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%).
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?
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.
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.
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.
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.
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.
MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.
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.
Egypt and Morocco dominate Africa’s trade deficit, with a combined shortfall of $50.8 billion dollars, which surpasses the total deficit of the other eight countries on the list
North African economies — Egypt, Morocco and Tunisia — account for more than half of the total trade deficit across the top 10
East African economies also feature prominently, with Ethiopia, Kenya, and Tanzania making up a significant share of the deficit
Smaller economies like Rwanda and Uganda post notable deficits, though on a much smaller scale than their North and East African counterparts
Sub-Saharan Africa faces the biggest shortage, with 40 countries struggling to fill teaching positions in secondary schools.
Europe & Northern America (33 countries) and Latin America & the Caribbean (29 countries) are also at risk, showing that the teacher crisis isn’t just a developing-world issue.
Eastern Asia and Central Asia don’t have a single country expected to have enough secondary school teachers, indicating a major educational gap in these regions.
The impact of teacher shortages goes beyond education—overcrowded classrooms, exhausted teachers, and declining educational quality will harm future economic and workforce development.
Solving this crisis requires urgent action, from better teacher training to improved salaries and working conditions to attract more people to the profession.
By 2028, 76.4% of Africa’s debt will be long-term, up from 75% in 2023.
The share of long-term debt will consistently rise each year.
Short-term and IMF debts will shrink to 23.6% by 2028, indicating reduced reliance on short-term borrowing.
The trend towards long-term debt reduces the immediate financial strain on governments but requires careful management to avoid excessive interest accumulation.
Countries must ensure that extended debt periods are matched with productive investments to justify future repayments.
A higher share of long-term debt could expose African economies to potential interest rate hikes in the future.
While long-term borrowing offers temporary relief, debt sustainability remains a key issue that policymakers must address.
Sub-Saharan Africa faces the most severe teacher shortage, needing over 15 million educators by 2030, more than any other region.
Southern Asia has the second-highest demand, requiring 7.78 million teachers, highlighting a major education gap in fast-growing economies.
Europe & Northern America also need 4.83 million teachers, proving that even developed regions struggle with teacher shortages.
South-Eastern Asia (4.54M), Northern Africa & Western Asia (4.26M), and Eastern Asia (3.28M) are all battling significant shortages, showing a global education crisis.
Even smaller regions like Oceania (0.28M) and Central Asia (0.75M) require thousands of teachers, emphasising that no region is immune to this issue.
If action isn’t taken now, millions of children will face overcrowded classrooms and lower educational quality, potentially stunting economic growth and workforce readiness for future generations.
Kano State has the highest number of LGAs in Nigeria, with 44, far exceeding the national average of 21 LGAs per state.
Bayelsa, Nasarawa, and the FCT have the fewest LGAs, recording 8, 13, and 6 respectively, despite varying population sizes and landmass.
Northern states dominate the upper tier of the LGA count, with Katsina (34), Oyo (33), and Jigawa (27) all ranking among the top.
Southern states tend to have fewer LGAs, with Lagos and Ogun, two highly urbanised states, having just 20 LGAs each, hinting at a denser governance structure per area.
Lagos had the highest female representation in Nigeria’s 2023 elections, with 114 female candidates, more than any other state.
Yobe recorded the lowest, with just 7 female candidates, highlighting a wide disparity in representation across regions.
The South East and South South zones recorded some of the strongest numbers overall, with Imo (86) and Rivers (85) nearly matching Lagos.
The South West led overall in female candidate numbers, while the North East trailed, with its highest (Gombe – 42) still lower than other zones’ peaks.
The consumer staples sector attracted the highest private capital volume with 69 deals.
The financial sector shows strong traction, especially as digital finance and fintechs continue to open access to banking services in underserved markets.
Fifty-five deals in the consumer discretionary category suggest investors are interested in rising middle-class consumption, retail, and lifestyle-driven spending patterns.
At 50 deals, industrials, including manufacturing and infrastructure, remain a backbone for private capital.
Healthcare (24 deals) and utilities (37 deals) reflect increasing investor focus on sectors with long-term impact and scalable public value.