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  • The oil refining industry experienced the highest industrial decline in 2022

    Nigeria's GDP grew by 3.1% in 2022, with at least 17 of its industries recording less than 5% growth individually. The oil refining industry experienced the least growth, contributing ₦11.2 billion — 42% less than ₦19.3 billion in 2021.

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    Data from Nigeria's National Bureau of Statistics shows that the Federal Allocation Account Committee (FAAC) disbursed at least ₦32.8 trillion net to the 36 states and the FCT since 2011.

     

    Five of Nigeria's oil-producing states — Delta, Akwa Ibom, Rivers, Bayelsa, and Lagos — have received 33.7% of the country's net federal allocation since 2011, with Delta State receiving the most. Kano, Katsina, Borno, Kaduna, and Ondo complete the top ten.

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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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  • Nigerian states and the FCT generated ₦1.92 trillion in internal revenue in 2022, ₦29.8 billion (1.57%) more than in 2021, with Lagos State accounting for 34% of the IGR in 2022. Here are the revenues collected by Nigeria's states in 2022.
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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
         

Key takeaways:

  • African countries have the lowest life expectancy.
  • Most of the countries with the highest life expectancy are in Europe and Asia
  • The countries with the highest life expectancy are mostly developed nations.
  • Thirteen countries were observed to have a life expectancy above 84 years, while 11 countries have a life expectancy below 61 years.
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Key takeaways:

  • Asia contributes more than 50% to global emission
  • CO2 contributes to the rise of climate disaster
  • Africa's vulnerability to climate change can be attributed to its limited adaptive capacity and high exposure to severe climate risks.
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  • The top 15 Nollywood movies grossed ₦3.4 trillion combined.
  • The top Nollywood movie in 2024, Everybody Loves Jenifa, accounted for 33.3% of the ₦3.4 trillion.
  • 13 Nollywood movies crossed ₦100 million in earnings.
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  • While all states increased their budgets in 2025, only ten increased their budgets by less than 50%.
  • Akwa Ibom is the only state with a year-on-year budget increase below 20%.
  • Lagos has the country's biggest budget and the highest increase in the group, at nearly 50%.
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  • Some organisations project that Nigeria's 2025 inflation rate will be lower than 2024's 33.2%.
  • Projections for 2025 range from the AfDB's optimistic 20.7% to Meristem's bearish 33.99%, reflecting variations in the expected average annual inflation rate.
  • International organisations have more optimistic projections on Nigeria's average inflation rate in 2025 compared to local organisations.
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Top 10 African economies by real GDP growth (2024)
 
  • Niger’s 9.9% GDP growth in 2024 was the highest among African nations
  • At 7.0%, Rwanda remained one of Africa’s most consistent high-growth economies.
  • Despite being Africa’s largest economy, Nigeria’s 2.9% GDP growth is modest compared to smaller, more agile economies, signalling potential challenges in leveraging its vast resources.
  • The contrast between Niger’s 9.9% growth and Nigeria’s 2.9% highlights how smaller nations can outperform larger ones.
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  • Techstars three-month accelerators happen in different locations across the world.
  • The ARM Labs Lagos Techstars Accelerator admitted ten startups between 2022 and 2023.
  • 2022 and 2023 account for 69% of all Nigerian startups admitted into a Techstars accelerator.
  • Techstars Toronto Accelerator admitted more Nigerian startups than any other location.
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  • The share of 2G has fallen from 60% to 42% in one year.
  • 4G has seen the largest increase among all mobile generations, making it the market leader.
  • 3G has shrunk by 0.5% points while 5G grew by 1.4% over the same period.
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  • 60 Nigerian startups have featured annually in the prestigious Y Combinator startup accelerator programme since 2016.
  • Y Combinator admitted a record 23 Nigerian startups into its accelerator in 2022.
  • There has been a significant decline in Nigerian startups accepted into the programme after the peak in 2022.
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  • Airtel has shown the most aggressive fibre optic expansion, increasing from 4,632 km in 2012 to 16,112 km in 2022
  • Glo initially led with 16,224 km in 2012, but its fibre optic deployment later declined and stabilised around 13,000 km from 2018 to 2022
  • Between 2019 and 2022, MTN's deployment remained unchanged at 14,612 km
  • 9mobile's fibre deployment peaked in 2018 at 4,650 km and remained unchanged till 2022
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  • Dangote Cement has grown its revenue consistently since 2014 and reached a historic ₦3.6 trillion in 2024
  • Revenues have more than tripled between 2020 (₦1.0 trillion) and 2024 (₦3.6 trillion)
  • The year-on-year growth rate shows fluctuations, with declines in some years and sharp rebounds in 2020, 2022, and 2024
  • The highest year-on-year growth occurred in 2024 (62.2%), signalling a particularly strong performance
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  • Nigeria’s active mobile GSM lines reached an all-time high of 224 million in 2023, up from 222 million in 2022.
  • The number of active lines has grown steadily from 40 million in 2007, with notable surges in 2012 (110 million), 2018 (172 million), and 2020 (204 million).
  • Growth slowed between 2016 and 2017, where active lines dipped slightly from 154 million to 145 million, before resuming an upward trajectory.
  • With over 220 million active lines, Nigeria remains one of Africa’s largest telecom markets, driven by increasing mobile adoption.
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Africa's debt-to-GDP ratio (2024 vs 2028)
  • Unlike other regions, Southern Africa’s debt-to-GDP ratio is expected to increase by 5.8 percentage points, reaching 77.4% by 2028.
  • Northern Africa is set to achieve the largest debt-to-GDP decline of 14.7 percentage points, from 84.2% to 69.5%, indicating significant fiscal adjustments.
  • Central Africa is expected to see a 12 percentage point drop, reducing its debt-to-GDP ratio from 45.8% to 33.8%.
  • West Africa’s debt-to-GDP ratio is projected to fall by 4.3 percentage points, while Eastern Africa is expected to drop by 5.2 percentage points, both showing signs of improved debt management.
  • Even with the projected declines, some regions like Northern Africa (69.5%) and Southern Africa (77.4%) will still have high debt burdens compared to others like Central Africa (33.8%).
  • The declining debt-to-GDP ratios in most regions suggest either economic expansion or strategic debt control, but Southern Africa’s increase indicates potential fiscal stress.
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  • Nigeria's largest cement manufacturers each recorded over 50% revenue growth in 2024
  • BUA Cement recorded the largest revenue growth in 2024 (90.5%), nearly doubling its revenue from ₦460 billion in 2023
  • Dangote Cement's revenue exceeded the combined revenue of BUA Cement and Lafarge Africa in both 2023 and 2024
  • Lafarge Africa earned ₦696.8 billion in revenue, the lowest revenue of the three cement majors
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Key takeaways:
  • Tecno (23.55%) and Infinix (21.73%) lead the Nigerian mobile market, making up a combined 45.28% of the market share.
  • Samsung (12.36%) is the leading non-Chinese brand, with Apple (9.43%) following closely behind.
  • Xiaomi (7.15%) and Huawei (4.34%) are emerging as significant players in Nigeria's mobile sector.
  • Premium brands such as Samsung (12.36%) and Apple (9.43%) have considerable but smaller market shares compared to their Chinese counterparts.
  • Chinese manufacturers collectively dominate over 60% of the mobile market in Nigeria.
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