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  • In 2012, the volume of Point of Sale (POS) transactions in Nigeria was nearly 2.6 million, valued at ₦48 billion. As of 2022, it had grown to nearly four billion transactions worth ₦41 trillion. The volume and value of POS transactions surged between 2020 and 2022.

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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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  • 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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  • 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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    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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    • The GDP contribution from the telecom sector increased from 14.13% in Q1 2023 to 16.36% in Q2 2024.
    • The highest contribution (16.36%) was seen in Q2 2024.
    • The telecom sector contributes significantly to GDP, maintaining values above 10% quarterly from Q1 2020 to Q3 2024.
    • The second quarter consistently contributed more to Nigeria’s GDP throughout the observed timeframe.
    • The first and second quarters of 2024 showed an improvement in the sector's contribution to GDP compared to the previous years.
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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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Other Insights
 
  • Egypt’s GDP per capita grew from $1,366 in 2000 to $3,339 in 2024, a 144% increase over 25 years.
  • The economy peaked at $4,233 in 2022, marking the highest point in the series before a two-year decline.
  • Sustained growth was driven by the 2000s and 2010s, with resilience after the 2008 financial crisis and Arab Spring disruptions.
  • The dip after 2022 reflects external pressures, currency adjustments, and inflationary challenges, though per capita levels remain well above early 2000s baselines.
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  • The United States dominates global natural gas production in 2024, contributing 1.03 trillion cubic metres (Tcm), nearly one-quarter of the world’s total.

  • Russia (0.63Tcm) and Iran (0.26Tcm) follow as the second and third largest producers.

  • China (0.25Tcm) and Canada (0.19Tcm) also feature strongly, rounding out the top five producers.

  • Collectively, these top five countries account for more than 50% of global production.

  • Emerging producers like Nigeria, Egypt, and Azerbaijan contribute significantly to the supply but remain far behind the leading nations.

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  • Burundi recorded its highest GDP per capita in 2015 ($280.97).

  • By 2024, GDP per capita dropped to $153.93, a decline of nearly 45% from its peak.

  • Burundi’s population exceeds 13 million (2024), which dilutes income per person even when overall GDP grows.

  • Structural challenges like limited industrialization, reliance on subsistence farming, and political instability contribute to stagnation.

  • Since 2015, Burundi has held the lowest GDP per capita in Africa—and at $153.9 in 2024, it is the poorest country in the world by GDP per capita.

