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  • 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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    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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  • 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.

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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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    Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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  • 23 African countries are in one phase or the other in launching a digital currency
    Senegal's cancellation of its experiment with an eCFA in 2016 makes Nigeria's eNaira the only active Central Bank Digital Currency (CBDC) in Africa. Half of the countries in Africa are currently not doing anything about CBDC, while a larger share of the other half is currently in the research phase.
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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 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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Other Insights
 
  • Ethiopia recorded a total of $46.43 billion in foreign direct investment between 1990 and 2024.
  • Its annual FDI inflows surged from just $10 million in 1990 to $3.98 billion in 2024, reflecting massive investor interest over time.
  • The country experienced three major FDI booms in 1997–2004, 2011–2014, and 2015–2016, driven by policy reforms and industrial expansion.
  • After a pandemic-era dip in 2020, Ethiopia rebounded strongly in 2021 with $4.26 billion in inflows, maintaining high investment momentum through 2024
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  • Nigeria imported $281 million worth of generator sets in 2024.
  • China remained the dominant supplier, accounting for $195 million, or nearly 70% of total imports.
  • Other top suppliers included India ($20.6M), Germany ($15.4M), and South Korea ($16.5M).
  • Compared to 2023, imports from China dipped slightly (from $202M to $195M), and other countries like Germany and India also saw declines.
  • The data captures a wide range of generator types — petrol, diesel, wind-powered, and rotary converters — under HS Code 8502.
  • Mirror data reflects only officially reported trade and excludes informal or undocumented imports.
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  • Lebanon and Nigeria top the global list, recording millionaire population declines of -60% and -53% respectively over the past decade.
  • Three African countries, Nigeria (-53%), Angola (-36%), and South Africa (-12%), appear in the top 10, signalling a regional pattern of wealth erosion.
  • Pakistan (-40%), Egypt (-26%), and Argentina (-22%) rank among the top 10, showing that sharp millionaire losses extend beyond Africa into Asia and Latin America.
  • The average millionaire decline across the top 10 countries is over 33%, highlighting a widespread erosion of wealth in politically and economically vulnerable regions.
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  • Cars were involved in the highest number of road accidents, recording 665 cases over the four-year period.
  • Luxury buses and bicycles recorded the highest quarter-on-quarter (QoQ) growth in accident involvement.
  • Tankers, cars, and motorcycles saw the sharpest QoQ declines, with accident rates falling by 47.2%, 30.6%, and 24.7% respectively.
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  • June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
  • Still 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
  • The June dip reflects subdued demand and persistent inflation, echoing broader market sentiment.
  • A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.
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  • Morocco recorded a total of $54.58 billion in FDI over the past 34 years.
  • Morocco's FDI inflows peaked twice, in 2014 and 2018, both $3.5 billion.
  • The lowest FDI inflow Morocco recorded was in 1990, amounting to $0.17 billion.
  • From 2006 onward, Morocco's FDI inflows remained mostly above $1 billion, with fluctuations.
  • The most recent year, 2024, showed a modest recovery after a significant dip in 2023.
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  • Nigerians submitted 1.1 million Schengen visa applications between 2009 and 2024.
  • The highest rejection rates occurred in 2017 (53%) and 2019 (51%).
  • A total of 491,844 applications were rejected, a cumulative denial rate of 42.1%.
  • Despite post-pandemic recovery, 2024 recorded the highest applications (111k), with a 45% rejection rate.
  • The year 2010 stands out as the period with the least number of Schengen visa applications submitted by the Nigerian consulate.
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  • Comoros leads with a striking 62.8% rejection rate, the highest not just among African consulates, but also the global consulate countries

  • Guinea-Bissau, Senegal, and Nigeria follow with rejection shares between 45% and 47%.

  • Despite having one of the highest total visa rejections globally, Algeria does not appear in this chart, as its rejection share is comparatively lower.

  • Countries with smaller applicant pools tend to have higher rejection rates, shedding light on access disparities and approval scrutiny in consulate processes.

