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Popular Insights

  • As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.

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    Global inflows of foreign direct investment fell by 12% in 2022, and Africa saw a 44% decline from $80 billion in 2021 to $45 billion. According to UNCTAD data, only two of Africa's five major regions — North and East Africa — saw a rise in FDI in 2022.
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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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    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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  • 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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    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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  • GSM subscribers in Nigeria only recorded three year-on-year drops in the past 11 years

    As of March 2024, there were 219m subscribers in Nigeria's GSM market which is dominated by three players each with over 20% market share. More than 40 mobile virtual network operators (MVNOs) have been licensed to date, all of whom will rely on the infrastructure of the country's four mobile network operators to offer their services.

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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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Other Insights
 
  • Crude oil prices peaked at $93.12 in April, marking the highest point of the year before experiencing fluctuations in the following months.
  • A steady decline in the last quarter saw prices drop to $74.72 in December, the lowest recorded price of 2024.
  • The decline in prices from September onward raised concerns about potential revenue shortfalls, impacting government budgets and foreign exchange earnings.
  • Oil prices remained unstable throughout the year, with significant fluctuations driven by geopolitical factors, global demand shifts, and production adjustments.
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Key takeaways:  

  • Nigeria’s internet data usage increased from 721,522 TB in January to 973,455.35 TB in December, reflecting a 35% growth over the year.
  • The peak in consumption occurred in December 2024, while January 2024 recorded the lowest usage.
  • Despite a consistent upward trend during the year, a decline in internet usage was observed in February (694,804.54 TB) and September (850,249.09 TB).
  • The most significant jump in Nigeria's internet consumption was observed between November and December, with an increase of approximately 95,000 TB.
  • Throughout 2024, Nigeria experienced an average monthly increase of about 23,000 TB.
  • Nigeria's total internet data consumption reached 9.76 million terabytes (TB) in 2024, representing a 34% increase compared to 2023.
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Key takeaways:

  • Nigeria's life expectancy increased by 17.02% in 24 years, from 47 years in 2000 to 55 years in 2024.
  • Women had a higher life expectancy than men during the period.
  • Nigeria's life expectancy is expected to reach 56 years by 2030, based on past growth rates.
  • In 2024, women's life expectancy matched the overall life expectancy for that year.
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  • Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
  • The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
  • Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
  • Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.
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Debt Stock to GDP Ratio (%), 2020 - 2025
 
  • External debt is set to surpass domestic debt by 2025, reaching a peak of 28.3% of GDP, which indicates a major shift in Ethiopia’s debt strategy.
  • Ethiopia’s external debt-to-GDP ratio dropped consistently from 26.8% in 2020 to 13.7% in 2024, but a sharp increase is projected for 2025.
  • Domestic debt peaked at 27.1% in 2021 before declining steadily to 18.7% in 2024, with a further decline expected in 2025 (14.5%).
  • The sharp rise in external debt in 2025 suggests a major policy shift, possibly driven by the need for foreign capital or declining domestic financing options.
  • The decline in domestic debt may indicate reduced government borrowing from local sources, which could have implications for local financial markets and inflation.
  • Foreign debt reliance increases exposure to currency risks and external economic conditions, which could affect Ethiopia’s financial stability in the long run.
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  • Spotify’s expansion into Nigeria in 2021 opened the market to global streaming, contributing to the rapid rise of Nigerian artistes on the platform.
  • Nigerian artistes saw significant revenue growth, earning over ₦11 billion in 2022 and exceeding ₦25 billion in streaming royalties by 2023.
  • Rema’s "Calm Down" became the first African song to surpass one billion streams, with the milestone first reached in 2023.
  • Spotify’s influence on Afrobeats has been reinforced through curated campaigns like "Afrobeats: Journey of a Billion Streams" and multiple industry events.
  • Nigerian music continues to dominate local streaming, with Asake ranked as the country’s most-streamed artist on Spotify in 2024.
  • Spotify has increased its investment in Nigeria’s creative industry by hosting major events, such as the annual Wrapped Party and the two-day Afrobeats Celebration Event in 2023.
  • Spotify’s partnership with United Masters in 2025 signals continued support for emerging Nigerian artistes, strengthening global opportunities for independent talent.
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Federal government expenditure on Presidency Amnesty Programme (2015 - 2024)
 
  • ₦1.9 trillion spent on the PAP from 2015 to 2024, a significant amount dedicated to reintegrating former militants and fostering peace in the Niger Delta.
  • 2017 saw an extraordinary spike with ₦1.3 trillion spent, which is over 68% of the entire decade’s spending.
  • Expenditure stabilized after 2017, maintaining a consistent ₦59.6 billion - ₦65 billion annually from 2018 to 2024.
  • 2024 spending (₦65 billion) reflects only the first three quarters, meaning the final total could be slightly higher.
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Market share by mobile phone generation (2024)
 
