female participation.
  • Over 219M women own crypto globally, showing that female adoption is increasing but still lags behind male ownership.
  • With 6.8% of the world’s population involved in crypto, adoption is growing, but there is still massive untapped potential, especially among women.
  • Bridging the gender gap could drive the next wave of crypto adoption, and greater financial inclusion and education could encourage more women to enter the space.
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Cumulative issuance of Eurobonds by African countries (Jan 2024 - Jan 2025)
  • African countries issued a total of $15.7 billion in Eurobonds, demonstrating continued reliance on external debt markets.
  • While the first ten months totaled $6.2 billion, November and December alone added $7.5 billion, marking a sharp increase.
  • The total issuance jumped from $6.2 billion in October to $10 billion in November and then $13.7 billion in December, showing a drastic shift in borrowing.
  • Eight African countries drove this activity, as the borrowing is concentrated among key economies.
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  • Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
  • In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
  • Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
  • In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
  • The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and  securing a $50 million private placement as part of its recapitalisation
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  • FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
  • The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
  • Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
  • Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.
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