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  • Per Africa Wealth Report 2024, South Africa maintained its position as the country with the most millionaires in Africa in 2023.

    The country has 2.4x the number of millionaires as Egypt and 4.6x the figure of Nigeria.

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    Between 2013 and 2022, Nigeria exported crude oil worth ₦123 trillion, with yearly figures ranging from ₦6.8 trillion to ₦21.1 trillion, and the highest (₦21.1 trillion) recorded in 2022. This chart shows the annual values.

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  • Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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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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    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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  • While many living in Nigeria have already experienced the effects of the fuel subsidy removal on their daily expenses, this chart presents a clearer picture of reality. Will the prices of food items continue to rise? Is there hope of some respite soon?

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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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  • Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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Other Insights

Nigeria produced approximately 182 kWh of electricity per person in 2023, just enough to run only a 100-watt light bulb for five hours daily.

Nigeria's per capita electricity production has fluctuated in the past two decades. In this time, production has remained within the range of 120 kWh to 194 kWh.

Here is a visual representation of the country's per capita electricity production since 2000.

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On average, the agricultural sector contributed 24.87% to Nigeria's GDP over the past decade. However, the sector's contribution has been declining since 2020, dropping from 26.21% to 25.18% in 2023.
The sector’s contribution grew between 2014 and 2020, rising from 22.9% to 26.21%. The sector has been plagued with challenges over the past decade, with a couple of them becoming more intense in the past few years

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South Africa and Egypt generated 239 terawatt-hours (TWh) and 201 TWh of electricity, respectively, in 2022, accounting for a combined 50% of Africa's 881 TWh. These countries, along with Algeria, Morocco, and Nigeria, accounted for 68% of the continent's total.

Despite being one of Africa's largest economies and having the continent's largest population, Nigeria's electricity generation has historically been lower than its potential.

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About 28,844 TWh of electricity was generated globally in 2022. Driven by industrial growth and large populations in countries like China and India, Asian countries collectively accounted for 56%. North America and Europe followed, with 5,432 TWh and 4,731 TWh, respectively.

Africa generated less than 900 TWh, with key contributions from South Africa and Egypt. Oceania, primarily led by Australia, produced 330 TWh.

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In 2022, Egypt, South Africa, Nigeria, Algeria, and Morocco collectively consumed an average of 2.712 million barrels of oil per day (Mb/d), 61% of the continent's daily oil consumption (4.478 Mb/d). African countries consumed 4.7% of the global usage (99.8 Mb/d).

Egypt used the most (850.5 thousand barrels per day (Kb/d)), followed by South Africa (601.2 Kb/d) and Nigeria (514.5 Kb/d).

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The newly created Ministry of Livestock Development will push Nigeria's ministerial count to 50. President Tinubu's federal executive cabinet is the largest since Nigeria's return to democracy in 1999.
Within the first 12 years of the Fourth Republic, the largest cabinet had 30 ministers. President Jonathan was the first to have more than 30 ministers, with subsequent terms having more ministers.

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Internet subscribers in Nigeria increased by 4.3% from 157.6m in March 2023 to 164.4m as of March 2024, an addition of 6.817m new subscribers. Lagos State has the largest share of active internet subscribers in Nigeria, but Nasarawa gained the most new subscribers in one year.

assarawa (604k) got the most new subscribers between Q1 2023 and Q1 2024, followed by Niger (456k) and Kano (387k). Benue (368k) and Kwara (315k) also saw impressive subscriber growth. Bauchi, Taraba, Katsina, Adamawa, and Kogi completed the top ten.

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Nigeria's railway goods/cargo transport is experiencing a boost, with goods transported increasing from 9.1k tonnes in Q1 2021 to 160.7k tonnes in Q1 2024, representing 1,671% growth. Revenue has surged by 3,114% from ₦19m to ₦607m in the same period. Revenue has increased in eight consecutive quarters since Q2 2022.

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Nigeria's cocoa production has seen significant fluctuations between 1990 and 2022. While there have been periods of growth, such as the increase from 244k tonnes in 1990 to 485k tonnes in 2006, there have also been notable declines. Production hit a low of 203k tonnes in 1995 and faced other dips. Here is the quantity of cocoa produced in Nigeria since 1990.
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Cocoa beans are a vital commodity for many countries, driving their economies and supporting livelihoods. Over the years, cocoa production has seen significant fluctuations across different countries.

The world's cocoa-producing countries produced 104.2 million tonnes of cocoa beans between 2000 and 2022, enough to fill about 2.084 billion 50kg bags. Côte d'Ivoire maintains its dominance, accounting for 35.3% of global production in the 23 years under review, with Ghana (16.5%), Indonesia (15.4%), and Nigeria (7.7%) completing the top four.

These are the top ten countries in the period.

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Nigeria's economy attracted $114 billion in the past decade from foreign investors. They invested $48 billion in shares, making up 42% of total capital imports. The Banking and Finance sectors followed with $21.6 billion and $15.7 billion, respectively, accounting for a combined 33%. Manufacturing, Telecommunications, and Servicing sectors collectively attracted $19.2 billion. Businesses related to Trading, Agriculture, and Oil and Gas each received 2%. This distribution underscores investors' confidence in Nigeria's financial services sector over others.
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Since 2005, nationals from China, India, Saudi Arabia, Russia, Pakistan, and Nigeria have ranked among the top three recipients of UK study visas. China led the list from 2010 to 2020. In 19 years, over 1.46 million Chinese nationals (22.9% of the total) received study visas. India followed with 926.9k and Nigeria — which first entered the top three in 2020 — with 436.9k.

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Real GDP Growth projection across regions (2023 - 2025)
The Nigerian economy shows promise as the IMF projects an increase in the country's GDP growth, rising to 3.2% in 2025. This comes when projections show stagnant global growth at 3.2%, while sub-Saharan Africa outpaces other regions with an anticipated rise to 4.2% by 2025.
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South Africa leads the continent's market, with 41 data centres. It has more data centres than Nigeria (15) and Kenya (16), its closest competitors. Africa's data centre market is nascent, with less than 200 centres.
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Since the 2007/08 academic year, Nigeria has consistently held the top spot for the number of African international students in the US. Before this, Kenya and Egypt also led in certain periods. This trend highlights the evolving landscape of African students pursuing education in the US over the decades.
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Nigeria remains the leading African country of origin for students in the US, with over 20,000 enrolled this year. Ghana, however, recorded the continent's fastest growth rate at 45%. This increase of over 2,900 students brought Ghana’s total to nearly 9,400, making it the second-largest source of African students in the US. Nigeria also saw a 13.5% rise, adding more than 2,380 students year-over-year. Overall, the number of students from African countries in the US grew by nearly 12% in the 2023/24 academic year.
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From the early 1960s through the 1990s, Ethiopia's cattle population growth placed it at the forefront of African livestock rearers, holding the top position with millions of cattle. This leadership continued into the 2000s, reflecting Ethiopia's robust cattle industry on the continent. Sudan managed to take the top position a few times, mostly around the 2000s. However, Ethiopia quickly reclaimed the top spot. Nigeria's cattle population grew from about 6.03 million in 1961 to 20.9 million in 2022, claiming 6th position in Africa as of 2022. Africa accounted for one-fourth of the global cattle population as of 2022.
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