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  • Over the years, the value of the Zimbabwean Dollar (ZWL) has been on a massive downward trend compared to the US Dollar (USD). This has led to the latter accounting for most of the domestic transactions in the Southern African country. The ZWL went from 10,152.5 to USD 1 as of January 1, 2024, to 30,674.3 on April 1, 2024. The Reserve Bank of Zimbabwe is introducing a gold-backed digital currency as a legal tender to stabilise its currency.
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    In Q3 2023, Nigeria's GDP soared, with almost every sector recording year-on-year growth. Noteworthy growth includes Information and Communication, which increased by 40% compared to Q3 2022. Check out the chart for a quick overview.

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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.

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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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    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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  • In Q4 2023, Spectranet maintained its top position as Nigeria's biggest internet service provider with nearly 114k active subscribers, holding 43% of the market share. FiberOne followed with 10% of the market.

    Starlink increased its subscriber base by 113% to claim the 3rd position with 9% of the market.

    Here are Nigeria's top internet service providers by active subscribers in Q4 2023.

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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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  • 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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Other Insights
Nominal GDP per capita of top 10 African economies (2024)
 
  • Despite being among the top 4 economies by size, Nigeria ranks low in GDP per capita, revealing a disconnect between total wealth and individual prosperity.
  • With the highest nominal GDP and highest per capita GDP, South Africa showcases balanced growth and better wealth distribution.
  • Countries like Ethiopia and Nigeria have huge populations, which dilutes their GDP and drags down per capita figures.
  • Though fifth in total GDP, Morocco performs better in GDP per capita, highlighting efficiency in wealth distribution.
  • This proves that a country’s economic “size” doesn’t always translate to individual opportunity, wealth, or standard of living.
  • Economies like Nigeria and Ethiopia must focus not just on increasing GDP but on ensuring that economic growth improves lives at the grassroots level.
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Key Takeaways:

  • The United States exported $318.7 million worth of agricultural products to Nigeria in 2024.
  • Wheat accounted for nearly half of the US' agricultural exports to Nigeria, valued at $148 million.
  • The trade balance substantially favours the United States, with exports to Nigeria ($318.7 million) nearly double imports ($114.7 million).
  • The top three products account for 74.49% of all agricultural exports to Nigeria.
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Key Takeaways:

  • Oilseed meal and cake constituted the United States' largest agricultural import from Nigeria, valued at $29.9 million.
  • Total US agricultural imports from Nigeria in 2024 amounted to $114.7 million.
  • Cocoa beans represented 19% ($21.8 million) of Nigeria's agricultural exports to the US.
  • Oilseed, cocoa, and tea collectively accounted for 59% of the total agricultural exports from Nigeria to the United States.
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Key takeaways:

  • Revenue grew impressively from ₦27.8 billion in 2015 to ₦129.2 billion in 2024, a 364% increase.
  • The company recorded profitable years between 2017 and 2022, peaking at ₦1.15 billion profit in 2015.
  • From 2015 to 2019, the company maintained consistent single-digit growth, averaging 9% each year.
  • The revenue more than tripled between 2020 and 2024, reaching ₦129 billion in 2024.
  • Losses were recorded in 2016, 2023, and 2024.
  • Despite revenue more than doubling between 2022 and 2024, profitability reduced dramatically.
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  • Rwanda is a global leader in gender-inclusive governance, with nearly two-thirds (63.8%) of its parliament occupied by women.
  • Latin American nations dominate the list, with Cuba (55.7%), Nicaragua (55.0%), and Mexico (50.2%) showing strong female political participation.
  • The UAE stands out as the only Middle Eastern country in the top 10, achieving 50% female representation.
  • Despite being a high-income European nation, Monaco has the lowest representation among the top 10, with women holding only 45.8% of seats.
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  • Only 4 countries have ever topped global oil production since 1973: the US, USSR, Saudi Arabia, and Russia.
  • The USSR and Saudi Arabia each led for 17 years, while Russia held 9 and the U.S. reclaimed the top with 8 years, mostly after the shale boom.
  • Top producers have peaked at 9–12 million barrels/day, but the US once dropped as low as 5 million in the 2000s.
  • Nigeria peaked at 2.5 million barrels/day in 2005 and 2011, but never reached the top five.
  • Global crude oil production grew by over 26 million barrels per day between 1973 and 2023—an increase of nearly 47% over 50 years.
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Key takeaways:

