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  • Nigeria's VAT revenue has grown every year since 2013, reaching ₦3.6 trillion in 2023. The amount collected in 2023 exceeded 2022’s by ₦1.13 trillion — a 45% increase.

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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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  • 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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    This table shows how adult literacy rates varied among African countries between 2018 and 2021. Seychelles and South africa were first and second respectively, with 96% and 95% of their adult population able to read and write. As of 2021, Chad had the lowest literacy rate.
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  • In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

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  • Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
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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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Other Insights
 
African countries grew their presence in the global chocolate industry in 2022, with Nigeria's export value increasing by 652%. Here are Africa's top chocolate exporting countries in the past year.
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Nigeria's government collected ₦2 trillion in corporate income tax in H1 2023, with a spike from ₦469 billion in Q1 to ₦1.53 trillion in Q2. The corporate tax payments for H1 2023 are higher than any full-year collections from 2015 to 2021.
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In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

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Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
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In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.
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Nigeria's GDP increased in Q2 2023, with certain sectors prospering and others failing. Utility industries made significant gains that helped economic growth.
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Based on information from Comité Champagne, 42 African nations imported 5.1 million 75cl bottles of champagne in 2022 for a total of €134.8 million. Find out more here: bit.ly/3qAs8jO

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In the 2021/2022 academic year, 2.86 million students studied in UK's higher education institutions, with 680k (23.8%) being international students. Nigerians accounted for 44k (6.5%) of overseas students in the UK, trailing China's 151k (22.3%) and India's 126k (18.6%).
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Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
See more
 
Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.

Eighty-six (86%) of the money involved in these cases was recovered thanks to banks' internal control techniques and assistance from relevant government agencies; ₦45 billion remains unrecovered.

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Following the May 29th announcement of fuel subsidy removal, which took effect on July 1st, transit fares increased drastically in June. Average bus fares within the city increased by 97.9%, while intercity bus trips increased by 42.1%.
Motorcycle (Okada) services witnessed a 33.1% increase in rates, while waterway passenger transport costs increased by 30.7%; air travel on specified routes saw a 4.9% increase in fares.
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In the past decade, Nigerian bank clients reported 35,453 complaints about unsuccessful transactions to the CBN. The data shows a 94.3% resolution rate (33,437 cases), with 5.7% (2,016 cases) still outstanding.
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As of the end of September 2023, Starlink Nigeria had amassed a customer base of 11,207 active subscribers, growing 66% from 6,756 in June. It placed 4th in the market after Spectranet (113,747), Tizeti Network (19,126), and ipNX Nigeria (14,871).
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Global sales of electric vehicles are projected to hit 13.33 million by 2027, up from 4.6 million in 2021, indicating a significant increase in the shift from petroleum product-powered vehicles to electronic ones.
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Kenya received $377.8 million (Sh50 billion) from a consortium of European agencies to build a Bus Rapid Transport (BRT) lane in Nairobi in 2023 which is also the first electric bus lane in the East Africa region. The European Union will provide $48.9 million (Sh6.47 billion) in grants, the European Investment Bank (EIB) and Agence Française de Développement (AFD) will jointly support the project with $256.8 million (Sh33.9 billion), and Kenya will bring $72.0 million (Sh9.5 billion).
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In 2023, Nigerians went to the polls to elect the president and Federal House of Assembly members and elect state governors and House of Assembly members. Here's a breakdown of the 14,859 candidates who participated in the 2023 general elections in Nigeria.
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There were over a hundred Internet Service Providers in Nigeria and only 4 have over 10,000 active subscribers as of Q3 2022. Spectranet led with 115, 103 active subscribers. No other operator has up to 20,000 active subscribers.
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The pump price of petrol in Nigeria increased from ₦189 to ₦617 between May 29, 2023 and July 18, 2023, a 226% increase within two months. The announcement of the removal of petrol subsidy led to a sharp increase in its pump price.
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