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  • Zimbabwe’s GDP per capita nearly quintupled since 2000, marking a 472% increase over 25 years.
  • The country's GDP per capita declined consistently from 2001 to 2008.
  • It soared to $3,448.1 in 2017, which is still the highest in the country's history.
  • The GDP per capita plummeted to $2,271.9 in 2019, recording a (34.1%) decrease.
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  • China continued to lead globally with the highest number of international scholars in the US, with almost 21% of the international scholars as of 2023/2024.
  • China has been the lead country with the highest number of scholars in the US globally in the last 24 years.
  • India is next after China, with 17,735 scholars in US who hailed from India making up 15.8% of the population.
  • Only 1% of the scholars in the US are from Nigeria
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  • Seychelles’ GDP per capita rose from $8.06k in 2000 to a peak of $19.14k in 2019, more than doubling in two decades.
  • After steady growth through the 2010s, the COVID-19 pandemic in 2020 cut GDP per capita to $14.04k, a 26% drop from 2019.
  • Recovery has been gradual, with GDP per capita rebounding to $18.26k in 2023, though still below the 2019 high.
  • By 2024, GDP per capita settled at $17.86k, showing resilience but reflecting ongoing global and domestic economic pressures.
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  • Global rugby participation grew by 11% in 2023, reaching 8.46 million players.
  • Female participation increased by 37%, showing the fastest growth in the sport.
  • Male participation also rose by 26%.
  • The substantial rise in female players signals rugby’s growing inclusivity.
  • The global rise suggests rugby is gaining ground beyond traditional rugby nations.
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  • Kenya's GDP per capita soared from $414.6 in 2000 to a significant $2206.1 in 2024, marking a 532% increase.
  • The country saw its largest single-year jump between 2006 and 2007, rising by 33.7% from $523.5 to $699.8.
  • Economic downturns were visible in 2020 (-1.7%) and 2023 (-7.5%), showing vulnerability to shocks.
  • Since 2020, GDP per capita has grown by 14.5%, with 2024 recording the highest value.
  • Kenya’s GDP per capita rose in 20 of the past 24 years, and declines occurred in only 4 years (2001, 2002, 2020, and 2023).
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  • Endeavour Mining leads with a 2,253.0 pence share price — the highest among the largest African firms on the LSE.
  • Investec ranks second at 544.4 pence, showing a wide gap from the leader.
  • Seplat Energy (255.5 pence) is the second-highest in the extractive industry after Endeavour Mining.
  • Airtel Africa (210.0 pence) is the top telecom firm on the list.
  • Guarantee Trust HoldCo has the lowest share price at 5.0 pence.
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  • The combined market cap of the top 10 African firms on the LSE is £29.8B.
  • Airtel Africa leads with £7.32B, the largest market cap among African-listed companies.
  • Endeavour Mining follows with £5.63B, making it the largest extractive industry player on the list.
  • Commercial International Bank is the top financial services firm with £4.27B.
  • Five companies from financial services are in the top 10, collectively representing a major sectoral share.
  • The telecom sector is represented by Airtel Africa and Helios Towers (£1.25B), showing telecom’s increasing investment appeal.
  • Nigeria has two companies — Guarantee Trust HoldCo and Seplat Energy — [each] with over £1B market cap.
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  • In Africa, 275 million people were recorded to be malnourished in 2023.
  • Nigeria led the list of countries in Africa with the highest number of malnourished people (45.40 million), making 16.5% of the total.
  • Nigeria was followed by the Democratic Republic of Congo with 40.7 million, 14.8% of the total.
  • Nigeria, the Democratic Republic of Congo, Ethiopia and Kenya made up almost 50% of the total number of malnourished people in Africa.
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  • From H2 2013 to H1 2020, 9mobile gained more subscribers from other networks than it lost.
  • From H2 2021 onward, more subscribers left 9mobile for other networks than joined.
  • Net half-year losses grew from about 5,143 in H2 2021 to 28,735 in H2 2024.
  • Outgoing ports peaked at 28,885 in H2 2024, the highest half-year total on record.
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  • The South West (₦8.3m) far surpasses all regions in monthly revenue, reflecting Lagos’ dominance as Nigeria’s commercial hub.
  • The South South (₦831k) and South East (₦605k) trail far behind but still outperform the northern regions.
  • The North East (₦562k) and North West (₦479k) show significantly lower average revenues.
  • The North Central (₦241k) records the weakest average, underlining stark regional disparities.
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  • Only 12.1% of entrepreneurs are aged 18–25, showing limited entry among very young adults.
  • The largest groups are 26–35 (33.3%) and 36–45 (33.8%), together accounting for two-thirds of entrepreneurs.
  • Mid-life representation: 14.6% are aged 46–55.
  • Just 6.2% are 56 and above, indicating fewer older adults start or run MSMEs.
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  • 48.8% of MSMEs earn less than ₦100,000 monthly.
  • 19.5% report revenues between ₦100,000 and ₦199,900.
  • The share of businesses decreases steadily in the ₦200,000–₦999,900 bands, ranging from 9.3% to 6%.
  • Only 8.8% of MSMEs earn above ₦1 million monthly, with just 0.4% exceeding ₦100 million.
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  • Mauritius leads Africa with the highest GII score (32.5), ranking 53rd globally out of 139 countries.
  • North Africa dominates the top 5, with Morocco and Tunisia both strong performers.
  • Sub-Saharan Africa’s bright spots include South Africa, Seychelles, Botswana, and Senegal.
  • Nigeria is 105th globally (21.1), highlighting Africa’s uneven innovation capacity.
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  • At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
  • Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
  • Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
  • By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
  • This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.
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  • After yielding 61.9 million tonnes, yams were valued at $25.4 billion in 2023, the highest among reported commodities.
  • With 62.7 million tonnes produced, cassava generated $9.1 billion, making it the second most valuable crop.
  • Okra ($818/t), tomatoes ($808/t), and pineapples ($753/t) earned the highest returns per unit despite smaller volumes (1.6–3.8 million tonnes).
  • Maize ($3.7 b, 11.1 m t), rice ($3.1 b, 8.9 m t), sorghum ($2.3 b, 6.4 m t), cowpeas ($1.2 b, 4.3 m t), and groundnuts ($0.9 b, 4.3 m t) form the backbone of production.
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