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  • 68% of Nigeria's capital imports in Q1 went to three sectors - banking, production, and IT services

    Most of Nigeria's capital imports in the first quarter of 2023 were directed toward three sectors. The banking sector got the most investments with $304 million, accounting for 27%, and the production and IT services sectors followed, with 22% and 19%, respectively.

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    Nigerians made up 6.5% of international students in the United Kingdom as of 2022
    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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  • 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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  • In Q4 2023, Spectranet maintained its top position as Nigeria's biggest internet service provider with nearly 114k active subscribers, holding 43% of the market share. FiberOne followed with 10% of the market.

    Starlink increased its subscriber base by 113% to claim the 3rd position with 9% of the market.

    Here are Nigeria's top internet service providers by active subscribers in Q4 2023.

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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.

    See more
Other Insights
 
  • Ethiopia leads Africa’s hydropower projects with the massive 6,450 MW Grand Ethiopian Renaissance Dam.
  • Three of Africa’s top ten hydroelectric plants are located in Ethiopia, signalling major investment in renewable energy.
  • The Kariba Dam, shared by Zambia and Zimbabwe, is the largest cross-border project on the list.
  • Nigeria’s Kainji Dam ranks tenth with 760 MW, highlighting a relatively lower capacity compared to continental leaders.
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  • Life insurance dominates the market with ₦276.8 billion in gross premiums, more than any other sector.
  • Oil and Gas insurance follows as the second-largest segment, generating ₦188.7 billion in Q1.
  • Fire and Motor insurance sectors contributed ₦91.9 billion and ₦77.7 billion respectively, reflecting strong demand.
  • Aviation insurance recorded the least income at ₦16.6 billion, likely due to the limited scope of operations.
  • The top three segments (Life, Oil & Gas, and Fire) jointly account for over 75% of the total GPI in the quarter.
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  • Dangote Cement reported the highest H1 2025 profit at ₦436.6 billion, up 50% from ₦291.7 billion in H1 2024.
  • BUA Cement’s profit more than doubled to ₦149.1 billion, a 164% rise from ₦56.5 billion in the same period last year.
  • BUA Cement had the fastest profit growth rate among the three major players, despite starting from a lower base.
  • Combined, the three firms posted over ₦720 billion in half-year profit, with Dangote alone accounting for over 60% of the total.
  • The sharp profit rises may reflect improved pricing, cost management, or benefits from forex gains after naira devaluation.
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  • Seychelles holds Africa’s strongest passport, granting visa-free or visa-on-arrival access to 156 destinations, and ranks 24th worldwide.
  • Mauritius follows closely, with a passport index score of 149 and a strong global rank of 27th.
  • South Africa leads mainland Africa, ranking 48th globally with access to 103 countries.
  • Southern African countries dominate Africa’s top 10, with Botswana, Namibia, and Lesotho all securing higher index scores than East and North African nations.
  • Africa’s passport strength varies widely, but island nations lead the way.
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  • Landlight tariffs (20A and 60A), offered primarily in rural areas, are Eskom’s highest tariff rates and are exclusive to direct (non-local authority) customers.
  • The Homelight 20A Block 1 tariff, which applies to consumption between 0–350 kWh, is the lowest among Eskom’s tariffs.
  • Landlight tariffs carry higher rates because they exclude other fixed charges such as: Ancillary service charge (c/kWh), Network demand charge (c/kWh), Network capacity charge (R/POD/day), and Service charge (R/POD/day). This structure makes Landlight more suitable for rural or low-income areas, where simplifying cost recovery is necessary.
  • Eskom classifies its tariffs into the following categories:
    • Residential Tariffs (for household electricity supply): Homelight 20A, Homelight 60A, Homepower, and Homeflex
    • Urban Tariffs (for large industrial and commercial users): Megaflex, Miniflex, Nightsave Urban (Large and Small), Business Rate, Public Lighting, Transflex (rail), and Gen-Wheeling/Offset tariffs
    • Rural Tariffs (for agricultural, business, and residential customers in rural areas): Ruraflex, Nightsave Rural, Landrate, and Landlight
    • Municipal Tariffs (for municipalities purchasing in bulk and for municipal services like water pumps or offices): Municrate, Municflex, and Public Lighting.
  • Customers with rooftop solar PV systems are required to be on the Homeflex tariff plan, which is based on Time-of-Use (ToU) pricing.
  • Several Eskom tariffs are Time-of-Use-based, where charges vary depending on peak, standard, and off-peak periods. These include: Nightsave Urban Large, Nightsave Urban Small, Megaflex, Miniflex, Homeflex, Nightsave Rural, Ruraflex, and Ruraflex Gen
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  • Electricity distribution in South Africa reached its peak in 2018, a record high of 231 TWh.

