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  • Nigeria's debt burden has been a growing concern, with data revealing that for every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed. Here, we look at how the country has managed its external debt in the past ten years.
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    The New World Wealth's Africa Wealth Report for 2023 ranked Lagos 4th among African cities with the most dollar millionaires, below South Africa's Johannesburg and Cape Town, and Egypt's Cairo. Four of the cities in the top ten are South African.
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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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    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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  • 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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    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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  • Over the years, the value of the Zimbabwean Dollar (ZWL) has been on a massive downward trend compared to the US Dollar (USD). This has led to the latter accounting for most of the domestic transactions in the Southern African country. The ZWL went from 10,152.5 to USD 1 as of January 1, 2024, to 30,674.3 on April 1, 2024. The Reserve Bank of Zimbabwe is introducing a gold-backed digital currency as a legal tender to stabilise its currency.
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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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Other Insights
 
  • Nestlé Nigeria’s revenue grew by 75.3% in 2024, its highest growth rate since 2014.
  • Revenue jumped from ₦547.1 billion in 2023 to ₦958.8 billion in 2024, a ₦411.7 billion increase.
  • The 2024 growth rate is over three times the 22.5% growth recorded in 2023.
  • The company has grown revenue for ten straight years without decline.
  • Between 2014 and 2024, revenue increased by an average of 22.4% on a year-on-year basis.
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  • Nestlé Nigeria maintained steady profits for eight years, growing from ₦22.2 billion naira in 2014 to ₦49 billion naira in 2022
  • Nestlé Nigeria swung from a ₦49 billion naira profit in 2022 to a ₦79.5 billion naira loss in 2023, a 262% decline in one year
  • Losses deepened by 107%, from ₦79.5 billion naira in 2023 to ₦164.6 billion naira in 2024
  • A combined ₦244 billion naira loss for 2023 and 2024 nearly wiped out all the profits of ₦304.5 billion naira made between 2014 and 2022
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  • Launch Africa is the most active startup investor in Africa, with 165 deals between 2019 and 2024.
  • Techstars follows closely with 148 deals, while Google Black Founders Fund ranks third with 139 deals.
  • Y Combinator has backed 123 startups, reinforcing its strong presence in African tech.
  • Venture capital interest remains strong, with at least 17 firms making 30+ investments in African startups.
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Number of countries anticipated to either have sufficient or shortage of secondary school teachers by region (2030)
 
  • 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.
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Share of Africa’s debt by duration (2023 - 2028)
 
  • 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.
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Total number of additional primary and secondary teachers needed by region by 2030
 