  • 2G is still widely used but has dropped significantly from 57.78% in January to 41.59% in December.
  • 4G has become the dominant mobile network in Nigeria, surpassing 2G by mid-2024 and maintaining a steady increase in market share.
  • 3G remains stable, averaging around 9% market share,
  • 5G adoption is slow but rising, increasing from 1.11% in January to 2.46% in December.
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Forms of economic cost of violence (2023)
 
  • The world spent $19.1 trillion on violence in 2023, accounting for 13.5% of global GDP.
  • Military and internal security spending make up 74% of this cost.
  • Homicides alone cost the global economy $1.34 trillion, highlighting the economic toll of crime beyond loss of life.
  • Private security is now a $1.15 trillion industry, as businesses and individuals invest heavily in safety.
  • Violent crime resulted in $760 billion in economic losses, affecting productivity, businesses, and legal systems worldwide.
  • Spending on security competes with development needs, diverting resources from education, healthcare, and infrastructure.
  • The cost per person globally is $2,380, illustrating how violence impacts individuals, not just governments or corporations.
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  • Instant messaging leads with 94% usage, reflecting its role as the primary communication tool for Nigerians.
  • Social media is used by 91% of mobile internet users, but only 65% engage with it for business purposes, showing its dominance in personal interactions.
  • Online voice and video calls are highly popular, emphasising a shift toward real-time digital communication.
  • Only 45% access government services, while 41% use online health platforms, indicating gaps in essential digital services.
  • Agriculture-related internet use is the lowest at 25%, highlighting the rural digital divide and limited online resources for the sector.
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  • Heritage Bank emerged from the ashes of Société Générale Bank Nigeria (SGBN), which lost its license in 2006.
  • The bank rebranded and re-entered the market in 2012, later acquiring Enterprise Bank in 2014 to expand its reach.
  • Despite its growth, financial instability and poor loan performance plagued its operations.
  • By 2021, it recorded a staggering 81.2% non-performing loan (NPL) ratio.
  • Regulatory pressures mounted, leading to the revocation of its banking license in June 2024.
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  • Bank PHB was among the banks flagged in the 2009 CBN/NDIC audit for capital inadequacy and governance failures.
  • Despite regulatory interventions, it failed to recapitalise by the September 30, 2011 deadline, leading to its license revocation.
  • The CBN and Nigeria Deposit Insurance Corporation (NDIC) established Keystone Bank as a bridge bank to take over Bank PHB’s assets and liabilities.
  • The Asset Management Corporation of Nigeria (AMCON) managed Keystone Bank until 2017, when it was sold to private investors.
  • The bank later divested from its international subsidiaries, focusing on the domestic market.
  • In 2024, the CBN dissolved its board, signalling ongoing financial and governance concerns.
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Key takeaways:
  • BUA Foods Plc's turnover rose from ₦70.2 billion in Q1 2021 to ₦437.4 billion in Q4 2024.
  • The organisation experienced steady quarterly increases throughout all periods.
  • A notable spike was observed in 2024, with quarterly turnover consistently above ₦315 billion.
  • The fourth quarter of 2024 marked a peak turnover of ₦437.4 billion.
  • In terms of quarterly growth, Q1 2024 recorded the highest rate at 75%.
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Eurobond issuance by African countries (2024)
  • South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
  • South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
  • Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
  • Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
  • At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.
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Key takeaways:
  • The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
  • Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
  • Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
  • Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
  • The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.
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Key takeaways:
  • The tax-to-GDP ratio reached its peak in 2022/23 at 24.9%, signifying enhanced efficiency in tax collection.
  • Throughout the past two decades, the percentage of tax revenue relative to GDP has exhibited significant stability.
  • The tax revenue as a proportion of GDP has fluctuated between 21% and 25% over the last twenty years.
  • Notable declines occurred during global economic downturns, such as the financial crisis of 2008-2009 and the COVID-19 pandemic.
  • The recent years (2021-2024) reflect a robust recovery, with tax revenue percentages approaching peak levels.
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  • Shoprite leads in geographical presence, with stores in 13 Nigerian states, followed by Marketsquare with 11 states.
  • Everyday Supermarket is the only other chain with a presence in at least five states, while the majority of other brands are in just four or fewer states.
  • Most retail chains in Nigeria remain regionally concentrated, with only a few achieving significant national coverage.
  • The presence of only a few nationwide chains may present an opportunity for expansion by emerging retailers.
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  • Bokku! Mart dominates the retail landscape with 123 locations, nearly three times the count of the second-largest chain, Addide, which has 44 stores
  • Marketsquare, Justrite, and Shoprite round out the top five with 36, 31, and 23 stores, respectively, indicating a competitive yet fragmented retail sector
  • Most retail chains have fewer than 25 stores, with 13 out of the 18 listed having fewer than 15 stores
  • Traditional supermarket names like Shoprite and Game face competition from local brands
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