  • The lowest electricity distribution was recorded in 2023, dropping to 206 TWh.

  • Load shedding has become a persistent challenge, with 2023 experiencing the highest number of load shedding days — 332 days in total.

  • Eskom accounts for about 80% of electricity distributed in South Africa.
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  • Just 16 out of 54 African countries have launched a national AI strategy.
  • Over 30 countries remain at the early or inactive stage with no clear roadmap.
  • Nigeria, Africa’s most populous nation, is still drafting its AI policy.
  • Leaders include Kenya, Egypt, Ghana, Algeria, Rwanda, and Senegal.
  • Most low-income and post-conflict states like Chad, Somalia, and South Sudan are far behind.
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  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
  • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
  • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
  • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.
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  • Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
  • FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
  • Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
  • Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
  • Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.
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  • Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
  • Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
  • The gap between nominal and real GDP widened sharply after 2021, reaching ₦155 trillion in 2024.
  • Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
  • Inflationary pressures have driven nominal gains, masking subdued real economic expansion.
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  • FirstBank's planned headquarters will have 43 floors, nearly double UBA‌'s HQ.
  • Among the five FUGAZ banks, three currently have headquarters with 15 floors or fewer.
  • FirstBank’s existing HQ has only 15 floors, showing how big the planned leap is.
  • UBA’s HQ in Marina leads the pack among existing HQs, with 23 floors, followed by Access Bank with 16 floors.
  • The new FirstBank property in Eko Atlantic will be the tallest bank HQ in Nigeria by a wide margin when completed.
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  • Eskom’s average electricity tariff increased by approximately 162% between 2013/14 and 2023/24.
  • Tariffs are categorized into two groups based on distribution: Local Authority Tariffs and Non-Local Authority Tariffs.
  • Landlight Tariff (Non-Local Authority category) is the highest rate and in 2023/24 it stood at 608.61 c/kWh.
  • Homelight 20A (Block 1) is the lowest tariff also in the non-local authority category, at 168.78 c/kWh in 2023/24.

  • Eskom applies Time-of-Use (ToU) pricing, where tariffs vary by Time of day (peak, standard, off-peak periods) and Demand season (high-demand season: June to August and Low-demand season: September to May)

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  • Private sector credit growth peaked at 13.5% in Q4 2023.
  • Growth remained stable between 12 and 13% throughout 2022 and 2023.
  • A sharp decline began in 2024, dropping to 11.5% in Q1.
  • Credit growth plunged to 5.4% in Q2 2024, showing a steep contraction.
  • The lowest point was Q4 2024, at just 0.9%.
  • A rebound started in early 2025, with growth rising to 2.4% in Q1.
  • By Q2 2025, private sector credit growth recovered to 4.4%, though still far below its 2023 highs.
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  • Private households hold the largest share of credit at 27.8%.
  • Trade accounts for 14.4% of outstanding private sector loans.
  • Manufacturing makes up 12.3% of the private sector credit share.
  • Combined, households, trade, and manufacturing absorb 54.5% of all private credit.
  • Consumer durables contribute 9.4% of outstanding loans.
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  • Nearly three-quarters of all startup funding in Africa came from equity financing at 74.1%.
  • A significant 25.2% of funding was raised through debt, showing increasing reliance on loans and credit.
  • Only 0.7% of startup funding came from grants, reflecting limited non-dilutive capital support.
  • The high share of equity signals sustained investor belief in Africa’s startup ecosystem despite global headwinds.
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  • The financial services sector attracted the largest share of funding at $806.3m, accounting for more than 40% of total startup investment.
  • Renewable energy secured $377.1m, showing strong investor appetite for sustainable solutions in Africa.
  • Telecommunications raised $316.0m, while mobility & logistics brought in $222.8m, highlighting infrastructure-driven growth.
  • Electric vehicles ($87.9m), e-commerce ($50.3m), and crypto/blockchain ($35.3m) attracted meaningful investments, signalling diversification beyond traditional sectors.
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  • ₦7.88 trillion worth of manufactured goods made up 51.6% of imports, underscoring Nigeria’s dependence on foreign industrial products.
  • Other petroleum oil products accounted for ₦2.79 trillion (18.2%) of imports, showing continued reliance on external energy supplies despite Nigeria’s oil-rich status.
  • ₦1.72 trillion in raw material imports (11.3%) highlights the gap in local processing capacity.
  • Solid minerals (₦70.9 bn, 0.46%) and energy goods (₦150 mn, almost 0%) show almost no role in imports.
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  • Total trade in Q2 2025 was valued at ₦38.04tn.
  • Imports accounted for ₦15.29tn, led by manufactured goods and petroleum products.
  • Exports reached ₦22.75tn, boosted mainly by crude oil.
  • The trade gap favoured Nigeria with a surplus of ₦7.46tn.
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