  • 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.
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  • DR Congo holds the largest forest area in Africa, but it declined by nearly 33,000 km² from 2019 to 2022.
  • Angola lost over 16,000 km² of forest, decreasing from 671,624 km² to 654,972 km².
  • Tanzania, Zambia, and Mozambique forests recorded declines, though at different rates.
  • Mozambique has the smallest forest area among the top countries, standing at 362,673 km² in 2022.
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  • The majority of Nigerian crypto holders (70.6%) have balances below $100
  • Only 4.4% of Nigerians hold over $1,000 in their crypto wallets, indicating low high-value ownership
  • Wallets with balances between $100 and $500 account for 19.4%, showing moderate adoption
  • The data highlights that most Nigerians engage with crypto at a low-value level, possibly due to financial limitations or speculative testing
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- YouTube generated $7B in ad revenue in 2017, which jumped to $11B in 2018, an approximate 57% increase in just one year.
- By 2019, revenue reached $15B, reflecting steady growth as digital ad spending increased.
- Between 2020 and 2021, revenues leaped from $20B to $29B, marking a remarkable 45% year-over-year increase.
- Despite a plateau at $29B in 2022, revenue rebounded to $32B in 2023 and climbed to $36B by 2024.
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- LinkedIn's revenue doubled from $2.3 billion in 2017 to $5.3 billion in 2018, marking a powerful initial surge.
- By 2019, the revenue reached $6.8 billion, indicating a consistent and reliable growth pattern.
- Between 2020 and 2022, the revenue climbed from $8.1 billion to $13.6 billion, showcasing a period of rapid expansion.
- By 2024, revenue soared to $16.4 billion, nearly seven times the 2017 figure, reflecting a highly effective monetisation strategy.
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- Monthly active users tripled: The user base grew from 38 million to 117 million, reflecting a significant expansion in overall reach.
- Daily engagement quadrupled, increasing from 8.5 million users to 40.5 million users, indicating a deeper and more consistent user engagement.
- Paid subscribers skyrocketed: A dramatic rise from 900,000 paid subscribers to 9.5 million paid subscribers highlights an exceptional monetisation success.
- The most pronounced growth occurred from Q1 2023 onward, emphasizing a period of rapid adoption and conversion.
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  • Egypt and Algeria dominate the top spots, reflecting their significant military investments and strategic importance in North Africa.
  • Nigeria and South Africa follow, representing West and Southern Africa, respectively.
  • Countries like Ethiopia, Angola, and the DRC have notable military capabilities but face internal challenges that may impact their effectiveness.
  • Kenya and Chad have relatively weaker militaries, though they still play important roles in their respective regions.
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Value of startup funding deals in Francophone Africa by type of deal, 2024
  • 87.2% of startup deal value in Francophone Africa in 2024 came from equity funding.
  • Debt financing made up only 12.4% of the total startup capital raised, showing its limited role.
  • Grants accounted for just 0.4%, reflecting minimal non-dilutive support for startups.
  • Startups are more likely to trade ownership than take on debt or apply for grants.
  • The funding landscape remains investor-driven, with equity seen as the path to scale.
  • The near absence of grant funding may hinder innovation for startups that need early runway but aren't ready to give up equity.
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Nigeria's arts, entertainment, and recreation sector's contribution to GDP (2020 - 2050)
  • The arts, entertainment, and recreation sector contributed 4.12% to Nigeria’s GDP in 2020.
  • By 2025, this contribution is projected to rise modestly to 4.43%.
  • The growth rate maintains a steady pace, reaching 4.75% by 2030.
  • By 2050, the arts, entertainment, and recreation sector is projected to reach a 6.00% share of Nigeria’s GDP.
  • With only a 1.88 percentage point rise forecasted over 30 years, the pace of growth suggests the sector remains undervalued or under-leveraged relative to its potential.
  • The creative economy’s resilience, despite limited public infrastructure and policy support, demonstrates strong organic demand and global competitiveness.
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African Infrastructure Development Index (AIDI) of countries with the highest nominal GDP in Africa (2003 - 2024)
  • Morocco's AIDI score rose from 19.08 in 2003 to 70.32 in 2024, indicating substantial infrastructure progress over two decades.
  • Over the past 21 years, Egypt's infrastructure development, as measured by AIDI, has more than tripled.
  • Nigeria ranks 24th in infrastructure (AIDI) despite having the 4th largest GDP in Africa.
  • In 2024, Nigeria’s AIDI score was 25.70, significantly below peers like Morocco (91.43) and Egypt (82.54).
  • Algeria, with a GDP of $260.13B, achieved a strong AIDI score of 70.32, ranking 8th.
  • The AIDI gap highlights that economic size doesn’t guarantee infrastructure strength, underlining the need for intentional investment.
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Weakest African currencies by annual average official exchange rate (LCU per US$) in 2024
  • Eight East African nations made the list of the top 15 worst African currencies.
  • Somalia has the weakest African currency in 2024, with an exchange rate of 28,118.33 SOS per US$.
  • Guinea, with 8,613.26 GNF per US$, has the second weakest currency, but is still far behind Somalia.
  • Madagascar, Uganda, and Zimbabwe follow, each with exchange rates between 3,200 and 4,500 LCU per US$.
  • Nigeria’s currency traded at 1,478.97 Naira per US$, about 20 times stronger than Somalia's currency.
  • Despite economic turmoil, South Sudan’s currency remained below 2,200 SSP per US$, performing better than Somalia and Guinea.
  • The gap between Somalia and the rest of Africa’s currencies highlights extreme economic pressures unique to the Somali economy in 2024.
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Share of rural and urban population in Nigeria (1950 - 2050)
  • Nigeria's urban population is projected to grow from 9% in 1950 to 70% in 2050.
  • The urban population surpassed the rural population for the first time in 2020.
  • Between 1980 and 2020, Nigeria’s urban population more than doubled, from 22% to 52%.
  • The rural population share is expected to fall sharply from 91% in 1950 to just 30% in 2050.
  • In 2010, Nigeria’s population was still majority rural (57%), but within just a decade, that changed.
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  • Egypt led every single year from 1961 to the most recent year — 63 years of dominance.
  • Egypt peaked at over 10.2 million tonnes in 2009, no other African country came close.
  • As of 2023, Egypt ranked 5th globally, just ahead of Italy and behind the US.
  • Nigeria hit its highest level in 2015, with 4.2 million tonnes.
  • Nigeria was the only country that got within 1.5 million tonnes of Egypt in 13 different years.
  • Countries like Algeria, Morocco, and Tunisia remained consistent but far behind Egypt and Nigeria.
  • Egypt’s lead is backed by large-scale irrigation and strong export systems.
  • In 1987, Africa supplied 11.7% of the world’s tomatoes. But by 2023, its share dropped to 8.8%.
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