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  • Nigeria produced 1.4 million tons of palm oil in 2022, 2% of the global production in the 2022/2023 market year, making the country the fifth largest producer of the commodity. Indonesia dominated global production with 59%, followed by Malaysia and Thailand.
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    As of 2022, the US had 948,519 international students, 14,438 (1.5%) of whom were Nigerian. Nigeria was ranked tenth among contributing countries to the international student community in the US.
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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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  • As of the end of September 2023, Starlink Nigeria had amassed a customer base of 11,207 active subscribers, growing 66% from 6,756 in June. It placed 4th in the market after Spectranet (113,747), Tizeti Network (19,126), and ipNX Nigeria (14,871).

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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

As of 2024, 149 private universities are accredited by the National Universities Commission. Southern Nigeria houses 62%, with the South West leading at 47 universities, while the North East has the fewest, with just 5 (3%).

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Bayelsa, Gombe, and Katsina States have the fewest accredited universities — five each — of the 274 in Nigeria in 2024. Ogun leads with 19, followed closely by Abuja (17) and Delta (15).

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Participants of the National Open Apprenticeship Scheme by gender (2021 - 2023)

Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency.

For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.

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Nomadic primary school enrolment in Nigeria by regions

Nomadic primary school enrolment in Nigeria remains most prevalent in the North West, with over 503,000 children enroled in 2021, significantly higher than any other region. Enrolment numbers have shown gradual improvement across most regions.

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Nearly one in two accredited universities in Nigeria is located in the South West or North Central. The South West has the highest number of private and federal universities, with a total of 71 universities, while the North East has the fewest, with 21 universities.

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Across IDP camps surveyed by the National Bureau of Statistics (NBS), the share of people displaced from their homes for four years or more ranges from 27% in Katsina to 92.5% in Nasarawa.

Most IDPs across the surveyed states have been displaced for at least four years, with only Sokoto and Katsina recording fewer than 50%. This reflects how long insecurity has persisted and the difficulties displaced persons face in returning home.

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When streaming giant Netflix expanded its footprint to 130 countries in 2016, Nigeria was among the markets it entered. The company began by acquiring local content from producers and soon transitioned into creating original productions, investing $23.6m by 2022.

These original productions have achieved significant milestones. Titles like The Black Book and Jagun Jagun reached the global top ten for English and non-English films, respectively, within a week of their release.

In 2024 alone, Netflix has revised its monthly subscription fees twice. The Premium plan now costs ₦7,000, up from ₦4,400 at the beginning of the year, while the cheapest option—the mobile plan—has increased from ₦1,200 to ₦2,200.

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Only 30.2% of the Nigerian population report having a birth certificate, and there are wide disparities on a zonal level. The North East has the country's lowest rate at 19.7%, compared with the 53.5% in the South West.

Overall, Northern zones fall below the national rate, while the Southern regions outperform the national rate.

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Nigeria has generated ₦3.5 trillion in company income tax revenue this year. Foreign companies contributed ₦1.72 trillion (50% of the total), while local companies added ₦1.74 trillion. The Financial and Insurance sector topped the list of local contributors.

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The University of Ibadan remained Nigeria's only university for twelve years before the University of Nigeria, Nsukka, was established in 1960. Eleven universities followed between 1962 and 1975, increasing the number to 13 federal government-owned universities.

The first state university was established in Rivers State in 1979, marking the beginning of the displacement of the federal government's ownership monopoly. Six state and nine federal universities were added in the 1980s, with four federal universities added in 1988, the year of the first Academic Staff Union of Universities (ASUU) strike.

While state-owned universities have grown steadily, slightly outpacing those owned by the federal government, private universities have displaced both, increasing from three institutions in 1999 to 33 in 2007, 60 in 2015, and 149 in 2024. There are now more private universities than federal and state universities combined.

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Nigerian financial institutions’ contribution to GDP (2016–Q1 2024)
  • At 6.40%, financial institutions now contribute more than ever to Nigeria’s GDP.
  • From 3.60% in 2022 to 6.40% in Q1 2024, the sector’s share has nearly doubled in record time.
  • Between 2016 and 2019, the financial sector's contribution remained mostly flat at 2.60%–2.70%, showing little progress.
  • The financial sector started expanding post-2019, aligning with increased fintech adoption, digital banking growth, and financial inclusion policies.
  • The increasing role of financial institutions suggests more businesses and individuals are engaging with formal banking systems.
  • Despite economic uncertainties, Nigeria’s financial sector has successfully adapted and expanded, proving its ability to drive growth.
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Number of countries anticipated to either have sufficient or shortage of primary school teachers by region (2030)
  • Sub-Saharan Africa has the highest number of countries (37) expected to face a teacher shortage at the [primary levels.
  • In Latin America & the Caribbean, 18 countries are expected to have enough primary teachers.
  • Europe & Northern America is one of the best-performing after Latin America & the Caribbean, with 17 countries expected to meet primary teachers' demand.
  • If this trend continues, millions of children will struggle to access quality primary education, reinforcing cycles of poverty and limited economic mobility.
  • A lack of teachers doesn’t just mean fewer classrooms; it also means overburdened educators, lower student engagement, and declining educational outcomes.
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Key Takeaways:
  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.
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Key takeaways:
  • Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
  • The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
  • The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
  • In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
  • Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
  • The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.
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Key takeaways:
  • Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
  • Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
  • In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
  • The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.
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Key takeaways:
  • In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
  • To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
  • The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
  • Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.
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