  • Revenue grew by 402% over a decade, from ₦14 billion in 2015 to ₦70 billion in 2024.
  • The company witnessed an extraordinary post-pandemic recovery, with 111% revenue growth in 2021.
  • There was a consistent strong performance from 2021-2024, with revenue more than tripling.
  • Transcorp Hotels recorded a profit of ₦14.9 billion in 2024, representing a 326% increase from 2015.
  • Despite setbacks, Transcorp Hotels’ performance improved notably from 2021 onward, marking strong growth.
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Key takeaways:

  • Despite a profit after tax record of ₦65.5 billion in 2024, Oando Plc recorded a negative growth rate from 2015.
  • The company faced significant profit losses for several years, with notable improvements in 2021 and 2024.
  • Profit after tax fluctuated, with a notable improvement in 2024, reaching ₦65.49 million.
  • The year-on-year growth rate of 148% in 2022 indicates great market positioning.
  • From ₦477.1 billion in 2020 to ₦4.1 trillion in 2024, Oando Plc's revenues increased by 764%.
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The average amount of time (in hours and minutes) that internet users worldwide aged 16+ spend with each medium or device each day (as of Jan 2025)
  • With nearly four hours daily, mobile internet is the primary way people interact with content.
  • At 3 hours and 13 minutes daily, TV remains relevant but is being outpaced by mobile consumption.
  • With 2 hours and 21 minutes daily, platforms like Instagram, TikTok, and X are where people spend much of their mobile time.
  • Digital press consumption (58 minutes daily) outpaces traditional print (42 minutes), signalling a continued decline in physical media.
  • Users spend 1 hour 25 minutes on music streaming, but gaming consoles only see 1 hour and 3 minutes, showing that on-the-go entertainment is preferred.
  • With podcasts at 52 minutes and radio at 51 minutes, audio content is still relevant but not as dominant as video and social media.
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Cellular mobile connections compared with total population (Percentage per region), as of Jan. 2025
  • Southern Africa is the global leader in mobile connectivity, with 183% mobile connections compared to its population, significantly ahead of all other regions.
  • The world’s most connected regions are outside North America and Western Europe, with Eastern Europe (144%), Eastern Asia (133%), and Southern Europe (131%) leading the charge after Southern Africa.
  • Africa is deeply divided in mobile adoption. While Southern Africa dominates, Eastern Africa (79%) and Middle Africa (66%) have a lower penetration.
  • Some regions have more mobile connections than people. The fact that multiple regions exceed 100% connectivity means that many individuals own multiple SIM cards, a trend driven by business needs, mobile money, and telecom competition.
  • Western Africa, at 85% connectivity, is doing better than Eastern Africa but still lags behind the global average, signaling potential for more growth in mobile adoption.
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Share of individuals in each generation (January 2025)
  • Generation Alpha is the largest generation, making up 24.4% of the global population.
  • Gen Z and Millennials still hold strong influence, comprising 22.9% and 21.2% of the global population.
  • The Baby Boomer generation (12.8%) is gradually declining, which will impact industries like retirement services, healthcare, and wealth distribution.
  • The Silent Generation is now just 2% of the population, highlighting the demographic shift away from the older generations.
  • Generation X, at 16.7%, remains a crucial but often overlooked group, balancing leadership roles in business and governance while supporting both older and younger generations.
  • The rise of Generation Alpha signals the dawn of an even more digital-native world, shaping the future of education, marketing, and work environments.
  • With Millennials, Gen Z, and Gen Alpha making up nearly 70% of the population, the global workforce, economy, and social dynamics will see rapid transformation in the coming years.
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Percentage of internet users globally aged 16+ who consume each media type (as of Q3 2024)
  • Social media is not optional; it’s universal, with 93% usage globally.
  • Traditional broadcast TV still sees 89.7% usage, and streaming TV (77.1%) isn’t far behind.
  • Individuals consume online news more than physical newspapers.
