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  • Between September 2022 to August 2023, 3 of Nigeria's mobile Internet providers saw a combined 8 million increase in their active mobile Internet subscribers, with MTN gaining the most, followed by Globacom and Airtel. 9mobile on the other hand, recorded almost 1 million decline.

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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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  • 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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    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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    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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  • Newzoo, a provider of video game and gamer data, reported that in 2023, Nigerian mobile gamers spent approximately $229.7m — the highest expenditure in Africa — boasting a sizable 14.7m spenders.

    Egypt's gamers spent an estimated $212.6m and occupied second place in Africa's mobile gaming expenditure ranking.

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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.

    See more

Other Insights

In 2023, an estimated 132.1 million newborns were welcomed worldwide, averaging 361.9 thousand births per day.

India, China, and Nigeria accounted for nearly 30% of daily births; India had the highest contribution with 63,600.

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In 2023, Egypt, South Africa, Algeria, and Morocco dominated Africa's steel industry, accounting for 88% of the continent's production.

Egypt led the charge, contributing 43% of Africa's total steel output. Despite this, Africa's 23.92 million tonnes only make up 1.26% of global production.

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Kenya's Revenue Authority has doubled its revenue, growing from KSh 1.1 trillion in the 2014/15 financial year to KSh 2.2 trillion in 2022/23.

The most significant annual growth occurred in 2021/22, with a 21.7% increase. Over nine years, tax revenue grew by an average of 9.4%, demonstrating consistent progress in Kenya's fiscal management.

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In 2022, employees in Lagos, Rivers, and the FCT contributed ₦558.7 billion in PAYE tax, representing over half of the nation's total.

Lagos State alone accounted for ₦360.9 billion.
These figures underscore the tax contributions from Nigeria's key economic regions.

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Lagos State led Nigeria’s 2022 PAYE tax collections, surpassing the total of 32 other states combined.

PAYE, a tax on employees’ income, saw Lagos contributing 36%, far ahead of Rivers State (11%) and the FCT (∼9%).
This highlights the economic disparity across states.

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Malawi's remittance inflow increased from $747k in 2000 to $263.4 million in 2023, with the highest year-on-year growth rate recorded in 2003. However, the biggest gain in value occurred in 2018, when it increased by $102.2 million over 2017.

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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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Nigeria's total exports reached ₦38.6 trillion in H1 2024 — ₦19.2 trillion in Q1 and ₦19.4 trillion in Q2.

Spain led export destinations in Q2 with ₦2.01 trillion, followed by the US (₦1.86 trillion) and France (₦1.82 trillion).

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Over the past six decades, African economies have experienced both rapid growth and severe contractions.

Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960.

North African Libya, Algeria and Egypt have also been in the top three in the period.

As of 2023, Egypt led the continent's GDP rankings.

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Nigeria's VAT collections have shown consistent growth over the past few years, hitting a record high in Q2 2024, declining only once (Q3 2021) in 13 quarters.

The finance minister recently confirmed that the VAT rate remains at 7.5%, dispelling rumours of an increase.

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In Q2 2024, Nigeria’s Company Income Tax (CIT) collections reached ₦2.47 trillion, a record-high figure that could cover about 9% of the nation’s ₦28.78 trillion budget.

The surge may be due to improved corporate profitability, better tax compliance, and stricter enforcement. The higher exchange rate probably played a role too.

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With an average growth rate of 10.51%, the number of active Internet subscribers in Zimbabwe increased from 3.95 million in 2012 to 11.24 million in 2023. In contrast, the number of new mobile subscribers increased by just 2.36 million over 12 years.

In the same time, the population and active mobile subscribers of the southern African nation grew at average rates of 2.10% and 1.82%, respectively.

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Key takeaways:
  • Economic activities are categorised into three sectors.
  • The services sector is the largest employer of labour.
  • The data indicates that Nigeria's economy is primarily service-based.
  • The industry sector comprises of mining and quarrying, manufacturing, construction, and public utilities.
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Top 10 nations in the world with the highest inflation rates
  • With 120% and 118% inflation rates, respectively, the two top nations are experiencing economic meltdowns, making essentials like food and housing almost unattainable.
  • With 57.5% inflation, Zimbabwe continues its battle against economic instability, making it the 4th highest in the world and the worst in Africa.
  • The fact that several countries exceed the global average of 7.27% by 4x to 16x highlights the severe economic strain facing multiple regions.
  • Countries with inflation above 30% risk prolonged economic instability as businesses struggle to survive and citizens face rising poverty levels.
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Share of FGN domestic debt service payment (2017 - 2024)
  • FGN Bonds dominate Nigeria’s domestic debt service payments, rising from 66.6% in 2017 to 87.9% in 2024. This reflects a growing reliance on long-term debt financing.
  • Treasury Bills have seen a sharp decline in their share of domestic debt service, dropping from 30.1% in 2017 to just 6.4% in 2024. This suggests a shift away from short-term debt instruments.
  • Treasury Bonds, which peaked at 14.9% in 2022, also declined to just 5.6% in 2024.
  • By 2021, over 80% of domestic debt service payments were already allocated to FGN Bonds, showing a consistent pattern of prioritisation. The trend has only intensified in subsequent years.
  • The rising dominance of FGN Bonds means Nigeria is locking itself into long-term repayment obligations, potentially increasing the fiscal burden in the future.
  • This trend underscores the need for careful debt management policies to prevent a future where long-term commitments become a burden rather than a stabilising factor. 🚨
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  • Lagos led Nigeria’s box office with ₦5.8 billion in revenue, generating more revenue than all other regions combined.
  • The South-South emerged as the strongest market outside Lagos, contributing ₦2.1 billion, nearly 50% more than the South-West.
  • Abuja outperformed all three northern zones combined, earning ₦852 million, which is nearly four times their total revenue.
  • Cinema penetration in northern Nigeria remains weak, with the North-East contributing only ₦2.4 million—less than 0.05% of the national total, highlighting a significant gap in cinema infrastructure and audience engagement.
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Federal Government of Nigeria's capital expenditure (2010 - 2024)
  • Between 2010 and 2024 (a 15-year period), the federal government invested over ₦25.7 trillion in capital projects.
  • The post-2020 era saw a dramatic rise in capital expenditure, growing from ₦1.61 trillion in 2020 to ₦5.15 trillion in 2024, indicating accelerated investments in infrastructure.
  • The increase in expenditure after 2020 suggests the government prioritised economic recovery efforts, allocating more resources to capital projects post-pandemic.
  • Nigeria recorded its highest-ever capital expenditure in 2023 (₦4.49 trillion) and 2024 (₦5.15 trillion), showing a more aggressive investment approach in recent years.
  • 2014 recorded the lowest capital expenditure (₦0.59 trillion) in the 15-year span, possibly due to revenue shortfalls, oil price fluctuations, or policy shifts at the time.
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Federal Government of Nigeria expenditure on pension and gratuities (2013 - 2024)
  • Since 2013, the Nigerian government has disbursed ₦3.4 trillion in pension and gratuity payments.
  • Pension expenditure jumped from ₦107.4 billion in 2013 to ₦438.6 billion in 2023, a nearly four times increase, showing the rising cost of maintaining pension obligations.
  • While pension spending grew gradually between 2013 and 2018, a significant spike began in 2019 (₦307.4 billion), showing a shift in pension allocations.
  • The highest pension expenditure recorded so far was in 2023, surpassing all previous years.
  • The Need for a Sustainable Pension System – With pension spending climbing yearly, ensuring a sustainable funding model will be crucial for future government budgets.
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