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  • Algeria recorded the highest number of Schengen visa denials in 2024, with 185,101 applications not issued, representing 35.0% of its total requests.
  • Six countries out of the top 15 global consulate countries with the highest visa denials were from Africa -Morocco, Nigeria, Egypt, Senegal, Tunisia, and Algeria.
  • Nigeria, Senegal, and Pakistan showed alarmingly high rejection rates, each with over 45% of visa applications refused.
  • Collectively, over 1.7 million Schengen visa applications were not issued worldwide in 2024.
  • European consulates located in African and Asian countries made up a significant share of the rejections.
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  • In 2021, there was a record-breaking spike to $40.22 billion, far exceeding all previous years.
  • This surge was temporary, as FDI dropped to $9.28B in 2022 and fell further to $2.47B in 2024.
  • Other notable peaks occurred in 2008 ($9.21B) and 2013 ($8.30B).
  • The data reflects volatile investor behaviour, influenced by constant global investors.
  • South Africa’s 2021 FDI spike came from a share swap between Naspers and its Dutch unit, Prosus.
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  • Tesla led global EV deliveries in Q1 2025 with 336,681 vehicles, maintaining its top position despite a year-over-year decline.
  • Tesla and Rivian reported significant drops in deliveries —12.92% and 38.46% respectively, while other EV manufacturers saw increases.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • Rivian's drop was linked to reduced demand, particularly in its core Los Angeles market, which was affected by recent wildfires.
  • VinFast saw a 300% surge in deliveries, growing from 9,689 to 36,330 vehicles, driven largely by strong performance in Vietnam.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
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  • Comoros stands out with a corporate tax rate of 50%, the highest on the continent and far above the regional norm.
  • Chad and Equatorial Guinea follow at 35%, while Morocco and Cameroon set rates at 33%.
  • A broad cluster of 17 African countries, including Nigeria, Ethiopia, Kenya, and South Sudan, hold steady at the 30% rate.
  • All other African economies not listed apply corporate tax rates below 30%.
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  • South Africa sets the benchmark with the fastest average download speed (42.42 Mbps), more than double Morocco’s (19.61 Mbps).
  • Southern African countries dominate the top half of the ranking, with South Africa, Eswatini, Botswana, Lesotho, and Madagascar all featuring strongly.
  • Rwanda and Mauritius show East Africa’s progress, with average speeds above 30 Mbps, signalling solid digital infrastructure growth.
  • Wide disparities persist, with the gap between the highest (South Africa) and lowest (Morocco) averaging over 22 Mbps.
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  • Sudan sits at the bottom with an average speed of 4.02 mbps, far below the continental average.
  • The Central African Republic follows closely at 4.08 mbps, making Central Africa a weak spot for digital connectivity.
  • Somalia, despite topping the list, averaged only 6.64 mbps, showing even the “fastest among the slowest” remains well behind global standards.
  • The concentration of slow speeds in East and Central Africa points to persistent infrastructure and investment gaps.
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  • South Africa is the clear leader, recording a bond market volume of $328.8 billion and 2,952 issuances, far ahead of all other African economies.
  • Egypt and Morocco follow as strong contenders with bond volumes of $188.8 billion and $116.4 billion, respectively, though both trail South Africa by wide margins.
  • Côte d’Ivoire, Algeria, and Nigeria represent the mid-tier, each exceeding $65 billion, showing notable regional financial activity.
  • Smaller markets like Tunisia and Angola feature relatively lower volumes ($16.9 billion and $28.4 billion) but maintain significant issuance activity.
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  • South Africa dominates with 41,100 millionaires, accounting for more than 1 in 3 African millionaires, far ahead of any other nation.
  • Egypt (14,800) and Morocco (7,500) round out the top three, highlighting North Africa’s wealth concentration.
  • Nigeria (7,200) and Kenya (6,800) confirm West and East Africa’s growing wealth hubs, though still far below South Africa.
  • Mauritius (4,800) and Seychelles (500) rank surprisingly high relative to population size, showing their role as finance and wealth management hubs.
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  • Kenya’s total fraud exposure in 2024 hit KES 2.0T, with KES 1.6T actually lost.
  • Mobile banking fraud was the largest contributor, with KES 981.7B exposed and KES 810.7B lost.
  • Mobile banking had an 82.6% loss rate, making it one of the riskiest fraud channels.
  • Computer fraud and internet scams recorded 100% loss rates, showing no funds were recovered.
  • Identity theft saw 97.9% of exposed amounts lost, translating to KES 199.1B.
  • Card fraud had a lower loss rate (59.9%) but still cost banks and customers KES 263.3B.
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