  • 66.4% still tune in to radio, showing that audio content still has a loyal base.
  • At 65.3% usage, platforms like Spotify and Apple Music are not just for entertainment; they’re part of people’s routines.
  • With 63.7% global engagement, podcasts are now a core part of modern media usage.
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  • Egypt led every single year from 1961 to the most recent year — 63 years of dominance.
  • Egypt peaked at over 10.2 million tonnes in 2009, no other African country came close.
  • As of 2023, Egypt ranked 5th globally, just ahead of Italy and behind the US.
  • Nigeria hit its highest level in 2015, with 4.2 million tonnes.
  • Nigeria was the only country that got within 1.5 million tonnes of Egypt in 13 different years.
  • Countries like Algeria, Morocco, and Tunisia remained consistent but far behind Egypt and Nigeria.
  • Egypt’s lead is backed by large-scale irrigation and strong export systems.
  • In 1987, Africa supplied 11.7% of the world’s tomatoes. But by 2023, its share dropped to 8.8%.
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Key Takeaways:
  • From 2014 to 2023, China’s imports from Nigeria fluctuated significantly, ranging between $907 million and over $3 billion.
  • A sharp 53% drop was recorded between 2014 and 2015, followed by a further decline to a decade-low in 2016.
  • China reached its highest import value in 2021, when it imported over $3 billion from Nigeria.
  • Imports fell by 47% in 2022 but recovered by 48% in 2023, reaching $2.37 billion.
  • The volatility in trade reflects the influence of global commodity prices, especially oil, and evolving bilateral trade dynamics.
  • Mineral fuels, oils, and distillation products accounted for more than 50% of China's imports from Nigeria during the period of study.
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Key takeaways:
  • China led global gold production with 378.16 tonnes, representing approximately 10.4% of global output.
  • The top five producers (China, Russia, Australia, Canada, and the United States) collectively produced 37% of the world’s gold.
  • African nations showed remarkable strength, with four countries in the top 15 (Ghana, Mali, South Africa, and Burkina Faso).
  • Ghana led Africa in gold production and ranked 6th globally, producing 135.11 tonnes in 2023.
  • China, Australia, and Russia together produced nearly 1,000 tonnes of gold, accounting for 27.3% of total world production.
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Francophone Africa startup deals by sectors (2024)
  • Mobility led 2024’s startup funding in Francophone Africa with two deals at a value of $20.5M.
  • Fintech had the highest number of deals at 7, but with a lower total value than Mobility.
  • Cloud Services, Communications, and eCommerce each attracted over $3M from just one deal.
  • Agritech recorded the lowest funding at only $0.2M, despite being a vital sector.
  • Logistics, Healthtech, and HR/Payroll sectors saw two deals each, but with moderate funding.
  • Electric Motorcycle and Eyewear startups each secured $2M–$3M in one-off deals, showing niche interest.
  • Digital Health drew limited attention in both deal count and funding, signalling untapped or underdeveloped potential.
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Nigeria’s official exchange rate (Nigerian naira per US$), 2015 - 2024
  • The Nigerian naira depreciated by a record-breaking 129.23% in 2024, the highest drop in the last decade.
  • From 2015 to 2022, the naira's depreciation was relatively controlled, rarely exceeding 20% year-on-year.
  • The exchange rate remained nearly flat from 2017 to 2019, showing signs of stability.
  • In 2023, the naira lost over half its value (51.46%), marking the beginning of the current volatility wave.
  • The exchange rate crossed the ₦1,000/$ threshold in 2024 for the first time in history.
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Key Takeaways:
  • Electrical and electronic equipment was China’s top export to Nigeria, valued at $2.88 billion.
  • The top five export categories (electrical equipment, machinery, vehicles, plastics, and iron/steel products) together accounted for over $8.78 billion, representing around 44% of total exports.
  • Industrial goods such as machinery and steel, along with manufactured consumer goods, dominate China’s export portfolio.
  • Products like apparel, synthetic materials, and household items featured strongly among the top export categories.
  • In total, China exported goods worth $20.18 billion to Nigeria in 2023.
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